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<br />WHEREAS, the WRC proposal specifies that "The regional development <br />objective will be used in formulating alternative plans only when directed" <br />which fails to recognize that the national cultural level is the integration <br />of local and regional cultural levels and is not based on national economic <br />efficiency alone; and <br /> <br />WHEREAS, the WRC proposal provides that plans, programs. or <br />projects which have been authorized by the Congress and on which actual <br />construction or other similar activity has not commenced within five years <br />after authorization will be reviewed in accordance with the principles and <br />standards; and <br /> <br />WHEREAS, the objective "to enhance social well-being" has been <br />deleted as a specific objective of water and related land resources planning, <br />thus eliminating the opportunity to evaluate the effects of water resource <br />development as a factor of the long-recognized function of the Federal gov- <br />ernment to provide economic and social opportunities for its citizens; and <br /> <br />WHEREAS, the WRC proposal acknowledges that policies related to <br />cost sharing and reimbursement require an early review and such policies <br />affect proj ect evaluation and formulation as well as do "principles and <br />standards"; and <br /> <br />WHEREAS, the" Proposed Principles and Standards for Planning Water <br />and Related Land Resources" as published by the Water Resources Council <br />are contrary to a major purpose of the Upper Colorado River Basin Compact <br />"to secure the expeditious agricultural and industrial development of the <br />Upper Basin, the storage of water and to protect life and property from <br />floods" : <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Upper Colorado River <br />Commission representing the States of Colorado, New Mexico, Utah, and <br />Wyoming, convened in regular session at Cheyenne, Wyoming on March 20, <br />1972 that: <br /> <br />l. the concept of establishing the discount rate in accordance <br />with "the opportunity cost of all Federal investment activities" should be <br />removed from the Principles and Standards for Planning Water and Related <br />Land Resources and there should be inserted in lieu thereof a "government <br />borrowing cost" concept, such as, "the discount rate for the formulation <br />and evaluation of federal water and related land resources proj ects shall <br />be. as computed to the nearest one-eighth of one percent, the average rate <br />of interest payable by the Treasury on interest-bearing marketable securities <br />of the United States outstanding at the end of the fiscal year preceding such <br />computation which upon original issue had terms to maturity of fifteen years <br />or more II; <br /> <br />2 <br />