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<br /> <br />LETTER OF TRANSMITTAL <br /> <br /> <br />UNITED STATES GENERAL ACCOUNTIlifG OFFICE, <br />COMPTROLLE,R GENERAL OF THE UNITED STATES, <br />Washington, January 25, 1960. <br /> <br />B-133053. <br /> <br />Hon. SAM RAYBURN, <br />Speaker of the House of Representatives. <br />DEAR MR. SPEAKER:' Herewith is our report on the audit of <br />selected activities of the' Bmeau of Reclamation, Department of the <br />Interior, in the upper C<;>lorado River basin for the fiscal years 1957, <br />1958, and 1959. ' <br />This report is our first on the major activities of the Bureau of <br />ReclamatlO'<l in the upper Colorado River basin. The report includes <br />comments on the significilnt changes that have occmred since author- <br />ization of the Collbran: Proj ect, Colorado, and the unusually long <br />period required for repayment of the Government's investment in <br />power of that proj ect. 'The report also includes comments on the <br />financial and economic' analyses of the Colorado River Storage <br />Project and participating projects and a recommendation that the <br />Secretary of the Interiot adopt and apply consistently an acceptable <br />policy for recording interest during construction. A summary of om <br />principal findings appears in the forepart of the report, <br />This report is also bei!lg sent today to the President of the Senate. <br />Copies are being sent to the President of the United States, to the <br />Secretary of the Interior, and to the Commissioner of Reclamation. <br />Smcerely yoms, , <br />JOSEPH CAMPBELL, <br />Oomptroller General of the United States. <br /> <br />Enclosure, <br /> <br />15 <br />