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<br />.' <br /> <br />. <br /> <br />. <br /> <br />\ <br /> <br />"I believe tLe ooo"'Oerative mp.thod briefly outlined for hand- <br />ling tl1c ColC'racio "power pro,jeet to tl1e be"t intere,sts of the power <br />Users in the two states could possibly be liorked out so as to be as <br />efficient and bll';ine'3::3li;~e in o]Jen'tion as large privatel:i owned <br />corpo"ations. <br />"Bonds issued jointly b~' the States of California and Arizona <br />in the manne r described would be fully as well secured. ElS U. 3. <br />Go\'ernment oblifatiore, and to investors of moderate tsy.ablo in- <br />come should j,lrove fully €os bttraative. <br />"In a llydro-elec tric jJroject of the ITJagni tude of the one <br />p:toposed, the capit,'.l ~lnd interest cha:ce;es I.ould constitute more <br />then 90 :no l' 0ent L'! tho cost of the POWOi' delivered. ?rivately <br />owned public serne'3 co~porb.tions are being 60 interfered with in <br />their ()loi]l'f:tions that mare risk is felt by c8:teful investors in <br />their Securities now than formerly, and their problems of financing <br />are more di~fioult. Due to this and other disadvantages by com- <br />parison under which a 9rivate corporation of necessity must operate, <br />r ue]i~ve it is safe to say that their necessary interest and pro~ <br />fit charges for capital would be more thEn GO per cent sreater than <br />tho ca-oitel charges of the publicly owned corporation which I pro- <br />pose. <br />"This means that thee ost of Colorado River power delivered <br />by the private corporation would cost oonsiderably more than if <br />delivered by tJ-,e public c orporstion. <br /> <br />p. <br />