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-Farmers Home Administration $7~000,000 -$5~57~,000 loan at 9.125% interest for #0 years -$1,~26,000'grant -State of North Carolina-Clean Water Bond $g63,000 Grant -Cabarrus County $3~ 197~000 -$1~500~000 County Designated -$1~697~000 General Obligation Bond $11~060~000 The projected annual operating expenses of the water system are $790~7~7 (see attached expense summary). Operating revenues [rom the approximately 3700 customers will cover all the operating expenses and bond retirement except that portion contributed by the County . The proposed minimum water bill is $10.10 with the average bill being approximately $17.50 per month. It should be noted in the above figures that Cabarrus County must pass a Bond Referendum in order to secure the 35,574,000 from the Farmer's Home Administration and the $1,697,000 in local funds, At the present a Bond Referendum to be voted on only by the people to receive the benefit of the water service is planned. The Study commission was also told that a specific order of spending the monies derived from the bonds, grants, and county contribution is mandated by the Farmers Home Administration. The order is as follows: 1.) The county up-front contribution of $1,500~000 is to be expended first. 2.)The bond monies of approximately $7,200,000 are to be expended next. 3.)The grant monies of approximately $2,299,000 are the last to be expended from the total revenue package.