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Ridgway Reservoir Micro-Hydro Project Loan Feasibility <br />Page 21 of 42 <br />COLLATERAL <br />As noted above, Tri-County Water has capital reserves which currently exceed the value of the <br />total loan sought from CWCB. In addition, Tri-County Water has a captive base of water users <br />which are paying to use water from Tri-County Water Conservancy District. <br />OPINION OF FEASIBILITY <br />Because of Tri-County Water's extremely strong financial position based on available capital <br />reserves, as well as favorable project economics which are based upon reasonable cost <br />assumptions, Tri-County Water believes the project is economically feasible. <br />ATTACHMENTS <br />• Loan Pre-Application Form Submitted to CWCB <br />• Letter from Colorado Governor's Energy Office Regarding Allocation of $6.5M <br />in Qualified Energy Conservation Bonds <br />• Letter from Colorado Water Resources and Power Development Authority <br />Regarding Availability of $2M in Loan Funding <br />• Project Feasibility Study Prepared by HDR Engineering, Apri12011 <br />• TCW Independent Financial Audit Reports for 2008 and 2009 <br />