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9 <br /> ( 7 ) <br /> ( 1) The Allocation Holder shall repay to the State, at <br /> the times and with interest on the unpaid balance as hereinafter <br /> specified, the amount stated below which constitute the entire <br /> estimated amount of the costs allocated to the water storage <br /> right acquired by the Allocation Holder under this contract. <br /> The interest rate to be used for the purpose of computing <br /> interest on the unpaid balance will be 3 . 225 percent. The <br /> Allocation Holder shall pay: <br /> / I percent of the total amount of Project investment <br /> cost allocated to water supply (currently estimated at <br /> $4 , 388 , 000 ) or $ <br /> ( 2 ) The Allocation Holder must pay its proportional <br /> share of the interest on the project investment cost for the <br /> period from February 4, 1992 through December 31 , 1993 . This <br /> /.s <br /> interest must be paid on or by June ID , 199`-. <br /> ( 3 ) For the Level I portion of the allocation, the <br /> Allocation Holder must pay either ( 1 ) principal and interest <br /> beginning on January 1, 1995 and ending on January 1, 2012 ( 18 <br /> payments) in equal consecutive annual installments, ( 2 ) pay the <br /> entire principal on January 1, 1995 with no interest from January <br /> 1, 199f until January 1 , 199,6; or ( 3 ) pay one-half of the <br /> principal on January 1, 1994; the other half of the principal on <br /> January 1 , 1996, and only one-half of the interest due on January <br /> 1, 1996 for the January 1 , 1994 - January 1, 1996 period. <br />