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CWCB Loan Narrative Overview 16 <br />TABOR IMPACTS HCIC is a non-profit mutual irrigation company, incorporated in the State of Colorado, and is not subject to TABOR. BORROWER FINANCIAL CONDITION AND NEED HCIC has no current debt and a small cash reserve as indicated in the most recent financial statements located in Appendix C. The Company’s primary assets are the dam, reservoir, land under and around the reservoir, water rights and the irrigation delivery system. Without this loan, HCIC does not have all the financial resources, even considering the additional equity capital contributions of its largest shareholder Two Rivers, to implement the repair and restoration of the Cucharas Reservoir.