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<br />~ <br /> <br />c <br /> <br />OJ <br />C\J <br />c <br />c. <br /> <br />tl~l~~~~" <br /> <br />Letter of Tra nS111 i Hal <br /> <br />Board of Directors <br />Central Arizona Water Conservation District <br />Phoenix, Arizona <br /> <br />I am pleased to present this first annual report of the Central <br />Arizona Water Conservation District (CAWCD). Because this is <br />the first such report, it contains a short history of events leading <br />to construction of the Central Arizona Project, and a review of the <br />construction to date, <br /> <br />Primarily though, the report concentrates on the fiscal year <br />ending June 30,1990. In that period, the CAWCD successfully <br />met its water delivery responsibilities through operation of the <br />Central Arizona Project while maintaining a sound financial <br />condition. <br /> <br />Major accomplishments during the year were the sale of $153 <br />million in revenue bonds to help ensure the timely completion <br />of New Waddell Dam on the Agua Fria River, and the delivery of <br />Colorado River water to interim users at the maximum rate <br />of flow allowed by the capacity of the aqueduct system. <br /> <br />Sincerely, <br /> <br />--fl1mna.cs (J t!.Ra.Ut <br /> <br />Thomas C. Clark <br />General Manager <br /> <br /> <br />3 <br />