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The details of operation and administration of the Central Arizona Project are extremely complicated and will require comprehensive studies of the entire area to provide the data necessary to develop plans for full utilization of all available water. One aspect of this comprehensive water operation is the requirement for more effective control of the use of ground water in the area. Estimated Costs and Benefits The estimated construction cost of the Central Arizona Project is $967,220,000 exclusive of $4,109,000 investigation costs. The average annual operation, maintenance, and replacement costs are $7,052,000. The total estimated average annual benefits for a 100-year period of analysis are $86,750,000. The benefit-cost ratio for this period would be 2.5 to 1. For a 50-year period, the benefit-cost ratio would be 2.0 to 1. The reimbursable Federal investment in the project could be paid out in a period of 50 years from revenues derived from the sale of water and electrical energy. For such a payout, irrigation water could be sold at canal side at an average of about $10.00 per acre-foot, and raw water for municipal and industrial purposes could be sold at canalside point of delivery to the municipality at an average of about $33.50 per acre-foot. The energy produced by project facilities over and above that required for project pumping, sold commercially at 6.0 mills per kwh, would repay costs allocated to power and its appropriate interest component. The cost of water would be within the ability of the water-using agencies to repay, and the cost of capacity and energy would be competitive with commercial rates in the area for the peaking-type power made available. The project, accordingly, would be 11Epson Perfection 4870 Photo, 400 dpi, 8 bit, 14,198,784 byte