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<br />WITWER. OLDENBURG, BARRY & BEDINGFIELD, LLP <br /> <br />ATTORNEYS AT LAW <br /> <br />822 - 7TH STREET, SUITE 760 <br /> <br />STOW L. WITWER, JR. <br />R. SAM OLDENBURG <br />JOHN J. BARRY <br />JEFFREY T. BEDINGFIELD <br />JACQUELINE JOHNSON <br />PATRICK M. GROOM <br /> <br />GREELEY, CO 80631 <br /> <br />TELEPHONE, (970) 352-3161 <br />FACSIMtLE (970) 352-3165 <br />SENDER'S E-MAIL ADDRESS, <br />switwer@wobb-Ilp.com <br /> <br />TIMOTHY V. CLANCY <br /> <br />October 23, 2003 <br /> <br />Colorado Water Conservation Board <br />Attn: Janis Illian, Contract Manager <br />Water Supply Planning and Finance Section <br />1580 Logan Street, Suite 750 <br />Denver, CO 80203 <br /> <br />Re: Ogilvy Irrigating and Land Company <br /> <br />Dear Ms. Illian: <br /> <br />We have been engaged by Ogilvy Irrigating and Land Company ("BORROWER") and have been asked <br />to provide a letter opinion in accordance with loan requirements concerning the loan transaction involving <br />not more than $353,000.00 in funds relating to a Seeley Lake construction project, as described in the loan <br />contract ("Contract"), being Contract No. C150148, Colorado Conservation Board ("CWCB"). <br /> <br />it is our opinion, as counsel for BORROWER, that, as ofthe date hereof, and under existing law: <br /> <br />(a) The Contract has been executed by officers of BORROWER who are duly elected and are <br />authorized to execute the Contract and to bind the BORROWER; <br /> <br />(b) The resolutions of the Borrower authorizing the execution and delivery of the Contract were <br />duly adopted by BORROWER'S Board of Directors. <br /> <br />(c) There are no provisions in the BORROWER'S Articles oflncorporation or Bylaws or any state <br />or local law that prevent this Contract from binding the BORROWER; and <br /> <br />(d) The Contract will be valid and binding against the BORROWER if entered into by the CWCB. <br /> <br />This opinion is provided as counsel for BORROWER and should not be relied upon by any third party or <br />any entity or person other than CWCB. <br /> <br />Yours very truly, <br /> <br />WITWER, OLDENBURG, <br />BA Y & BEDINGFIELD, LLP <br /> <br /> <br />Jea <br />