The $8 million will pay the annual interest cost of our $100 million emergency loan. The cost of recovering from the ice storm has already exceeded $100 million and is projected to reach $150 million. For our $100 million emergency loan, PIE&G secured a 5.65% interest rate. The debt service (interest) on this principal amount is about $8.5 million per year, or almost $700,000 per month, which our co-operative must start paying immediately.
