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(Continued from Page 1' costs of $22,000.
But. as Deimer pointed out, interest rates from Farmers Home are at 12.25 percent as of October I. At that rate, monthly bills for Sperryville residents are estimated to be $35.08; at 13 percent $37.13 and at 18 percent $47.56.
Deimer recalled that Ernie Simmons, head of the construction grants program for the Virginia State Water Control Board, warned that federal participation could drop from 75 to 55 percent for conventional treatment projects and to 65 percent for innovative and alternative systems within the next year or two. If that occurs, the local share would jump for $450,340 to $780,844 and with Farmers Home loans at 12 percent, monthly bills would climb to $52.93.
Simmons also cautioned that the federal government’s grant program could completely drop all incentives for innovative and alternative sewage tratment systems and fund everything at 55 percent. Then the local share of the currently proposed project would skyrocket to $898,914, pulling monthly user fees necessary to cover amortization at 12 percent interest to $60.66, according to Deimer’s worst possible scenario.
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