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<br />c <br /> <br />, <br /> <br />. <br /> <br />6. A 404 permit is not expected to be required. The construction will occur in an <br />upland area. RRLC will seek confirmation of this with the Chatfield Office of the <br />U.S. Army Corps of Engineers. <br /> <br />7. An Environmental Assessment lEA) or Environmental Impact Statement (EIS) <br />is not expected to be required. <br /> <br />FINANCIAL PLAN <br /> <br />Each year RRLC assesses its membership to cover the cost of operation. At the annual <br />meeting on February 6, 1998, the board of directors of RRLC will ask its stockholders to <br />approve a $15.00 per right increase in assessment to cover the .cost of design and <br />construction of the new proposed reservoir spillway. Riverside Irrigation District has <br />already raised their district acre assessment for 1998 to cover the cost of this increase in <br />the RRLC assessment. <br /> <br />Copies of two years of financial records are also provided. 1997 final information will be <br />provided as soon as it becomes available. <br /> <br />. <br /> <br />COLLATERAL <br /> <br />RRLC receives assessments from its stockholders. The CWCB will take a collateral interest <br />in this revenue stream. The RRLC can also provide a certificate of deposit in the amount <br />of one annual payment and a security interest in the land to be purchased from the Bureau <br />of Land Management. <br /> <br />INSTITUTIONAL CONSIDERATIONS <br />The RRLC has applied to the CWCB to borrow $375,000 from the Small Project Loan <br />Account. The loan from the CWCB is contingent upon CWCB approval, and the successful <br />negotiation of a contract between the CWCB and the RRLC. <br /> <br />RRLC may need to obtain an approving vote of the shareholders to contract for the loan. <br /> <br />OPINION OF FEASIBILITY <br /> <br />The selected alternative is technically and financially feasible. There are no significant <br /> <br />. <br /> <br />15 <br />