BOARD01663

• Board Meeting Date: 8/6/1969
• Description: Agenda or Table of Contents, Minutes, Memos
• Board Meetings - Doc Type: Meeting

those cuts will be restored and if so,
the extent. We probably will not know
until late September when the committees
of the House and Senate complete their
action and send the appropriation bills on
to the floor of the Senate and House.

As a result of last year's budget, I.
work on the chatfield Dam has terminated.
It will not be resumed until more funds are
forthcoming from the Congress. This is
the first time to my knowledge in the his-
tory of this state where construction was
started and then terminated.

Some highway relocation work in the
area is progressing. We will be travers-
ing this afternoon the new highway recently
completed by the state which detours the
Mount Carbon site. I talked with Mr.
Shumate, the highway engineer, just recent-
ly and he informed me that he had a bill
for us for about $600,000 and that he would
like to be reimbursed for the additional
cost of relocating Hampden Avenue.

That is the situation we are in. The
state has advanced funds on the Mount
Carbon Project and hopes to get reimburse-
ment at some future time."

MR. STAPLETON:

"What's the future then of state
financed or district financed projects
with the interest rate problem on state
bonds in such a precarious position?"

MR. SPARKS I

"It's not very bright at this time.
We only hope that this situation is tempo-
rary. We have experienced a similar
occasion back in the 50's as a result of
the Korean War. The President adopted a
policy of no new starts at that time and
that was only partially successful. Con-
gress did appropriate money to start some
new projects, one of which at that time
was our Paonia Project.

I