The Pecos Valley Artesian Conservancy District (PVACD) board of directors approved a $10 million loan to purchase land and water rights Tuesday.
First American Bank is providing the loan for the PVACD. There will be a 2-mill increase within the district, which includes Roswell, to pay off the loan. The loan is amortized for 10 years with a variable interest rate.
The PVACD has property tax levy authority and has an elected five-member board of directors.
Other agenda items discussed were the sale of used equipment a dump and four pickup trucks which drew a sum of just under $32,000.
A report on the status and progress of telemetry equipment and meter preventive maintenance was given. A list of future meetings and conferences with other agency around the state and nation was discussed, as well as which board members would attend.
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