BOARD00899

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

1621

States which mature fifteen or more years from
the date of their issuance, and by adjusting
such average rate of interest to the nearest
one-eigth of I per centum";

I

AND, BE IT FURTHER RESOLVED that the Upper
Colorado River Commission be urged to lend its
support to this resolution.'

This language ties it to the average of
the long term obligations of the Government
which do not fluctuate as rapidly as treasury
bills or short-term obligations. I think gen-
erally speaking we probably have a lower rate
of interest on short-term obligations due in a
period like this. Sometimes the short-term
rates are low."

MR. STAPLETON:

"Does anyone care to move the adoption of
the resolution as prepared?"

"Mr. Chairman, I move the adoption of the
resolution as prepared."

MR. NElBON:

w~. STAPLETON:

"It has been moved by Mr. Nelson. Is there
a second?"

MR. BARNARD, JR.:
MR. STAPLETON:

"I'll second the motion."

"It has been seconded by Mr. Barnard.
Conour."

Mr.

MR. CONOUR:

"Does this language of this present bill, or
act, conform generally to this amendment referred
to in Senator Carroll's telegram?"

MR. SPARKS:

"That is the amendment. In Senator Ander-
son's bill he merely copied the interest formula
in the Flood Control Act which is also called the
Water Supply Act. The reason that was done, as
I stated, the Bureau of the Budget has recently
approved this interest formula. That is exactly
the way it appears in the act."

I MR. CONOUR: "In other words, we are not advocating some-
thing that will not conform ?"
MR. SPARKS: "No."
MR. CONOUR: "It does not conflict with this amendment?'
MR. SPARKS: "No."