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RED-76-98 1 (1976-04-09)

handle is hein.gao/gaobabkkg0001 and id is 1 raw text is: ,- cP* to bo rleased outsJde the r nta; *pt;ce A ept . tue basis of sp c;fic approval I,' tile o tice of C qn r6j iona1 keht ;oas. COMPTRO._LER GENERAL OF THE UNITED STATES WASHINGTON. D.C. 20543 B-169126 RELEASED April 9, 1976 The Honorable Gayi.rd Nelson, Chairman LM089250 Select Committee on Small Business United States Senate The Honorable Floyd K. Hazkell Acting Chairman for the Westlands Hearings i Committee on Irterior and Insular Affairs -' United States Senate In accordance with your letter dated February 5, 1976, :nd subsequent discussions with your offices, we have calcu- -d-the subsidy applicable to the Westlands Water Distrist3 de expect to report on the other matters in the near future. Te estimate that the subsie ill be about $658 niilion, on a simple-interest present-val, basis, virtually all of which covers the estimated interest foreqone on the costs of the Vvestlands distribution system and that part of the cost of the San Luis Unit applicable to Westlands. A small amount, estimated at $1 million, covers the repayments by power or municipal and industrial water customers for part of .ne irrigation costs. You asked that we investiqate the subsiCv for both the Central Valley project and the Westlands Watri District, noting the estimated total Cential Valley project subsidies if we could not estimate the .,ubsidi- s allocable to the Westlands Water District. You asked that, if we noted only such total subsidies, we explain how o,: might rough-'ly exi .apolate the figures to Westlands if certain assurL otions were accepted. (See p. 4.) In particular, you asked 'is to evaluate the following alleged subsidies, both in present and total value, at interest rates we considered appropriate. --The foregone interest on both the San Luis Unit capital costs and the Westlands distribution system. (See p. 5.) --The differential between district rates for water and power and the rr.arket rAtes for water and power and the ruments for and against including these as subsidies, as well as the amounts. (See p. 7.) RED-76-98

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