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He explained that the accountants estimate that the WSA needs $58,000 for depreciation and the $4.50 covers only $21,294 of that in the hopes that the equipment will last longer than is expected.
"As we build up funds, they in turn will be earning money," he explained. We stand a good chance when a major replacement comes, we would be in a position to pay it or at least pay most of it. That's the philosophy we're taking here. We will have the expenditures some time. There is no solution except to start saving up even on a very small basis. It would mean 20 years from now there will not be a new debt piled on. That could be very expensive. We’re borrowing $97,000 now and paying back $177,000 even at the low interest rate of 4.75
96.7%