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the Upper Division states in order that those four states might <br /> finance water project construction which will achieve a level of 4 <br /> development equivalent to that represented by their authorized, <br /> but as yet unconstructed, participating projects. <br /> Colorado proposes federal legislation amending the 1956 <br /> Colorado River Storage Project Act to make CRSP power revenues <br /> payable directly to the Upper Division states. Such funds would <br /> then be used by the states to finance project construction in <br /> order that the level of development agreed to by Congress, the <br /> seven Colorado River Basin states, and the purchasers of CRSP <br /> power can be achieved. <br /> Availability of CRSP Power Revenues • <br /> 1 . Revenues for direct payment to the Upper Division states <br /> would come from three sources: <br /> a. The current rate setting procedure would be changed <br /> to utilize the "window" concept endorsed by the <br /> Colorado River Energy Distributors Association <br /> (CREDA) . In addition, repayment of power features <br /> would take place over a full 50 year period so as to <br /> minimize the rate for CRSP power. The net effect of <br /> these changes would be a reduction in the annual <br /> revenues needed for repayment from what would <br /> otherwise be required under current rate setting <br /> -2- <br />