BOARD00899

• Board Meeting Date: 9/16/1959
• Description: Minutes
• Board Meetings - Doc Type: Meeting

1620

MR. SPARKS:

MR. STAPLETON:

MR. MOSES:

"The resolution is very much
This has passed the Senate only.
taken place in the House and will
next session of Congress."

necessary.
No action has
not until the

I

"Mr. Moses, will you ~ead the resolution
under agenda item 5?"

"'vlHEREAS there was enacted by the United
States Congress and approved by the President
on April 11, 1956, a bill known as the Colorado
River Storage Project Act (70 Stat. 109), pro-
viding for the construction of certain storage
projects and participating projects in the
Upper Colorado River Basin; and

WHEREAS said legislation provided for the
payment of interest on certain features of each
storage project and participating projects; and

WHEREAS the formula for the calculating of
said interest under existing conditions has
proved to be excessive and discriminatory against
the projects authorized by the Colorado River
Storage Project Act; and

WHEREAS the Bureau of Budget has recently
indicated its approval of the interest formula
contained in the Flood Control Act of 1958,
which rate is substantially lower than the rate
now applied to the Colorado River Storage Proj-
ects;

NOW, THEREFORE, BE IT RESOLVED by the
Colorado Water Conservation Board at this regu-
lar meeting of the Board at Grand Junction,
Colorado, this 16th day of September, 1959, that
each of Colorado's Senators and Representatives
to the United States Congress be urged to sup-
port legislation to amend the Colorado River
Storage Project Act to the end that the interest
rate therein shall conform with the interest rate
set forth in the 1958 Flood Control Act, gener- I
ally as follows: "Such interest rate shall not
exceed the average rate of interest, computed
as of the end of the calendar month next preced-
ing the date on which such advance is made,
borne by all outstanding interest-bearing mar-
ketable public debt obligations of the United