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1332 MR. SPARKS: MR. PETERSON: MR. SPARKS: part of it, small projects constructed -under the Small Projects Act by the individuals or contractors, and so on, and not by the Bureau of Reclamation. I am thinking only that they would participate in that fund." , "I see. Well now, there, we've got a meeting scheduled for Gunnison later this year looking into some projects up there, and we are looking into all methods of financing - FHA, Small Proj- ects, Soil Conservation. There are several ways of financing at the present time. The Small Projects or Small Loans Act has not been,too satisfactory in the past bp:t the law was amended and we are " taking another look at it. Other States are using it and we,have not used a dime's worth of that money up to the present time. We have been neglectful in that field. That is something we are going to try and remedy this coming year. Now if we find that the existing law does not cover certain types of projects that we can build, of course you can ask Congress for other types of financing or to possibly create a revolving" fund in this state." "We've already got it in the Basin Fund, 46% of it." "Any project that can be built from that fund, we will certainly construct under that fund, but those projects may not meet the criteria under present recla- mation law and would have to be built out- side that fund. I I am wondering - we have talked a lot about Public Law 485 and this repayment fund. Mr. Peterson has mentioned it at several meetings. Is the Board clear as to how that fund operates? Is there any question as to how that Public Law 485 operates? Actually we get no money until about the year 20l2, but we can borrow against that fund if revenues will accrue within fifty years from the date of our borrowing money from the federal govern- ment. Essentially what it amounts to is I