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I matters involved in these very important nego- tiations. The negotiations culminated in Secretary Udall's February 20 decision on trans- mission of storage unit power. That decision was based upon the letters of intent that were agreed to and signed by four of the five pri- vate power companies involved. These letters of intent have been substantially translated into contracts. The Arizona Public Service Company's wheeling offer was rejected because of its adverse effect on the Basin Fund. An interconnecting agreement is now being worked out with that company. The Secretary's February 20 decision has been widely acclaimed as a wise and just solu- tion to a difficult matter. Benefits will accrue to all parties involved, through the arrangements agreed upon for interchange and wheeling of s tor age uni t power. At the same time, the rights and interests of the preference users have been fully protected. Most important, however, is the fact that the magnitude of the power revenues going into the Upper Colorado River Basin Fund would be enhanced by some $77 million over the 86-year study period as com- pared to the best of any other of the previously considered proposals, which was the construction of an all-Federal system for the transmission of storage unit power. I Following the Secretary's decision, an- other round of negotiations was launched to draft contracts between the Federal Government and the individual private companies based on the letters of intent signed by the companies prior to the Secretary's decision. The con- tracts were signed in May of this year. with the reaching of agreement with the four private power companies, the Bureau of Reclamation pro- ceeded with the issuance of invitation for bids and the award of contracts for two major trans- mission lines. On May 11, award of a $6,923,100 contract was made to the Morrison- Knudsen Company, Inc., of Boise, Idaho, to construct 180 miles of line from Curecanti to