9- To ready ourselves for future growth the first important step was taken in February this year when we refinanced our company by replacing our term bank loans maturing in 1963 with a 20-year 20 million dollar loan from the Prudential Insurance Company of America. Under our bank loans we had been obligated to reduce our credit 4 million dollars annually. Its hard for a company to grow and at the same time to be committed to heavy debt retirement schedules. The Prudential Loan requires no principal repayments in the first four years, then $800,000 annually starting at the end of the fifth year, increasing to $1,200,000 annually from the ninth through the fourteenth year, and $1,600,000 annually thereafter. The insurance loan further gives us flexibility to borrow additional funds from the banks on a basis that we feel will meet the company's needs to finance fluctuations in construction and land development requirements. We feel that this new financing provides a firm foundation upon which to undertake expansion and advantage of new profit opportunities. Except for uranium, we are expanding each of our mining operations. The Navajo coal project is well under way. Construction of the generating facilities is on schedule and our company is performing a part of this work. We have placed the orders for our mining equipment and expect to begin stripping in June next year, utilizing a new 40-yard dragline and an l8-yard shovel transferred from Ozark. Sales of coal to Arizona Public Service are anticipated at the beginning of 1963 and should have an impact on our profits thereafter. While the initial capacity is geared to 350,000 KW, we have good reason to believe that additional units will be added and at a date earlier than we had originally anticipated. May I remind you that the future profits expected from this contract have the virtue of being tied to