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<br />I'ater Lease lias $48,000 per year. T~a District's <br />payment in 1994 was a little over $156,000. <br /> <br />Concerned about toe rapid cost increases for <br />t<ater supply under the 1977 Lease, the District's Board <br />has been working for over t\!O years to negotiate an <br />agreement to purchase these leased yater rights. In <br />.;~gust 1995, the District lias successful in entering <br />into an agreement with the owners to purchase the Hay <br />Gulch water rights, four existing water wells and the <br />section of land overlying the saTtle fer $3,099,167, <br />$3,000,000 of which would come from the proposed <br />revenue bonds. <br /> <br />The proposed bonds will be payable solely <br />from the revenues of the District's \later system and <br />',.ill not be paid from property taxes. Nor will the <br />tends create any lien against a~y lanes included lIithin <br />the District. The Bonds will be payable over a period <br />0: 20 yea:!::s and will bear interl~st at a net effective <br />interest rate not to exceed 7% per annum, Based on <br />studies and investigations made by the District's <br />lloard, no increase in uSer fees is e)(;)ected to be <br />required for repayment of th.ase bonds: <br /> <br />It makes good busilless sense tor the District <br />to purchase these water rights so that it lllay own, . <br />c:Jntrol and regulate. the price of its water supply <br />rather than llle);"ely lease' the same and face an unknown <br />future as to availability of supply and cost. District <br />electors should vote in favor of these bonds. <br /> <br />A sUIl111lary of written comments against Question filed <br />with the District's Designated Election Official by - <br />october 6, 1995, is as follows: <br /> <br />No comments were filed by the cor.stitutional deadline. <br />