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Show Moss Asking Congress To Overlook Strike In Dam Interest Cost Senator Frank E. Moss of Utah is asking Congress not to count the period of the Glen Canyon workers' strike in figuring interest inter-est payments on the Upper Colorado Colo-rado Storage Project. He has introduced a bill which directs the Secretary of the Treasury in computing interest on the unamortized balance of the investment in the power and municipal water supply features of Colorado River units or participating par-ticipating projects, to disregard any period for which the Secretary Secre-tary of the Interior certifies that construction has been halted by a strike or other unavoidable work stoppage. "Construction of the Glen Canyon Can-yon Storage Unit was delayed six months by the strike. Thei accumulated interest will materially ma-terially increase its cost and thereby decrease the net power revenues available to help pay for irrigation projects," he said. "In authorizing the Colorado River Storage Project, the Congress Con-gress imposed a heavier burden than that imposed upon users of previous projects: Interest was figured from the date the money was allocated, rather than from the date the project went into operation. But in providing for interest payments during construction, con-struction, Congress did not contemplate con-template strike delays, or additional addi-tional interest caused by them. "Since 85 per cent of the cost of the Glen Canyon Storage Unit will be charged to interest bearing bear-ing allocations, provisions must be made to stop interest from accumulating during unavoidable unavoid-able work stoppages," he said. The Utah Water and Power Board has recommended the legislation, leg-islation, he said. |