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Show 66 excused. 39 The state's experiences in the role of total developer can only be classified as failures. 40 In the activities associated with the role of providing money for private development, the state experienced mixed results. When it provided money to cooperating groups of water users by purchasing water district bonds and securities, the state also failed; however, prior to 1928 it realized some limited success through the farm loan program and the practice of lending money to fund private profit oriented development In its third role, that of joint ventures with the federal government and local water users, the state promoted the most successful projects of the time period. Joint Projects and State Activities Faced with the problems associated with state designed, financed, and promoted water development, Utah's governors, the legislature, and various water development agencies sought new alternatives. The two roles which were endorsed between 1906 and 1921 were: ( 1) a joint relationship with the Reclamation Service, and ( 2) the practice of funding non- state directed development through a series of loan programs. The joint relationship with the federal government will be the subject of this section. The funding of cooperative and profit oriented development will be discussed in the next sectioa 39The estimated loss was calculated as follows: A. From the cost data at the time of completion or investment the following figures are obtained. Hatchtown cost $ 179,828 ( 1910). Value in 1937 - $ 373,849.50 ( interest calculated only until 1925, see note 37) Piute cost $ 1,018,000 ( 1914) Value in 1937 - $ 3,126,811.18 Bond cost $ 583,454 ( 1928) Value in 1937 - $ 905,128.65 Value of costs in 1937 $ 4,405,789.32 B. Deducting payments with interest Hatchtown 9,000( 1919) value in 1937 - $ 21,659.53 3,000 ( 1923) value in 1937 - $ 5,939.79 Piute 65,000( 1920) value in 1937 - $ 148,981.19 Bond no payments received after 1928 Payments from the three water companies, Panguitch, Central Utah, and Carbon - 3.00 Value of payments in 1937 176,583.51 C. Net loss of Reservoir Land Grant Fund in 1937 $ 4,229,205.81 ^ o get a perspective of the problems encountered during this period see: O. W. Israelsen, Drainage and Irrigation, Soil, Economic, and Social Conditions, Delta Area, Utah: Division 1, Drainage and Irrigation Conditions. Utah State Agricultural Experiment Station Bulletin, 255, ( Logan, Utah: Utah State Agricultural College, 1935). And D. S. Jennings, and O. W. Israelsen, Drainage and Irrigation, Soil, Economic, and Social Conditions, Delta Area, Utah: Division 2, Drainage and Irrigation Conditions. Utah State Agricultural Experiment Station Bulletin, 256, ( Logan, Utah: Utah State Agricultural College, 1935). |