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  Lone West Texas Voter Will Decide $375 Million of Water Bonds
2010-10-28 18:59:34.147 GMT


By Darrell Preston
     Oct. 28 (Bloomberg) -- A lone west Texas voter will decide whether to create a water district for a company owned by oilman Clayton Williams Jr. and issue $375 million of municipal debt, in the fifth-largest bond measure on the Nov. 2 ballot.
     A company owned by Williams, Fort Stockton Holdings, is seeking to create the Midland County Fresh Water Supply District on property 11 miles west of the city of the same name, according to documents filed with Midland County.
     The question of whether to create the district and give it the authority to borrow $375 million will be decided by the only voter and resident living in the district, Ryan Latham, said Ruth Sloan, Midland County’s elections administrator. Latham didn’t immediately return a call seeking comment.
     â€œThey’re proposing to create a water district,† said Sloan. “If that one voter agrees to creation of the water district, the district will be formed.â€
     Fort Stockton Holdings has requested a permit to extract and transport 47,000 acre-feet of water a year to the Midland district from the Middle Pecos Groundwater Conservation District, said Paul Weatherby, general manager of the Pecos District, which is in the town of Fort Stockton, about 120 miles southwest of Midland. An acre foot is equal to 325,851 gallons of water (1.2 million liters).
     â€œThey haven’t yet received a permit,† said Weatherby, adding that it will be up to the Pecos district’s 11-member board. The proposal will be considered by his board in January.
     Williams, chairman of Clayton Williams Energy Inc., and the company’s investor relations director, Patti Hollums, didn’t immediately respond to telephone calls seeking comment.