amount repaid as of that date, and that is after repaying all of the operation and maintenance costs and interest on the power investment. It shows then the percent of the investment capital repaid, and then, of course, the unpaid remainder.

We have repaid in total, to June 30, 1957, after paying operations and maintenance and interest, a total of $226,824,704. That is approximately $78,800,000 ahead of the schedule requirements. The amount that we are ahead of schedule is broken down by projects in schedule 3 of the auditor's report by the United States General Accounting Office for 1957, and that schedule is in our annual report, which is available to you.

Chairman HAYDEN. That should be included at this point in the record.

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INTEREST CHARGE

Senator YOUNG. What is the interest charge?

Mr. OSTRANDER. In that analysis, it is 21⁄2 percent per annum.
Senator YOUNG. The same in all the projects?

Mr. OSTRANDER. For this purpose here; yes, sir.

Chairman HAYDEN. Well, then, the Government then, of course,
being some $78 million ahead, has on hand that amount of money
which it can use and not pay interest on; so that, in a sense you are
helping out two ways.

Mr. OSTRANDER. There is a saving in interest of that much. It has
all been repaid into the Treasury, of course.

Chairman HAYDEN. It all goes into the Treasury, the amount
actually due and the overpayments. It has all been converted into
usable funds; so that there would be no occasion to borrow money, at
least to that extent, although we are paying a little higher rate of
interest, I believe, now than formerly.

Mr. ÖSTRANDER. The overall average on the Federal debt now is
about 2 percent. When most of these projects were financed,
especially the older ones, the rate was sometimes under 2 percent;
so we feel that the Government is getting amply reimbursed for its
investment capital.

Chairman HAYDEN. Well, thanks.

Mr. PEARL. I have covered in general our budget request and so,
if you have questions, we would be glad to answer any of the questions
you might have.

ESTIMATE FOR CONSTRUCTION

Chairman HAYDEN. The budget estimate for construction is $21

million. The justifications will be included in the record.

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