OCR Text |
Show Citizens vote may reduce water costs In a once-in-a-lifetime opportunity, opportun-ity, the Farmington Area Pressurized Pressu-rized Irrigation District has been given a chance to save nearly $2 million in payments to the federal government, district general mana-ger mana-ger Aaron Richards recently announced. )' i The district took out a loan some jears ago with, the -TJ.S. Bureau of (Reclamation to help install badly needed irrigation facilities for citizens of the Farmington area. That loan would have cost the district dis-trict over $4 million over the next several years. But because the Bureau of Reclamation Re-clamation decided it wanted to help reduce the federal deficit, it offered Farmington Area Pressurized Irrigation Irri-gation District a substantial discount dis-count to "buy back" the loan. This gives the federal government money today instead of in the future. The real beneficiaries of this program, however, are the citizens of the Farmington area who will now have to pay back only a little over $2 million. The district hired Erhlich Bober and Co., an investment invest-ment banking firm, to structure a bonding proposal that would make this savings possible. The only catch is that citizens within the boundaries of the Farmington Area Pressurized Irrigation District must vote to allow the District to enter into a general obligation bond. The election will be held Thursday, Thurs-day, June 30, 1988 at the Farming-ton Farming-ton City Hall from 7 a.m. to 8 p.m. All citizens in the district boundaries bound-aries are encouraged to vote. A copy of the bond resolution is on file at the city hall. |