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<br />...Ji._ <br />~ 2/'~'4 <br /> <br />"" <br />e:> <br />C\l <br />C\1 <br />C. <br /> <br />..1.. <br /> <br />~at_ent ConO.rn1M NOlWt\atiQ1\& <br />R8,Il:ardiM Boulder Il8m lhergy Rat.lI. <br /> <br />Thie 10 a very complicated subject -rlth so much paat <br /> <br />history end sO many factors involved that it sell1le desirable to <br /> <br />ettempt " concha review of the whole matter. <br /> <br />SecUon 4(b) of the Boulder Canyon Project Act providee <br /> <br />th5t before any WON can be done, or even before any money can be <br /> <br />. <br />a'1propri~ted, the Secretory of the Interior must provide by contracts <br /> <br />with !l1'8l'P6ctive users of energy and stored water for revenue. <br /> <br />suffioient to insure <br />e) The cost of operation and maintenan~e of Boulder Dem, <br /> <br />b) Repayment, 'lfithin 50 years of all advances for construction, <br />including intereet et 4% during conetruction, of' the cost of <br />Boulder Dmn and c:ppurtenances, less $,"5,000.000 allocet$d <br />to flood oont rol, <br /> <br />c) Payment of' interest upon unpaid balRnce", of the abo"'e at <br />41,. <br /> <br />and in Section 2(b) the Act provides that out of any surplus over the <br /> <br />eumll listed above, 62~ wae to be ueed to repay the flood control chel'!:l;e <br /> <br />of $25,000,000 and m% wae to be divided equally between the stetes of <br /> <br />Arlzone. end Nevada. The Act is not clear ae to when, if at all, in1lerest <br /> <br />muat be naid on tbe flood control ltlJll, but it baa been held that at <br />lust no interest should be peid on it for the periOd bMtore its re- <br /> <br />payment 1$ b e1l;Un. <br /> <br />Two sources at' rll'l'enue were provided by the Act, consisting <br /> <br />of <br /> <br />a) Charges for water stored in Boulder Reeervl'>ir. not however <br />to be asaeaeed upon users in Imperial end Coechella Vfl1eya, <br /> <br />b) Chargee for electrical energy generated at Boulder Darn, <br /> <br />end 1t 10 repeated in Section 5 or the Act, that the total of 811ch revenuee <br />must be sufficient in the judg<!lllent at' the Secretary, to d1Boha1'/l';e all <br />the obligatione listed in Section 4(b) as given above. <br />