Laserfiche WebLink
� Page 11 <br /> N,ayor Diane Gallagher <br /> November 6 , 1980 <br /> Page 2 <br /> The City of Orono is interested in working out_ an agreement � <br /> with Long Lake which will provide adequate water supply for " <br /> domestic use and fire protection, while reducing the cost of <br /> two projects by combining our efforts into one project . <br /> Bonds have to be sold to finance the project and the annual <br /> , debt charges have to be paid in equal installments over t�aenty , <br /> years. The _most desirable method would be to establish a water <br /> district and retire the debt with water revenues . A reasonable <br /> maximum rate should be set subtracting from it rates needed for <br /> operation, and revenues needed as an annual debt service. The <br /> use of depreciation as an integral part of fixed asset accounting <br /> is also important and should be considered. <br /> Diane , a water district appears to be the only solution to resolving <br /> our current municipal water problems which will eliminate problems <br /> that apparently surfaced with our present agreement . <br /> I do not have any other recommendations other than continuing <br /> our efforts in forming a district and formulating an agreement. <br /> ' ° We have held one public information meeting with our residents <br /> served by the Long Lake water system. I am planning on holding <br /> another meeting in December. Would you let me know of your final <br /> decision� before then? <br /> If you have any other suggestions in simplifying the process, <br /> please call me . <br /> Sincerely, � � ' <br /> ,L��"� <br /> Walt �'�-�son • <br /> Cit Administrator <br />