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There will be 4,000 acre-feet reserved for the Colorado ute Electric Association in Craig. This also brings up the point that there would have been no way to put this project on the map without the sale of water to an industrial user. The reason for that is that we now have an agreement with the Colorado ute Electr'i.c Association for the annual purchase of 4,000 acre-feet at $26 an acre-foot, which will bring in $104,000 annually. Without that type of income, there is no way that we can finance this project alone for irrigation, which simply backs up what you said this morning, Larry, about the major projects. We also have a thousand acre-feet for municipal use. we have commitments from the towns of Yampa, Hayden, Spririgs for 700 acre-feet out of the thousand. As of this date, and steamboat I Day before yesterday, we had a bond election for 4~ million dollars to finance this project through the private' bond market. I am glad to report that the vote was three to one in favor of the project. It helps to have had a dry year the year before when you are promoting something like this. - I will s?y that we are entirely dependent on the one million dollars that was authorized- a year ago by the Legisla.ture through our board for the project. If we do not get that one million 'dollars by, at the very latest" 1980, it will be very difficult to finance this project, because we simply cannot justify it on the basis of borrowing the extra million dollars that we would need to if we did not get that money from the conservation fund. We have tougher repayment schedules through the private bond market than we do with the conservation fund. So I am simply 'emphasizing the importance of SB 69 to help us get this project. We have now really crossed all the major hurdles to build the project. We received just last weeK an endorsement from the Forest Service, and we will not require a full-blown EIS. All we will require is an environ- mental analysiscreport, which, of course, shortens the time- delays. You will all be interested to know that we received a unanimous endorse- ment of the project from the Division of wildli'fe. We think that that is a major step. They generally have not been in favor of reservoirs, as you all know. Well, that pretty,well sums up where we are. We have authorized en9ineering, and we expect to go up for bid this summer. MR. SPARKS: John, this emphasizes the fact that state government can be extremely helpful in assisting' these projects. However, the main I thrust of carrying a project forward does rest with the local people. We can only assist at the state level. If the local people are active and willing to spend their own money, then the state can be of assis- tance. But we can't initiate projects nor carry the whole burden.. The Upper Yampa Conservancy District, for the Yamcolo Project, has been the motivating force. This is a substantial project, a reservoir of substantial size. -28-