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<br />"I <br /> <br />1,- <br /> <br /><ill <br /> <br />t'1 <br />~/ <br /> <br />. <br /> <br />~ <br /> <br />." <br /> <br />o <br />en <br />0) For the purpose of the analysis made in this report it was as- <br /> <br />~".:.. <br /> <br />swned that the water would be so pooled. If those holding senior <br />water rights were not agreeable to entering the pooling plan, or <br />if they required payment for doing so the indicated benefit would <br />be materially reduced. <br />The over-all irrigation benefit to the nation was estimated <br />to be the value of the increased crop production resulting from <br />the operation of the project. While it is recognized that this <br />method of estimating national benefits is not entirely rational <br /> <br />and probably results in a value that is too high, nevertheless <br /> <br />it is essentially the method being currently used by the U. S. <br /> <br /> <br />Bureau of Reclamation in its investigations. The value of the <br /> <br />benefit so determined exceeds greatly the amount the water users <br />or direct beneficiaries can afford to repay toward the costs of <br />the project. In this report, the re~ayment ability was estimated <br />on the basis of the increased income the owner would receive under <br /> <br />an owner-tenant arrangement by virtue of the operation of the <br /> <br />project when compared with increased costs to the owner because <br />of improved conditions. <br /> <br />In projects such as the one at Trinidad with no power <br /> <br />revenues from which to pay the portion of the irrigation costs <br /> <br />that cannot be repaid by the farmers, the benefit to cost ratio <br /> <br />for the project becomes relatively unimporta.nt as the costs al- <br /> <br />located to irrigation must be repaid by the farmers over a 50- <br /> <br />year repayment period. Extended repayment periods have been <br /> <br />authorized by the Congress on some small projects. As will here- <br /> <br />inafter be shown the length of repayment period required in order <br /> <br />-13- <br />