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Weathering Tough Times Together February 20 2003 Colorado Agricultural Outlook Forum
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Weathering Tough Times Together February 20 2003 Colorado Agricultural Outlook Forum
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Weathering Tough Times Together February 20 2003 Colorado Agricultural Outlook Forum
State
CO
Date
2/20/2003
Title
Weathering Tough Times Together February 20 2003 Colorado Agricultural Outlook Forum
Water Supply Pro - Doc Type
Meeting
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and Rangeland <br />The main need of Most graz- <br />native rangeland ing systems <br />are designed <br />during drought to give <br />conditions is for plants a rest <br />extended rest periods from graz- <br />from grazing to allow ing• <br />forage time to recover. Because <br />This practice is plants are <br />under stress <br />called rotational grazing. during <br />drought, <br />they need a longer period of rest to recover <br />from grazing. In a rotation system, increase the <br />number of pastures within a system or increase <br />the time animals stay in a single pasture to <br />facilitate longer periods of rest. Even with the <br />most sophisticated system, reductions in the <br />number of animals may be necessary to prevent <br />overgrazing during drought. <br />Plant Growth <br />In normal years, initial grass growth <br />relies on food reserves stored in the roots and <br />crowns. Most grass will begin to restore food <br />reserves for next year's growth. <br />However, during drought conditions, <br />plants oftentimes lie dormant before the end of <br />the normal growing season. Thus, they enter a <br />longer than normal dormant period and become <br />dependent on food reserves earlier in the year. <br />Adequate food reserves also help plants toler- <br />ate extreme temperatures that often accompany <br />drought. <br />Drought conditions increase the rate of <br />natural die -off of plant roots. Range plants that <br />have lost root biomass during drought are less <br />able to obtain nutrients and water from the soil. <br />Therefore, drought - stricken ranges and pas- <br />tures should he managed to promote root <br />replacement. Growth is initiated early in <br />spring, deferment from grazing during this <br />period is important for re- establishing vigorous <br />root systems, <br />Water <br />Water shortages usually mean water <br />hauling if a good quality water supply is not <br />available in all pastures. A well- designed <br />pipeline system with a reliable source of clean <br />water is the easiest method to ensure adequate <br />water. Drought, coupled with hot weather, may <br />cause livestock distribution problems. <br />Livestock may concentrate near water and <br />shade, causing local overgrazing and non -use <br />away from water. <br />The bank loan officer may have discussed a voluntary sale ofyour real estate, <br />achiney, eQuipment and cattle. There are even officers who will tellyou thatyou and <br />e bank can work something out andyou do not need an attorney. Do not be misled, if <br />ere ever is a time whenyou need legal representation this is it It wouldn't hurt to con - <br />ctyour accountant either. <br />After the contact fromyvur bank your first step should be to contactyour <br />.countant and determine the tax fiability of sellingyour assets to pay the bank After <br />at meetingyou need to meet with an attorney that has the knowledge and experience in <br />Diking through farm debt <br />ption 4 1 - Arranging an agreement with the bank <br />In certain situations, by working withyour accountant andyour attorrhey,you <br />ay be able to arrange an agreement with the bank, outside of bankruptcy. In this case, <br />is important thatyou haveyour representative or legal counsel negotiate the terms of <br />e agreement <br />• Improve existing irrigation systems to <br />increase application efficiency <br />• Change to a more efficient irrigation <br />system <br />• Improve water conveyance structures <br />to reduce evaporative and seepage losses <br />• Perform required maintenance on facil- <br />ities (fix leaks & keep machinery work <br />ing properly] <br />• Utilize conservation tillage & related <br />practices to reduce soil moisture losses <br />(reduces irrigation demand) <br />• Plant crops with lower water requirements <br />• Prioritize use of irrigation water to higher <br />value crops(maximize return from a <br />limited supply) <br />• Convert from irrigated to dryland farming <br />• Plan for extended rest period after <br />haying /grazing <br />• Improve water delivery system includ- <br />ing locations to enhance livestock disth- <br />bution <br />• Increase cross fencing to enhance <br />management of grazing and proper live- <br />stock distribution <br />• Reduce numbers of livestock <br />if the tax liability of sellingyour assets is more thanyou can reasonably pay, <br />even over a period of time, the best option may be a Chapter 7 bankruptcy. From the <br />day thatyou fileyour petition for relief under Chapter 7, all creditors are automatically <br />stopped or stayed from pursuing any further collection efforts. In a Chapter 7 bankrupt - <br />cy, which is a IiQuidation bankruptcy, all ofyour assets and all ofyour debts, including th <br />tax liability for assets sold after the filing of the bankruptcy petition, become part ofyour <br />bankruptcy estate. <br />Option #3 - Filing Chapter 12 <br />Congress enacted a bankruptcy just for farmers, known as Chapter 12. This <br />bankruptcy allomyou to reorganize a farming operation. To Qualify as a family farmer <br />for a Chapter 12 bankruptcy,your debts cannot exceed $1,500,000 (this limit rn jsoon <br />be changed by Congress to $3,000,000). Eighty percent ofyour debts must arise out < <br />the farming operation and more than fifty percent ofyour income in the proceeding tax - <br />ableyear must be from the farming operation. <br />In a Chapter 12,you are a debtor in possession and remain in control ofyour <br />assets. The filing of a Chapter 12 bankruptcy petition stops collection efforts by both <br />seared and unsecured creditors. You have relief from creditors and time to reviewyour <br />operation to determine the feasibifity of restructuringyour debt to continueyour farming <br />operation. <br />CourteV o. <br />Shively & Demos, P.C. <br />Shively & Demos. P.C. <br />Judith A. Shively <br />Judith A. Shively <br />Theodore P. Demos <br />Theodore P. Demos <br />1660 Lincoln Street, Suite 2230 <br />501 East Eighth Avenue <br />Denver, Colorado 80264 <br />Yuma, Colorado 80759 <br />(303)860 -7724 <br />(866)827 -0802 <br />(303)830 -8946 (facsimile) <br />(970)848 -S41f (facsimile) <br />
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