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<br />Collateral <br /> <br />1. Bijou can offer as collateral the project itself, if approved <br />by a vote of the shareholders. <br /> <br />2. Bijou can offer as collateral, one payment in a certificate <br />of deposit account, to be held by the State Treasurer, if <br />approved by vote of the shareholders. <br /> <br />Institutional Considerations <br /> <br />If a CWCB loan were pursued, Bijou would need authorization to <br />borrow $756,000 from the CWCB Construction Fund. The loan, if <br />approved, from the CWCB will be contingent upon the successful <br />negotiation of a contract between the CWCB and Bijou. Agreements <br />with contractors will be finalized upon authorization of the CWCB <br />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 Bijou from <br />successfully completing this project. <br /> <br />Feasibility Study <br />Bijou Irrigation Company <br />Diversion Structure <br />June 2007 <br /> <br />7 <br />