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<br />PROPOSED PROJECT <br /> <br />In order to improve the system, the consultants have recom- <br /> <br />mended that additional water lines be constructed, that the current <br /> <br />metering system be renovated and updated, that new storage be pro- <br /> <br />vided, and that new fire hydrants and valves be installed. The <br /> <br />estimated cost of the project will be $500,000. <br /> <br />RECOMMENDATION AND PRIORITY <br /> <br />The residents of the town of Bennett are faced with water <br /> <br />shortages to meet peak demands. They also need additional storage <br /> <br />and improvement of their distribution system. It is expected that <br /> <br />the proposed project will solve these problems. <br /> <br />The financial resources of the town of Bennett are limited, <br /> <br />and the town cannot provide the necessary capital investment for <br /> <br />the proposed project. <br /> <br />The proposed financing, therefore, is as follows: <br /> <br />Federal Grants <br /> <br />$250,000 <br /> <br />State Funds (to be repaid <br />by water use charges) <br /> <br />250,000 <br /> <br />Total <br /> <br />$500,000 <br /> <br />Under the above financing arrangement, water use charges would <br /> <br />have to be levied by the State at the rate of $10,815 per year for <br /> <br />forty years, for a total repayment of $432,600. <br /> <br />The water rates in town were $9 per month per tap. In antici- <br /> <br />pat ion of future funding, the rates were raised in 1977 to $l5 per <br /> <br />-3- <br /> <br />2420 <br />