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I I I I I I I I I I I I I I I I I I I SECTION ONE lN1RODUCTION GENERAL The Morgan COIUlty Quality Water District is a quasi municipal entity which was created in 1976 by a general vote of the qualified electorS and subsequent order of the Morgan COWlty District Court. Creation was authorized by Chapter 32 of the Colorado Revised Statutes of 1973. The District has, by statute, the powers accorded most municipal entities as they relate to the operation of a municipal water system. They can incur indebtedness, issue revenue bonds, impose general obligation tax levies, and subject to an election, issue general obligation bonds. Management of the District is delegated to a board of directors elected by the qualified voters of the District. The Board consists offive members who are as follows: Chairman Vice Chairman Secretary Treasurer Board member Board member Lan)' Johnsort Lan)' ChristertSen Harold Hanson Paul McDill Brian ChristertSen All Board members are residents of the District and users of the water system. SERVICE AREA The service area of the District encompasses approximately 450 square miles located principally in Morgan and Washington counties. The approximate outer boundary is shown on Exhibit Number One which is located in the folder at the back of the report. The District began serving water to customeDl in 1978. At that time there were 1,000 equivalent residential users. Presently there are approximately 2,218 equivalent residential users. FINANCIAL STATUS The District is in sound financial condition wjth bonded indebtedness 0[$3,947,400. Indebtedness consists of two loans as follows: 1. Colorado Water Resources and D~elopment Authority $947,400 10 years 6.338% 2. Colorado Water Conservation Board $3,000,000 30 years 4.00% Schedules for repll}1llent are included at the back of the report as Exhibits Numbers 2 and 3 respectively. 1