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,,"',-'" .'-."'1 '" u.' fixed annual amount of 0501,300. These features are fully entered into plant-in-service in fiscal year 1969 and the investment is retired in year 2017. The investment for municipal water in the basic project of $8,717,000 is scheduled into plant-in-service over fiscal years 1966 to 197.3 in conformance with the anticipated rate of increase in water deliveries during the construction period. This allocation also is repaid with interest at 2.5 percent within 50 years--the last year being 2012 or the 46th year of study. In addition to revenues from water deliveries, a fixed annual share of $210,000 of conservancy district taxes is applied toward the retirement of the water supply costs. The combined net revenues applicable to this investment amount to $.317,080. Upon completion of repayment of the allocated munioipal water basic project cost, all net annual proceeds from the district tax are applied toward amortization of the irrigation alloca- tion. Irrigation repayment Allocated irrigation oosts of $65,826,000 are repaid without interest bw 848,2.37,490 from water users and the conservancy district and by $17,588,510 from power revenues. The irrigation investment is scheduled into plant-in-service over a 6-year peri.od ending in fiscal year 1972 whi'lh is two years before oompletion of oonstruotion of all project works. The total irrigation investment is retired in fiscal year 2025--the 53rd year after the full investlll6nt is made. CONCLUSION .- As demonstrated bw benefit-cost analysis, the Fryingpan- Arkansas Proj ect :l,s a highly produotive development. About 90 per- cent of the total project cost is reimbursable and over one-half' of the repayable costs bears interest. Amortization of these costs is accomplished within the limitations established by proposed authorizing legislation. .' 28