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Collateral <br />1. FMRIC can offer as collateral the project itself, if approved <br />by a vote of the shareholders. <br />2. FMRIC can offer as collateral, a pledge of assessment revenue <br />from the stockholders, if approved by a vote of them. <br />Institutional Considerations <br />If a CWCB loan were pursued, FMRIC would need authorization to <br />borrow $1,308,630 from the CWCB Construction Fund. The loan, if <br />approved, from the CWCB will be contingent upon the successful <br />negotiation of a contract between the CWCB and FMRIC. Agreements <br />with contractors will be finalized upon authorization of the CWCB <br />loan. <br />Opinion of Feasibility <br />The selected alternative is technically and financially feasible. <br />There are no known roadblocks, which would keep FMRIC from <br />successfully completing this project. <br />Feasibility Study <br />FMRIC <br />Diversion Structure <br />July 2012 <br />7 <br />