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<br />2434 <br /> <br />is to realize the greatest practicable amount of <br />funds from this project in order to construct our <br />participating projects. If that fund is invaded <br />in any way then we are in serious trouble. So we <br />have taken the various proposals that have been <br />made. We had hoped initially that it would be <br />possible to work out a joint operation which <br />would be mutually advantageous to all concerned. <br />It has not been any concern of our staff as to <br />who builds these lines. We could care less inso- <br />far as they produce the maximum revenues. We <br />have no interest in any theory or philosophy of <br />private power versus public power. OUr job is <br />simply to represent the people of the state of <br />Colorado and we do not represent the REA's, the <br />municipalities or the investor utilities. We <br />are representing to the best of our ability the <br />interests of the water users in the State of <br />Colorado in an attempt to carry out the purposes <br />of Public Law 485. <br /> <br />I <br /> <br />with that thought in mind we are able to <br />criticize proposals made on all sides to some <br />extent. I first call your attention to a memo- <br />randum which we published under date of July 31, <br />1961. entitled 'Allegations of the Arizona Public <br />Service Company, Public Service Company of Colo- <br />rado, etc.'. which is from a brochure prepared <br />by said companies under date of June 1, 1961. <br />This brochure. which I have here. was given to <br />the Upper Colorado River Commission and other <br />agencies. In this brochure these various public <br />service companies attempted to analyze the Bur- <br />eau's claim that the all-federal system would <br />produce, in the period of study, from 1964 to <br />2049 - it's an 86-year period of study - $363 <br />million plus. (more closely to $364 million), <br />more revenues for the participating projects over <br />this period than would the combined private- <br />federal system. That's a significant amount of <br />money. <br /> <br />The investor utilities then attempted to <br />discount this $363 million, and I would like to <br />briefly run down the items which are contained <br />in their arguments to knock out the $363 million. <br /> <br />I <br />