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<br />Permitting <br /> <br />All easements and rights of way are now held by the SLVCC. No <br />permits will be required for this construction project. <br /> <br />The SLVCC is exempt from Section 404 of the Clean Water Act (33 <br />usc 1344) and Federal Regulations (33 CFR 323.4) for Irrigation <br />Structures, reference u.S. Army Corps of Engineers action number <br />1997 30014. The NRCS confirmed this through Madeline Santos of <br />the Southern Colorado Project Office on a site visit on January <br />28, 1997. <br /> <br />The SLVCC believes no Environmental Assessment (EA) or <br />Environmental Impact Statement (EIS) will be required. <br /> <br />Financial Plan <br /> <br />Sources of financing for the project consist of a loan from the <br />Colorado Water Conservation Board (CWCB) for 75% of the actual <br />cost of the construction project up to $187,500. The balance <br />will come from assessments to the stockholders. The SLVCC <br />Resolution to apply for CWCB loan, the CWCB Loan Application, and <br />the CWCB Memorandum of Loan Approval and Approval Letter are <br />found in Appendix D. <br /> <br />The financial condition of the SLVCC is solid at the present <br />time. The SLVCC has no obligation except current operating <br />expenses and is not in default on any of its obligations. The <br />SLVCC Financial Statements for 1995 and 1996 are found in <br />Appendix E. <br /> <br />The company currently has 13,318 shares of stock issued and <br />outstanding with an annual assessment to stockholders of $7.00 <br />per share through 1996. In 1997 the assessment is estimated to <br />rise to $14.00 per share to cover loan repayment. <br /> <br />A table showing cash flow for a $187,500 CWCB loan at 3.75% <br />interest over a 30-year repayment period is included in the <br />report. <br /> <br />Collateral <br /> <br />The SLVCC has the following collateral it can offer for the CWCB <br />loan, in this order of preference: <br /> <br />1. The project itself. The project will be <br />owned by the SLVCC and can be offered by vote <br />of the Board of Directors. <br /> <br />5 <br />