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<br />001438 <br /> <br />~ <br /> <br />obtained from that water. The discount rates used in the analysis were 5.75% (the average rate <br />on municipal bonds in 1996, which is a rate faced by major water purveyors in California and <br />Nevada) and 8.27% (the prime rate in 1996, which more accurately represents the cost of <br />money). <br />Under a conservative water supply scenario characterized by 19 years of normal conditions <br />on the Colorado River and one surplus year, discounted net economic benefits at the regional <br />level ranged from $12.8 to $61.2 million at 5.75% and $9.5 to $47.7 million at 8.27%. Under a <br />water supply scenario characterized by 10 years of surplus conditions on the Colorado River, the <br />net economic benefits range from $550,255 to $4.8 million at 5.75% and $350,789 to $3.1 <br />million at 8.27%. Under the scenario characterized by 10 surplus years, demand for banked <br />water is relatively low because the Lower Division States can meet most of their water needs <br />with diversions from the mainstream. <br />Reclamation has placed the full analysis on fIle in the Reclamation <br />Administrative Record at the address specified previously (see ADDRESSES). <br /> <br />Author <br /> <br />The principal author of this rule is Mr. Dale E. Ensminger, Boulder Canyon Operations <br />Office, Bureau of Reclamation, P.O. Box 61470, Boulder City, Nevada 89006-1470, telephone <br />(702) 293-8659. <br /> <br />List of Subjects in 43 CFR Part 414 <br /> <br />Administrative practice and procedure, Environmental protection, Public lands, Reporting <br />and recordkeeping requirements, Water bank program, Water resources, Water storage, Water <br />supply, Water quality. <br /> <br />Dated: December 22,1997. <br />Patricia J. Beneke, <br />Assistant Secretary--Water and Science. <br /> <br />For the reasons stated in the preamble, the Bureau of Reclamation proposes to add a new <br />part 414 to title 43 of the Code of Federal Regulations as follows: <br /> <br />PART 414--0FFSTREAM STORAGE OF COLORADO RIVER WATER AND <br />INTERSTATE REDEMPTION STORAGE CREDITS IN THE LOWER DIVISION <br />STATES <br /> <br />Sec. <br />414.1 Purpose. <br />414.2 Definitions. <br />414.3 Interstate storage agreements and redemption of storage <br />credits. <br /> <br />24 <br />