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offered. <br />Credit Worthiness <br />Grand Mesa Reservoir Company currently has no debt and a balance of $12,281 when current <br />assessments are paid (Appendix G). Grand Mesa Reservoir Company has 113'7 shares, with the <br />most current sales of shares at $2000 per share. Using this per share figure the current value of <br />the 1137 shares is $2,274,000. <br />Economic Analysis <br />Ifthe project is not completed Grand Mesa Reservoir Company will continue to lose <br />approximately 400 acre feet of irrigation water per year due to the restrictions placed on the dams <br />by the Sta.te Engineer. Water in the State of Colorado is one of our most precious resources and <br />needs to be protected and utilized in the best manner possible. <br />Conclusions <br />The two projects need to be completed the Fall of 2003 so as to preserve and protect our <br />irrigation water. The Crrand Mesa Reservoir Company has the ability to pay the costs over the <br />loan amount and the ability in the future to fulfill the obligation of repaying the requested loan. <br />These two projects are on tra.ck with the engineering completed and approved by the Sta.te <br />Engineers Office. Bids are out and construction and completion dates are anticipated. These two <br />projects appear to be technically and fmancially feasible. <br />Feasibility Report Preparation <br />Report prepared by Rod Bonnell, Sec-Trea, Grand Mesa Reservoir Company <br />Page 4 of 5 <br />