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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />i 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 />-3- <br /> <br />7. An evaluation of the current indebtedness of the Town of Oak Creek, <br />along with current water-user rates and other sources of funds <br />available to finance modifications to Sheriff Reservoir, indicates <br />that the project is financially feasible. <br /> <br />8. In order to determine the project's impact upon the Town's revenue <br />requirements, a schedule of total annual payments was prepared <br />including O&M costs for the Town's water system, accumulation of an <br />emergency operating fund, the existing debt service schedules for the <br />general obligation water bonds issued by the Town in 1976 and 1985, <br />and the debt service and loan repayment schedules covering the <br />financing for this project. <br /> <br />Provided that the CWCB will assist the project by making a low- <br />interest loan to the Town for 49.5 percent of the total project <br />costs, matching funds amounting to 50.5 percent of the total project <br />costs will be furnished by the Town, principally from a bond issue to <br />be floated prior to June 1, 1987. The proposed debt service schedule <br />for the 1987 bond issue has been designed to dovetail with the sche- <br />dule for the 1976 bond issue, which wi 11 be retired in the year 1990. <br /> <br />Based upon the foregoing financial plan, the total average annual <br />payments for project financing during the Town's four fiscal years <br />1987 through 1990 could be covered entirely by a rate increase in <br />water service charges of approximately $4.80 per month, which would <br />be an increase of 34 percent of the current residential rate of <br />$14.00 per month. During the five-year period 1991-1995, the total <br />scheduled financial obligations to be met from the Town's Water Fund, <br />including the repayment schedules for project financing, would <br />decrease by approximately $7,000 per year, relative to the 1987-1990 <br />average. Following the retirement of the 1985 bond issue in 1995, <br />the total scheduled financial obligations to be met from the Town's <br />Water Fund would decrease an average of an additional $12,500 per <br />year for the period 1996 through 2007, relative to the 1991-1995 <br />peri od average. <br />