C150252 Election Statement

• Contract/PO #: C150252
• Contractor Name: Henrylyn Irrigation District
• Contract Type: Loan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

STATE OF COLORADO )
) SS.
COUNTY OF WELD )
STATEMENT
OF
RESULTS OF SPECIAL QUESTION ELECTION
held in
THE HENRYLYN IRRIGATION DISTRICT
Concluding Tuesday, December 4, 2007
I, Rodney W. Baumgartner, Secretary of the Board of Directors of the Henrylyn
Irrigation District, do make the following statement of the results of the mail-in ballot Special
Question Election held in the Henrylyn Irrigation District and the three Divisions thereof and
concluding on Tuesday, December 4, 2007:
FIRST: The following is a true and correct copy of the mail-in ballot Special Question
Election notice, instructions and special question ballot of said mail-in election, as sent by first
class, postage prepaid, United States mail to all landowners and taxpayers of the District:
ELECTION NOTICE
Dear Henrylyn Landowner:
We,the undersigned directors of the Henrylyn Irrigation District, hereby solicit your response to
a special question of importance to all landowners and water users in the District. As you may know, the
District's two primary reservoirs, Horse Creek and Prospect, are nearing a century of service and thus are
in need of certain repairs to their outlet works and toe drains.
The District commissioned an engineering study of the repairs indicated and a feasibility study of
the best manner of payment for such repairs. As a result, the District sought financing for the project
through the Colorado Water Conservation Board ("CWCB"). This past July, the CWCB approved a
proposed loan to the District to complete such repairs, up to 90% of the anticipated project costs, or
$2,184,327, including a 1% loan origination fee, with an interest rate of 2.25% per annum, for a
repayment term of 30 years, and requiring an annual principal and interest payment of $99,915. The
District would grant the CWCB a 10% interest in Horse Creek Reservoir and a 10% interest in Prospect
Reservoir to collateralize this proposed loan.
The Irrigation District Law of 1905 requires landowner approval for all District contracts
involving a consideration exceeding $400,000.00. Thus, we are asking that you approve this proposed
loan agreement with the CWCB and the award of the contract(s)to construct these repairs to the lowest
responsible bidder(s), as it is in the best interest of the District to maintain its reservoirs for the benefit
of all landowners and to fund these important projects through low interest loans rather than increasing
the District's water tax assessments or reducing the District's financial reserves. The engineering and
feasibility studies, along with the District's recent financial audit reports, are available for your review at
our offices in Hudson. We do not anticipate any difficulty in repaying this proposed loan.
We, and the District's staff, are available at any convenient time to answer any questions you may
have regarding this project and to provide any further information regarding the proposed loan. A ballot
form, together with instructions and postage prepaid envelope is enclosed for your completion and use in
this special question election. The District requires the approval of a majority of it's landowners to secure
the proposed loan from the CWCB and to undertake these important repairs. Please return your ballot
promptly. Thank you!