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<br />Collateral <br /> <br />As security for the loan, Hillrose will pledge all the shares of <br />water purchased with the CWCB loan. <br /> <br />Institutional Considerations <br /> <br />Hillrose needs authorization to borrow $68,625 from the CWCB <br />Construction Fund. The loan, if approved, from the CWCB will be <br />contingent upon the successful negotiation of a contract between <br />the CWCB and Hillrose. Arrangements needed for the change of the <br />water rights for augmentation purposes will be finalized upon <br />authorization of the CWCB loan. <br /> <br />Opinion of Feasibility <br /> <br />The selected alternative is technically and financially feasible. <br />There are no known roadblocks, which would keep Hillrose from <br />successfully completing this project. <br /> <br />Feasibility Study <br />Hillrose Aug Project <br />June 2004 <br /> <br />5 <br />