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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 />Stage II construction costs are escalated at the rate of 6% per year through <br /> <br />1981 and 4% per year to 1995 compounded annually to a total estimated project <br /> <br />cost of $846,000. Stage II construction costs do not include the distribu- <br /> <br />tion mains needed to serve the developing area since these costs should be <br /> <br />borne by the developer or property owner. <br /> <br />The Stage I construction project meets the current eligibility require- <br /> <br />ments for Federal grant assistance under the Consolidated Farm and Rural <br /> <br />Development Act, Section 306: Public Law 92-419 administered by the Farmers <br /> <br />Home Administration, Department of Agrlculture. The project also meets the <br /> <br />current eligibility requirements for Federal grant assistance under Title V, <br /> <br />Section 509 of Public Works and Economic Development Act of 1965 adminis- <br /> <br />tered by the Four Corners Regional Commission. <br /> <br />If full Federal grant assistance can be obtained in conjunction with a <br /> <br />low interest rate loan from Federal or State sources, the project is financially <br /> <br />feasible at a reasonable user charge. <br /> <br />If grant funds cannot be obtained, the project can be financed by a com- <br /> <br />bination of a low interest rate State loan for 50% of the project cost, and <br /> <br />a Federal loan for the balance of the project. The resulting high user <br /> <br />charge is considered excessive and the project is only marginally feasible. <br />