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D) PROJECT FINANCIAL IMPACT TO COMPANY AND SHAREHOLDERS <br />The annual loan repayment will result in an increase of $19 per share during the loan <br />period the one-time assessment to cover the 10% project copayment will amount to $30 per <br />share. <br />E) AMENDMENT ONE - TABOR IMPACTS <br />The Huerfano - Cucharas Irrigation Company is a non-profit mutual irrigation company, <br />incorporated in the State of Colorado, and is not subject to TABOR. <br />F) BORROWER FINANCIAL CONDITION AND NEED <br />The Company has no current debt and a small cash reserve as indicated in the most recent <br />financial statements located in Appendix C. The Company's primary assets are the dam, <br />reservoir, land under and around the reservoir, water rights and the irrigation delivery <br />system. Without this loan, the company does not have the financial resources to make the <br />needed dam repairs and avoid a zero, no storage restriction imposed by the SEO. <br />PROJECT FEASIBILITY <br />The proposed project is very feasible as it prevents a zero storage restriction and breaching of the <br />existing dam, maintains a reduced reservoir storage capacity and viable water storage right and <br />allows the continuance of an agribusiness that contributes to the economic well being of the <br />shareholders and surrounding area. <br />Cucharas Feasibility Study ~ Project Feasibility <br />