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Credit Worthiness <br />The Company has an excellent credit rating and has never defaulted on its financial obligations . The <br />Company has no outstanding indebtedness of any kind except for ordinary trade accounts payable. <br />Alternative Financing Considerations <br />If the Company is not successful in securing this financing, it will approach commercial banks for <br />additional financing. There have been preliminary conversations with Wells Fargo which had a positive <br />tenor, however the Company's Board has decided to pursue financing with CWCB because of desirable <br />terms, including rate and length of term available. <br />Collateral <br />The Company will offer either a pledge of assessment revenues as collateral for the loans. <br />Economic Analysis <br />As this proposed project is for the rehabilitation of an existing facility to maintain historical water rights <br />and operations, the Company's directors deemed it not applicable and unnecessary to perform an <br />economic analysis. Other than the cost of the project itself, there are no other economic impacts to the <br />Company as a result of the implementation of the Project. <br />Social and Physical Impacts <br />None <br />Jackson Ditch Company — Main Head Gate Check Structure Rehabilitation Project <br />July 2011 <br />