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Show FARMINGTON AREA PRESSURIZED IRRIGATION DISTRIC BUREAU OF RECLAMATION LOAN PREPAYMENT ANALYSIS J300.00 -i ; $280.00 - $260.00 - $240.00 - $220.00 - $200.00 - BUREAU OF RECLAMATION LOANS 5 zii'. nnnnnnflFiRflflflRflflllill i $140.00 - 5 $120.00 - ?j 0 " i I k 4 $100.00 - i IUUUU ri; jC;M(l EDMS g $80.00 - $60.00 - n $40.00 ' $20.00 - $0.00 'i'UIiIUIi'UUUIJUUUvUUMt . . 1989 ' 1993 1997 2001 2005 2009 2013 SHADED AREA - ANNUAL SAVINGS TOTAL SAVINGS - $1,966,590 Unanimous vote approves Farm, irrigation district By VICKI CROCCO FARMINGTON In an unprecedented unpre-cedented meeting of the minds, not one dissenting vote was cast in last week's bond election. Aaron Richards of the Farming-ton Farming-ton Area Pressurized Irrigation District said, "Out of the 227 votes cast, 227 voted for, 0 against." We usually have someone who doesn't like what we're doing, but this time we're saving so much money people peo-ple were all for it." Richards was referring to the Bond Election to purchase the balance ba-lance of their Small Reclamation Projects Loan from the federal government for a reduced price. The Irrigation District printed a brochure asking Farmington residents resi-dents to vote "for" the Bond Election Elec-tion on June 30, at Farmington City Hall. The water district savings would approach $2 million in payments over the next 25 years, according to the brochure. O CONTINUED ON PAGE 2 Irrigation district ok'd CONTINUED FROM PAGE 1 "In order to accomplish this savings sav-ings the Board of Trustees of the water district directed a bond election elec-tion held to have the citizens of the district authorize the issuance of general obligation bonds. The proceeds pro-ceeds from the sale of these bonds will be used only for the repayment , of the loan to take advantage of savings and reduce district indebtedness," in-debtedness," reads the brochure. There is a limitation on the loan requiring it to be paid out by Aug. 17, 1988. Following that date the reduced payment offer will be withdrawn and the district will be back to the regularly scheduled payments in full for the- next 25 years. The graph shows, in black, the payments which will be saved each year by approving the bond. According to this graph the entire loan payment will be complete in 15 years rather than 25 years and indicated additional significant savings during 13 of the 15 years of the bond issue payout. This accounts for over $200 for each resident re-sident living in district boundaries. The brochure also made a plea for residents to conserve water where they can. "With the very dry weather we have been experiencing over the past several months it is absolutely essential that each irrigation user carefully conserve our irrigation water to insure having an adequate supply for the remainder of this irrigation season. Remember our motto: "Use the water you need; need the water you use." Richards added, "This year we're going to be O.K., but we need to seriously conserve, or next year will be a real problem." |