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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 /> -39- <br /> Amount on Interest Interest <br />12 -Month Period Depos it @ 6% Earned Appl ied <br />6/1/87 - 5/31/88 $232,500 $13,950 $ 0 <br />6/1/88 - 5/31/89 13,950 837 3,768 <br />6/8/89 - 5/31/90 11,019 661 11,680 <br /> Totals $15,448 $15,448 <br /> <br />The amortization of the proposed loans from the ewCB is detailed in <br />Table 5 and summarized in Table 4. The repayment schedule was calculated on <br />the basis of two separate loan amounts: one consisting of $18,000 for the <br />feasibility study plus $32,500 for completion of final designs, totaling <br />$50,500; and the other consisting of $246,500 for construction costs. <br />Pursuant to guidance from the ewCB, we have assumed that the full amount of <br />$50,500 would begin earning interest from June 30, 1987, with six months' <br />interest payable during 1987, even though the $18,000 for the feasibility study <br />would have been disbursed earlier. The second loan for construction purposes <br />is assumed to begin earni~g interest from June 3D, 1988, with six months' <br />interest payable during 1988. <br />