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_ ` <br /> , , . <br /> :�,- to construction work in progress included in the Allowable <br /> Rate Base in Subd. 9 hereof. For the years 1973 and 1974 <br /> such allowance shall be computed at the rate of 8�. Thereafter, <br /> the annual percentage rate applied to determine the Allowance <br /> for Funds Used During Construction shall be the lower of <br /> a) the nearest even one-half percent below the projected <br /> overall rate of return or b) the current incremental cost <br /> of financing new construction, and shall change only in <br /> increments of one-half percent, provided, however, that <br /> such annual percentage rate shall not be more nor less <br /> than that required by the Federal Power Commission. <br /> Operating expenses shall include Research and <br /> Development expenses and donations made for charitable, <br /> social, or community welfare purposes. Research and <br /> Development expenses shall be accounted for in the manner <br /> provided in the Uniform System of Accounts. <br /> Subd. 9. "Allowable Rate Base" means the average <br /> of net plant less customer contributed capital and plus <br /> working capital. Net plant means a) the original cost of <br /> electric utility plant and common utility plant used and <br /> useful in rendering electric service in the Metro Area, <br /> plus b) that portion of the original cost of plant <br /> held for future use and construction work in progress <br /> applicable to the Metro Area, less c) related booked <br /> reserves for depreciation and amortization. <br /> Customer contributed capitaJ, means amounts <br /> 14 <br />