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However, in order to attract investors of IR B's to <br />finance our project, or to attract investors of conventional <br />financing, we must have revenues sufficient to attract investors, <br />assuring them that we have the financial ability to meet debt <br />service. <br />Our present rates under the terms of our present Franchise, <br />are totally inadequate to generate the revenues required to <br />finance the proposed construction project. <br />I would also like to point out that our present rates <br />are inadequate to provide revenues to carry the cost of, <br />operations and that portion of our construction program which <br />relates to meeting D.E.R. Requirements. <br />It is for all of our foregoing reasons I have given, <br />which has compelled us to seek rate relief and to request this <br />Board for approval of the rates we have petitioned for. <br />We ask that the rates which we are seeking be put into <br />effect following completion of our construction program. We <br />seek approval now because it is essential that we display to <br />our lenders for an interim construction loan, our financial <br />ability to attract long-term financing, to pay off the short- <br />term debt. Of course, investors of the long-term debt <br />whether in the form of IRB's or conventional debt, will require <br />36 <br />JAN 18 1984 <br />BOOK 55 Inc, 8541 <br />