| OCR Text |
Show LAST LEGISLATIVE FIGHT 243 PROJECT FARMERS CAN PAY NONE OF THESE COSTS Initial Project Per acre cost (for 225m Total cost acres) Interest during: construction period ....$103,700,000 repayment period ........ 302,700,000 Paid by Nation's Taxpayers .... $406,400,000 $1,800 Irrigation construction cost (paid by power users) .......................... 414,600,000 1,850 Total Subsidy to Farmers ........ $821,000,000 $3,650 Ultimate Project Interest during: construction period ....$241,000,000 repayment period ...... 704,000,000 Paid by Nation's Taxpayers .... $945,000,000 $4,200 Irrigation construction cost (source of pay- ment unknown) ........ 964,600,000 4,300 Total Subsidy to Farmers ........$1,909,600,000 $8,500 Subsidy per 160-Acre Farm (at $8,500 per acre) $1,360,000 Notes: Cost of: Initial project allocated to irrigation ..............$414,600,000 Additional tunnel allocated to irrigation........ 550,000,000 Ultimate project allocated to irrigation..........$964,600,000 Construction period assumed to be 15 years plus a development period (permitted by law) of 10 years, or a total of 25 years. This would mean the equivalent of 12.5 years of the total investment at 2 %, or 25 % for interest during construction. Repayment period assumed of 73 years. This would mean 36.5 years of full interest. At 2% would equal 73% of cost. |
