C153718 Paid in Full Contract - Laserfiche WebLink

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The maximum principal amount of the proposed District bonded debt, the maximum annual repayment cost thereof and the maximum total repayment cost thereof are as follows: Maximum Maximum Annual Maxi ��;•' . a Principal Amount Reoavment Cost • _ A := • 4 - - 13 , 000,000 '$3 , 000,000 $264,830 6 ,576 The principal balance of total curren • •• .ded debt and its maximum annual repayment cost and roma o District repayment cost are as follows: Principal Maximum Annual Remaining Total Balance Repayment Cost Repayment Cost, $1, 040,000 $202,785 $1, 603,285 A summary of written comments in favor of Question filed with the District's Designated Election Official by October 6, 1995, is as follows: The eligible electors of Morgan County Quality water District should vote in favor of the proposed $3,000,000 revenue bonds because it will enable the District to purchase certain water rights presently under lease to the District, thereby assuring the District and its. customers of future availability of water supply and control over cost increases. The District was formed in 1976 and began providing water service to its customers in the Fall .of 1978. The District initially supplied 587 acre feet of water to 885 taps. Those numbers have grown, and in 1994 the District supplied 1334 acre feet of water to the equivalent of 2019 taps. The principal source of the District's water supply is the Hay Gulch aquifer. In 1977, the District entered into a Water Lease with the owners of the Krause Ranch to lease this water supply. The 1977 Water Lease provides that the District must pay for a . minimum of 1000 acre feet per year and that the price for water leased thereunder would be adjusted every five years based on the Consumer Price Index. Based on these automatic increases, the price per thousand gallons of water has increased 140%. For each of the first five years, the District's payment under the