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<br />' Collateral <br />' As security for the CWCB loan, WRCC, Inc. can pledge revenues from assessments, <br />income from recreational leases, its water rights and real property owned which includes <br />all the reservoirs and surrounding grounds. <br />' Economic Analysis <br />' The economic analysis of each of these project segments is as follows: <br />' A. Dam Crest Maintenance <br />Failure to perform the dam crest maintenance work would result in a storage restriction of <br />the dam. Big Windsor Reservoir holds approximately 17,000 acre feet of water. Our <br />engineer tells us that a certification in the dam would result in the loss of 5,000 or 6,000 <br />acre feet of water. A loss of this magnitude would result m a significant hardship to our <br />' shareholders. <br />B. Spillway Outfall <br />Without this project any water coming over the spillway would virtually flood the <br />neighbor's farm. This is owned by Tom Moore who hopes to eventually develop the <br />' farm. Without a channelization of this spillway outfall he would be deprived of the <br />ability to develop the farm or if the spillway came through the middle of his farm as <br />avoiding that option as explained before, it would substantially reduce the ability to do <br />' good residential planning. Tom Moore was very happy for us to come up with the design <br />minimizing the burden to his property and has been enthusiastically cooperative in <br />assisting us with this project. Tom is a former president of Water Supply and Storage <br />' Company with whom we have worked with closely for many years. <br />Social and Physical Impacts <br />' This project will have no significant social impacts but will, however, ensure the <br />continued operation of the existing reservoir system. <br />' The project will have no significant physical impacts except in the immediate vicinity of <br />the construction. These impacts will be minor in nature and will affect only <br />' approximately five acres of land over which has been obtained an easement from the <br />adjoining neighbor farm, Mr. Tom Moore. <br />' Conclusions <br />1. WRCC, Inc. is a reservoir company organized under the laws of the State of <br />Colorado with the ability to enter into a contract with the CWCB for the <br />purpose of obtaining a Construction Fund loan. <br />1 <br />' Page 5 <br />