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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 capital means amounts <br />14 <br />