How much debt does the District currently have and when will the existing debt be paid off?
In May, 2006 the District refinanced $31,010,000 in debt. By December 31, 2007 the total amount of debt will have been reduced by $5,250,000, leaving an unpaid balance of $25,760,000. It is the Districts hope that once this debt is substantially reduced we may ask voters to approve redirecting some of the money from this mill levy to the purchase of a renewable water source and associated infrastructure. If this could be done, we would be a long way down the road toward paying for most, if not all, of our renewable water infrastructure. If the District continues to pay down debt and chooses not to ask voters to redirect this tax toward the purchase of renewable water and the associated infrastructure, then it is possible all existing debt could be paid off by the end of 2017.
