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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Collateral <br /> <br />The Company has the following collateral it can offer for the CWCB loan, in this order <br />of preference: <br /> <br />I. The project itself. The project will be owned by the Ditch Company and can be offered <br />by vote of the Stockholders. <br /> <br />2. Stock in the Grand Valley Canal. The company owns 231 shares of Grand Valley Canal <br />stock, a portion of which can be used as collateral. This would be approved by vote of <br />the Board of Directors. <br /> <br />Opinion of Feasibility <br /> <br />The selected alternative is technically and financially feasible. There are no significant <br />roadblocks, which would keep the AML350DC from successfully completing this project. <br /> <br />12 <br />