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<br />NEW CASTLE PROJECT (CONT'D) <br /> <br />The proposed funding for the project is as follows: <br /> <br />Federal Grants and/or loans <br /> <br />$250,000 <br /> <br />State Funds (to be repaid by <br />water use charges) <br /> <br />TOTAL PHASE II COST <br /> <br />~12QLQQO <br />$500,000 <br /> <br />Under this financing arrangement, water use charges would be levied <br /> <br />by the state at the rate of $12,630 per year for forty years. The <br /> <br />total repayment for this project would be $505,200. <br /> <br />It is recommended that the project as herein described be funded <br /> <br />and constructed by this board to the extent of $250,000 with the pro- <br /> <br />vision that the town of New Castle furnish additional financing to the <br /> <br />extent of $250,000, and that the project be recommended and submitted <br /> <br />to the Colorado 'General Assembly for authorization and fundi~g during <br /> <br />the 1981 session. <br /> <br />- 3 - <br />