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V. PHASE I AND II PROJECT FINANCING <br />A. <br />Project Funding <br />Both programs, Phase I and II, are to <br />be financed by a grant from <br />the Economic Development Administration and a grant and loan from the <br />Farmers Home Administration. Security for the FmHA loan will consist <br />of revenue bonds and a first lien on revenue from the water and sewer <br />facilities. The County has a grant commitment from EDA and a grant <br />and loan commitment from FmHA for the following <br />amounts: <br />Grant Loan <br />Total <br />EDA $365,000 $ 0 <br />$ 365,000 <br />FmHA 427,500 477,500 <br />905,000 <br />Total $792,500 $477,500 <br />$1,270,000 <br />Funds in the amount of $1,270,000 are <br />available for the two <br />programs. <br />B. <br />Total Project Cost Estimates <br />Based on foregoing cost estimates, a <br />summary of costs for each <br />of the several program components is: <br />Amount <br />1. Phase I project, complete <br />$ 670,000 <br />2. Purchase of UDU assets <br />75,000 <br />3. Phase II project construction cost <br />a. Renovate existing water system <br />$ 34,800 <br />b. Sewage pumping & transmission <br />210,000* <br />c. Renovate existing sewage system <br />19,100 <br />d. Extend water distribution <br />128,500 <br />392,400 <br />14 <br />BOOK 31 PAU JO <br />®C 12 01977 <br />U <br />