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Upper Basin- states according to a fixed percentage <br /> (Colorado is apportioned 46 percent) . Those revenues <br /> are then used to repay to the U. S . Treasury the portion <br /> of the construction cost of a participating project ' s <br /> irrigation features which is beyond the irrigators ' <br /> ability to repay. Repayment must be made within 50 years <br /> without interest. The revenues so credited to a state <br /> may only be used to repay the costs of irrigation projects <br /> located in the state to which the revenue is credited <br /> unless, : by "appropriate consent, " one state permits the <br /> use of its revenues by some other state. <br /> People often think of the Basin Fund as a "cash kitty" which <br /> the Upper Basin states should be able to draw upon directly and at <br /> will to construct new projects. For two reasons, this is incorrect. <br /> First, the law specifically provides that appropriations for con- <br /> struction must come from the general fund of the U. S . Treasury <br /> and cannot come from the revenues which accrue to the Basin Fund. <br /> Second, the Basin Fund does not have a continually increasing <br /> balance of cash on hand. This is because user chargers and, more <br /> importantly, the price of CRS? power, are set at rates designed <br /> to create just enough revenue to cover the repayments to the U. S . <br /> Treasury which are required over the specified 30-year repayment <br /> periods. Thus, "extra" cash is not building up from which money <br /> for construction costs could be taken, even if the law permitted <br /> such. <br /> -4- <br />