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Last Chance Ditch Company <br />needs. Maintenance costs are anticipated to decrease due to the replacement <br />of the headworks, however some costs will continue until a proper dam can be <br />installed. <br />Coltateral <br />As security for the CWCB loan, Last Chance Ditch Company can pledge <br />assessment income, and the project itself. <br />Credit Worthiness <br />Last Chance Ditch Company has no existing debt. By increasing the <br />assessments to reflect the annual loan payment there should be no reason why <br />Last Chance cannot repay their loan with CWCB. Annual iinancial reports for <br />the past 3 years are attached to reflect their financial standing. The financials <br />indicate Last Chance Ditch has the ability to repay the CWCB loan. <br />Contractual Agreements <br />Last Chance Ditch Company needs authorization to borrow $250,000 from the <br />Colorado Water Control Board (CWCB). The loan, if approved, from the CWCB <br />�vill be contingent upon the successful negotiation of a contract between the <br />CWCB and Last Chance. Agreements ���ith contractors ��ill be finalized upon <br />authorization of the CWCB loan. <br />Last Chance Ditch Company will be the lead for the iinancing, design, and <br />construction of the project and will be the entity entering into contracts and <br />agreements with the various entities for the services provided by each. <br />Opinion of Feasibility <br />Replacing the existing headgate structure with a similar headgate and <br />installing overshot gate infrastructure is technically and iinancially feasible. <br />According to this feasibility study Last Chance Ditch Company is iinancially <br />strong and has strong repayment ability. Projected financials are included in <br />the append� as proof of their financial strength ��ith the addition of this loan. <br />i/ ast ance itc ompany oan easi i ity tu y age o <br />