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<br />Collateral <br /> <br />1. BFWD can offer as collateral all of the project features. <br /> <br />2. BFWD can pledge all revenues generated by the lease of excess <br />credits backed by a revenue covenant. <br /> <br />3. BFWD can also offer as collateral 130 acres of ground located <br />in Sections 13, 14, and 24, T6N, R54W along with the well and two <br />pivot sprinklers located on said ground. <br /> <br />Institutional Considerations <br /> <br />BFWD needs authorization to borrow $193,500 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 BFWD. Agreements with contractors will be finalized <br />upon 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 BFWD from <br />successfully completing this project. <br /> <br />Feasibility Study <br />Buffalo Farms <br />Augmentation Project <br />August 2004 <br /> <br />8 <br />