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<br />. <br /> <br />. <br /> <br />A severe drought occurred in 1954 and 1955, at which time the direct river flow water during <br />peak demands and the storage capactty of the reservoir were inadequate for the irrigation <br />requirements, This resulted in an increasing number of alluvial wells being developed by Individuals <br />to provide supplemental Irrigation supplies to lands in the District. <br /> <br />. <br /> <br />. <br /> <br />Powers and Authorities of the District <br />Julesburg Irrigation District Is a quasi-governmental body formed for the purpose of issuing <br />bonds for the purchase of Julesburg Reservoir and related irrigation facilttles and water rights, The <br />District is governed and tts powers defined by the Irrigation District law of 1905, Article 41 of Tttle <br />37 of the Colorado Revised Statutes, The District was originally formed under the Irrigation District <br />law of 1901. That act was repealed by the 1905 statute which, however, specilically recognized the <br />continued existence of any district formed under the earlier act. The District is also governed by <br />the provisions of Article 43 of Tttle 37, an act entttled "Irrigation Districts of 1905 and 1921." Under <br />Colorado statutes, the District has the power and authority to borrow from the Colorado Water <br />Conservation Board (CWCB), to secure repayment for the funds borrowed, and to enter into <br />contracts for the necessary work. Borrowing and contracting in excess of $75,000 must be <br />approved by the election of the District. In a special election held on April 16, 1991, electors gave <br />overwhelming approval to the District to borrow $325,000 from the CWCB construction fund, and <br />to contract for the reservoir repairs, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />The District also has the power to condemn such property, as necessary for the use of the <br />District, and the power to tax (or levy assessments) for the operation of the District and for <br />repayment of the loan, <br /> <br />. <br /> <br />Copies of the petition, findings and decree for the formation of the District are enclosed in <br />Appendix A, <br /> <br />. <br /> <br />A legal opinion regarding the powers and authorities of the District is contained in <br />Appendix B. <br /> <br />. <br /> <br />Financial Status <br />The latest two years for which District audtt reports are available are 1988 and 1989, <br />Enclosed in Appendix C are the Auditor's Report for 1989 and the Balance Sheet and the Statement <br /> <br />5 <br /> <br />. <br />