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is based on the price of water sold in Eastern and Northern Colorado over the past few years. CBT <br />water is currently selling for $10,000 per unit. Water with a high priority number or that can be used <br />for M&I use or consumptive use has sold for as high as $20,000 per acre foot. Based on the decree <br />dates and seniority of the decrees, we believe a reasonable value to be $6,000 per acre foot. <br />Using the average value of the water, assuming 15,046 acre-feet, <br />Benefit/Cost =[$6,000 x 15,046 A-Ft] =$ 3,361,797 = 26.9 <br />COLLATERAL <br />The Henrylyn Irrigation District can offer the following collateral for the CWCB loan. <br />1. The revenue from assessments as allowed by the Company's Rules and Regulations. <br />2. Assignment of the land and physical assets at the reservoir sites to the CWCB. <br />IMPLEMENTATION SCIiEDULE <br />The following schedule is proposed for implementation of the project. <br />Task Taz e~ t Com~lerion Date <br />1. Feasibility Study Completed 5/25/07 <br />2. Submit to CWCB 6/1/07 <br />3. CWCB Board Action 7/23/07 <br />4. Prospect Dam <br /> Start Design 8/1/07 <br /> Finish Prospect Design 10/1/07 <br /> Submit To SEO 10/1/07 <br /> Review By SEO Completed 1/1/08 <br /> Project Bid 1/15/08 <br /> Award Bid 2/1/08 <br /> Start Construction 3/1/08 <br /> Complete Construction 5/1/08 <br />5. Horsecreek Dam <br /> Start Design 7/1/08 <br /> Finish Design 12/1/08 <br /> Submit To SEO 12/1/08 <br /> Review By SEO Completed 5/1 0~- rA <br /> Project Bid 6/1/A$- ~~ <br /> Award Bid 7/1/~-o~i <br /> Start Construction 9/1/~ - o~ <br /> Complete Construction 3/1/~ - ~o <br />Horsecreek & Prospect Reservoirs - 06.014 <br />Henrylyn Irrigation District Page 21 <br />