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<br />MR. KROEGER: <br /> <br />"Now, are there going to be other loca- <br />tions? Is there any possibility of additional <br />hearings?" <br /> <br />MR. SPARKS: <br /> <br />"To the best of our knowledge, we never <br />received notice of any hearings in San Francisco <br />and St. Louis. Helene Monberg in her newsletter <br />said they were going to have them; and I have <br />seen other quotes to the effect that they were <br />going to have them in St. Louis and San Francisco. <br />I ,think in San Francisco next Monday and Tuesday <br />and St. Louis Wednesday or Thursday. We have <br />never received any official notice from'the <br />Water Resources Council that this was the 'case. <br />Does anyone know here from the federal govern- <br />ment, are those being scheduled in St. Louis <br />and San Francisco?" <br /> <br />MR. DROSKIN: <br /> <br />"Yes, Larry, there is one being scheduled <br />in St. Louis. We are sending representatives <br />there .. II <br /> <br />MR. KROEGER: <br /> <br />"One other thing that has occurred to me <br />is, I think I was a little disturbed this <br />morning when the Corps of Engineers' people <br />have done all this study based on this 7 per- <br />cent as if it had already passed. This isn't <br />so, is it?" <br /> <br />MR. SPARKS: <br /> <br />"You have to remember that the Corps of <br />Engineers is under the Executive Department and <br />apparently all these agencies have been instruc- <br />ted that they have to consider the 7 percent <br />discount rate even though it is not yet actually <br />in effect. At the present time, any projects <br />that go in before these principles are adopted <br />will be computed under the 5 3/8 interest rate. <br />For the projects the Corps explained this morn- <br />ing, it seems to be impossible to get them in <br />to Congress before the 7 percent rate goes into <br />effect, if in fact it does. 'They obviously <br />felt that by the time they got the projects <br />before Congress, the 7 percent rate would be in <br />effect. " <br /> <br />-62- <br /> <br />I <br /> <br />I <br />