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<br />Collateral <br /> <br />As security for the loan, the LD&LC will pledge assessment revenues backed by <br />assessment covenant and the project itself. This security is in compliance with CWCB <br />Loan Policy #5 (Collateral). <br /> <br />Economic Analvsis <br />Ifthe project is not completed the annual productions oflands in the service area would <br />be reduced due to loss of water. <br /> <br />Social and Physical Impacts <br />The proj ect will have no significant social impacts, since it will assure the continued <br />operation of an existing irrigation system. The project will have minor physical impacts, <br />, once construction is complete. <br /> <br />Conclusions <br /> <br />1. The LD&LC is an incorporated entity. It is registered in the State of Colorado <br />and therefore qualifies to enter into a contract with the CWCB for the purpose of <br />obtaining a Construction Fund Loan. <br />2. Rights-of-Way easements will be obtained in time for construction of this project. <br />3. The project would provide for the continued delivery of irrigation water to <br />shareholders. <br />4. The total estimated cost of the project is $278,041 and will be financed by a grant <br />from the NRCS for planning and engineering services and by a $178,000 CWCB <br />loan for construction. <br /> <br />Opinion of Feasibilitv <br /> <br />The project appears to be technically and financially feasible. <br /> <br />Page 5 <br /> <br />J <br />