Semi-Annually, in January and again in July, an assessment of $70.00 is levied on each share of stock.
In addition, an assessment of $38.25 is levied monthly, on each share of stock. This amounts to $599.00 total assessments (2x$70.00 + 12x$38.25) annually.
These assessments are required in order to replace assets and make capital improvements to the Devore Water Company’s water production and distribution system.
Assessments are due immediately from date of notice and become delinquent after 30 days of said notice. If unpaid at the end of 30 days the water stock becomes delinquent and may be sold or forfeited to the Company, at which point the property owner loses all rights to water service, and the Company reserves the right to discontinue service without further notice; in that event, a new water stock must then be purchased, and a charge of $100.00 will be made for restoring service.