11,748

1

before.

2

This represents the chart for only one million.

3

Figure the gap between the two at $54 million.

4

Dr. Cooper has told us that the additional

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interest for 25 years, that the interest for 25 years

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would be $31 million, a difference of $10 million for extending

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it ten years. This is the dollars that we are talking

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about. The longer you take to pay back, the more

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dollars you must pay for interest. Not only is it costher

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because you pay longer, but the interest rate goes up.

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This chart just assumes the same interest,

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but it is a known fact, the longer the maturity date the

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interest rate is higher. , With the lowered annual

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payments on 25 years of principle and interest comes a

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tendency to increase the debt.

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The 15 year limitation keeps a reasonable limita-

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tion on debt. 15 years is an adequate compromise between

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pay as you go advocates, and those who wish to have indebted-

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ness. We now have the triple A rating, the highest you

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can get. The higher the rating, the lower the cost.

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You are being asked to make a change which could