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<br />-" <br />" {\~~;)';l~ <br /> <br />The Appropriation Act for FY 1972 contained no funds for the Savery- <br /> <br />Pot Hook Project. ,The Senate version of the appropriation bill for <br /> <br />FY 1973 initially contained $500,000 for the project. These funds have <br /> <br />now been eliminated by the House-Senate' Conference Committee. <br /> <br />The Office of Management and Budget is now asking for two completely new <br /> <br />reanalyses of the project. One using an interest rate of 5~ percent and <br /> <br />the second using 7 percent and updating the project cost estimates again. <br /> <br />The Definite Plan Report in Jsnuary 1972 was based on an interest rate <br /> <br />of 3 1/8 percent in accordance with the project authorizing act. <br /> <br />Repayment contract negotiations were initiated with the Little Snake <br /> <br />and Pot Hook Water Conservancy Districts for project repayment in March <br /> <br />1972. <br /> <br />The Draft Environmental Statement for the project was released by <br /> <br />the Commissioner of Reclamation on August 8, 1972 and is now being <br /> <br />distributed to interested state, federal, and local interests for review. <br /> <br />The draft ststement has also been released for publication in the Federal <br /> <br />Rep;ister. <br /> <br />Problems <br /> <br />The local people and the Colorado River Water Conservation District <br /> <br />and I'm sure the Colorado Water Conservation Bmrd are disturbed over the <br /> <br />long delay in getting a project that was authorized in 1964 under construction. <br /> <br />Every year's delay means an increase in construction cost and interest rates. <br /> <br />. <br />The project area is faced with a population that has decreased slowly over <br /> <br />3 <br />