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May 1, 1952, lees overhead, amounted to $172,890. It was further estimated that 70Ji of these advances vould he refunded over a 10 year period. This figure Is substantially correct, assuming an average cost of $200 per lot for distribution facilities and an average annual water revenue of $27.00 per lot. On this basis, the amount refunded during the 16-month period from January 1, 1951 to May 1, 1952 Is estimated as follows: $263,521* x 0.70 x 16/120 * $24,587 $172,890 x (0.70 x 16/120) x 0.5 » 8.065 Total $32,652 The estimated refundable amount of advances In aid of construction as of May 1, 1952 « (263,524 f 172,890)- 32,652 a $403,762. Consequently, the total credits due the District are estimated as $438,147, consisting of $34,385 for service Installation charges and $403,762 for unrefunded advances In aid of construction. From the preliminary work done to date it would seem that, If it Is legal to do so, It might be well for the District to assume the obligation of the unrefunded portion of the advances In aid of construction, thereby reducing the amount of the initial bond issue by approximately $400,000. Overhead Costs The Util on Pacific appraisal includes varying overhead costs which have been added to their total reproduction and depreciated costs. An overhead charge of 8.7065$ has been made on production facilities as of December 31, 1950 which Includes 2$ for engineering, lf$ for general expend lures and 5$ tar interest during construction. An over-head charge of I4.l4l8$ has been made on production facilities constructed between -12-