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OCT 0 6 Z003 KUTAK ROCK LLP ATLANTA CHICAGO DES MOINES FAYETTEVILLE SUITE 3100 1801 CALIFORNIA STREET DENVER, COLORADO 80202-2626 303-297-2400 FACSIMILE 303-292-7799 IRVINE www.kutakrock.com KANSAS CITY LINCOLN LITTLE ROCK OKLAHOMA CITY OMAHA PASADENA RICHMOND SCOTTSDALE WASHINGTON October 1, 2003 Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 Re: Contract with Groundwater Management Subdistrict of the Central Colorado Water Conservancy District, Contract No. C150ll7 Dear Water Conservation Board: We serve as bond counsel to the Groundwater Management Subdistrict of the Central Colorado Water Conservancy District (the "District"). In so acting we have examined the Constitution and laws of the State of Colorado. We have also examined originals, or copies certified or otherwise identified to our satisfaction, of the following: (1) A copy ofthat certain Contract referenced above (the "Contract"); (2) A certificate of the District signed by the President, Secretary, Executive Director and General Counsel ofthe District and dated August 19,2003; and (3) That certain opinion of Lind, Lawrence & Ottenhoff LLP, general counsel to the District, dated October 1, 2003 and addressed to the Colorado Water Conservation Board (the "Board"). We have also examined and relied upon originals, or copIes certified or otherwise authenticated to our satisfaction, of such other records, documents, certificates and other instruments, and made such investigation of law as in our judgment we have deemed necessary or appropriate to enable us to render the opinions expressed below. As to questions of fact material to our opinion, we have relied upon the proceedings and other certifications of public officials furnished to us, without undertaking to verify the same by independent investigation. 02-15]280.1