Timber Lakes Water SSD. has had a few water assessments over the last 25 years since the development has transitioned to year-round use. The purpose for these assessments or “bonds”, was to pay for improvements to our water system including; developing/expanding current and additional springs, holding tanks, new water lines/meters, and burying these lines deeper to not freeze in the winter. There are three remaining “bonds” for every lot in Timber Lakes as of September 2021. The first is the 2004 Capital Fee Bond ($3.50 per month), the second is the 2011 Assessment Bond ($31.11 per month), and the third is the 2011 Revenue Bond ($2.95 per month). The 2004 Capital Fee Bond will be finished and removed from the water bill in 2024. In September of 2021 the Water Company negotiated a lower rate to refinance the 2011 Assessment Bond and gave every lot owner the option to pay the remaining balance off in the amount of $3,069.17. Lot owners who chose to pay off the 2011 Assessment Bond no longer have the $31.11 per month charge on their lot. Lot owners who didn’t pay off the 2011 Assessment Bond will be billed the $31.11 per month until 2031. The 2011 Revenue Bond will also be billed until 2031.