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<br />-6- <br /> <br />OF THIS PROPOSED COrJCEPT IN SIi1PLE TERi1S JUST i.lEANS THAT THE <br />ADVOCATES OF THIS NEW PRINCIPLE WOULD RAISE THE INTEREST RATES <br />ON FEDERAL PROJECTS TO THE POINT WHERE THESE PROJECTS NO LONGER <br />HAVE A PROPER BENEFIT COST RATIO AND, THUS, WOULD FAIL THE TEST <br />FOR FEDERAL PARTICIPATION. <br /> <br />THERE ARE PERSONS PRESENT HERE TODAY AND OTHERS WHO <br />HAVE LONG PARTICIPATED IN YOUR ['1EETINGS -- SUCH AS KEN HOLU1~, <br />CHARLIE ROBINSON, STAFF COUNSEL TO THE GENERAL [,'lANAGER OF NRECA, <br />AND FRED SH10NTON -- WHO HAVE STUDIED THIS r.jATTER IN DEPTH, <br />HAVE ANALYZED AND MADE PERSONAL PRESENTATIONS AT THE VARIOUS <br />HEARINGS WHICH HAVE TAKEN PLACE BEFORE THE WATER RESOURCES <br />COUNCIL. <br /> <br />AS FAR BACK AS AUGUST OF 1969 KEN HOLUM WAS MAKING HIS <br />EFFORT TO POINT OUT THE REAL MEANING OF THIS PROPOSAL. IN A <br />STATH1ENT TO THE WATER RESOURCES COUrKIL IN Of'1AHA, NEBRASKA, <br />ON AUGUST 14TH OF THAT YEAR, HE CONCLUDED WITH THESE SIGNIFICANT <br />REr1ARKS, WHICH CERTAINLY HOLD TRUE TODAY: <br /> <br />"PERSONALLY, HOWEVER, I CONSIDER IT MUCH MORE <br />Ir'1PORTANT THAT WE RECOGNIZE WHAT WE HAVE WHE~'! THE <br />ARITHMETIC HAS BEEN COMPLETED AND THAT WE FOLLOW <br />PROCEDURES LEADING TO THE ULTIMATE DECISION THAT <br />