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<br />. <br /> <br />. <br /> <br />Upon complete retirement of the costs of the p~er facilities, storage <br /> <br />dams, and reservoirs all net reveues would then be credited to the account <br /> <br />until all participating projects have heen developed. <br /> <br />Not just any project could qualify as a participating project <br /> <br />under this plan. In order to participate in the Development Account, <br /> <br />each project wruld be required to meet certain specifications. Through <br /> <br />a detailed reDort it would have to be shown as feasible from an engineering <br /> <br />standpoint and economically justified with total benefits exceeding the <br /> <br />total cost. The water users would have to DaY up to their repayment <br /> <br />capacity and in so doing provide sufficient funds to operate and Jn9.intain <br /> <br />the project, replace wornout structures as needed, and pay a part of the <br /> <br />construction cost over a period of years to be established by Congress. <br /> <br />Also, the project shculd be needed, am it should be wanted. <br /> <br />This plan is a workable plan. Conservative calculations show <br /> <br />that anticipated net power revenues wnuld be sufficient to maintain a <br /> <br />surplus in the development account at all times. Of particular importance <br /> <br />during the early stages of t he account is the use of the interest component <br /> <br />on the paoler investment to assist irrigation development as is being done <br /> <br />on other reclamation projects in the West. Following full repayment of <br /> <br />the Colorado River Storage Project the net revenues would n~t include <br /> <br />interest but would continue to be credited to the account in greater <br /> <br />amounts thus assuring the necessary assistance for complete utilization <br /> <br />of Upper Colorado River Basin app~rtioned water, <br /> <br />\o-A <br />~ I have said that this is a workable plan. This is how it <br />I-" <br />"" would work. The parent project would be initiated by the authorization <br /> <br />of three or four d ams to be selected by the fureau of Reclamation after <br /> <br />7 <br />