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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 />8_0 <br /> <br />ANANCIAL PROGRAM <br /> <br />There follow project costs, financing, revenues and a payment schedule which, together <br />demonstrate the feasibility of Option 1 and Opllon 2 improvements to Hourglass Dam. <br /> <br />8.1 PROJECT COSTS <br /> <br />The total cost of both Option 1 and Option 2 rehabUitatfon improvements to Hourglass Dam is <br />$1,562,050 for their completion in 1995. This Includes feasibility report. construction, <br />engineering, contingency and cost escalations over time. The cost of operation and <br />maintenance facilities and establishment of emergency operating fund were not included. <br /> <br />Operation and maintenance costs are estimated to be $15,000 per year. T'1g ccs;s of <br />personnel, vehicles and equipment, materials, supplies and administrations. Such expenses can <br />be expected to vary from year to year. <br /> <br />The emergency operating fund Is established to finance extraordinary costs, beyond the scope <br />of normal operation and maintenance costs. Damage from unusually severe storms is one of <br />the most likely occurrences. The fund amount Is ten percent of the annual payment to the <br />CWCB Construction Fund, to be accumulated over the first 10 years. The Hourglass Dam <br />emergency operating fund Is $79,830, accumulated at $7,983 per year. <br /> <br />Project benefits indude municipal and industrial. agricultural, fish and wildlife, basin water <br />management and recreational benefits. All project costs are allocated to municipal and industrial <br />benefits, since most of the other benefits are Incidental to these reservoir operating purposes. <br />The City of Greeley wUl receive all of the revenues to repay all project costs. <br /> <br />8_2 FINANCING <br /> <br />Projects costs will be financed through the CWCB Construction Fund and the municipal bond <br />market, at 50 percent each. The CWCB loan to the City will be $994,850 (for Option 1 at <br />$262,143 and Option 2 at $732,707). The City will repay the loan over 20 years at 5 percent <br />interest rate. Payment will start in fiscal year 1996 when the work is completed and will <br />continue through year 2015. <br /> <br />8-1 <br />