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<br />reserve of approximately $30,000 for future capital expenditures and repairs. Ridgway has never defaulted <br />on any obligation. Town budget and audit are attached. <br />(See Appendix F) <br /> <br />A table showing cash flow for a $77,000 CWCB loan at 3 Yz % interest over a 20-year repayment period <br />is included in the report. Annual debt service amounts to $5358.84. <br />(See Appendix G) <br /> <br />Collateral <br /> <br />The Town of Ridgway has the following collateral it can offer for the CWCB loan, in order of preference: <br /> <br />I. The project itself. The project will be owned by the Town of Ridgway <br />offered by vote of Town Council. <br /> <br />2. A 5.396 acre parcel ofland owned by the town. This land has a fair <br />market value of roughly $60,000. <br />(See Appendix H) <br /> <br />Institutional Considerations <br /> <br />The Town of Ridgway has applied to the CWCB to borrow $77,000 from the Small Project Loan Account. <br />The loan from the CWCB is contingent upon CWCB approval, and the successful negotiation of a contract <br />between the CWCB and the Town of Ridgway. <br /> <br />Ridgway.Town Council passed a resolution August 18, 1999 approving loan contracting for this project. <br /> <br />Opinion of Feasibility <br /> <br />The selected alternative is technically and financially feasible. There are no significant barriers that would <br />keep Ridgway from successfully completing this project. <br /> <br />-9- <br />