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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />The present balance of bonded indebtedness on the Sanitation <br />District is $13,500. This amount is being amortized by the <br />$5.00 per month sanitation maintenance charge. The Town has <br />no other indebtedness at this time. The Town medium income <br />has been established to be $7,565. <br /> <br />To be eligible for any FrnHA qrant assistance, the maximum <br />debt service would have to be $210,000. The Town will be <br />attempting to obtain a low interest loan from the Farmers <br />Home Administration (FrnHA) in order to proceed with at least <br />the Phase I portion of the distribution system improvements <br />or $131,200. <br /> <br />If both Phase I and Phase II projects were constructed under <br />one contract, the total project costs would be in the order of <br />$347,300. This would require a 60% loan of $210,000 'and a 4~1o <br />grant of $137,300. <br /> <br />It is seen from the rate schedule in Table C, Phase I Construc- <br />tion, the monthly service charge is at the maximum practical <br />limit for the Town due to the low income bracket of the resi- <br />dences. <br /> <br />-12- <br />