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<br />REC"'"'~': .cF',_ <br />.~: ~ 1n~' 11J <br /> <br />LEAVENWORTH & KARP, P.C. <br />ATTORNEYS AT LAW <br /> <br /> <br />2005 <br /> <br />Colorad<' W8t"':f <br /> <br />LOYAL E. LEAVENWORTH <br />SANDER N. KARP <br />DA VJD H. McCONAUGHY <br />JAMES S. NEU <br />JULIE C. BERQUIST-HEATH <br /> <br />201 14TH STREET, SUITE 200 <br />P. O. DRAWER 2030 <br />GLENWOOD SPRINGS, COLORADO 81602 <br />Telephone: (970) 945-2261 <br />Facsimile: (970) 945-7336 <br />1e1@lklawfirmcom <br /> <br />DENVER OFFICE: * <br />W AZEE EXCHANGE BUILDING <br />1900 W AZEE STREET, STE. 203 <br />DENVER, COLORADO 80202 <br />Telephone: (303) 825-3995 <br />Facsimile: (303) 825-3997 <br /> <br />SUSAN W. LAATSCH <br />NICOLE D. GARRIMONE <br />ANNA S. ITENBERG <br />MICHAEL J. SAWYER <br />TERESA L HOCK <br />EDWARD B. OLSZEWSKI <br />CASSIA R. FURMAN <br /> <br />*(Please direct all correspondence <br />to our Glenwood Springs Office) <br /> <br />January 24,2005 <br /> <br />Colorado Water Conservation Board <br />723 State Centennial Building <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Re: Loan Contract Cl50l64 Colorado River Water Conservation District. Colorado <br />River Water Proiects Enterprise <br /> <br />Ladies and Gentlemen: <br /> <br />Weare attorneys admitted to practice in the State of Colorado, and we have acted as special <br />counsel to the Colorado River Water Conservation District ("District") and the Colorado River <br />Water Conservation District Colorado River Water Projects Enterprise ("Enterprise"), a public <br />agency and government-owned business, which have executed a Loan Contract, Promissory Note <br />and Security Agreement ("Loan Contract") with the Colorado Water Conservation Board <br />("CWCB"), and have acted as such in connection with the authorization, execution, and delivery <br />by the Enterprise of the Loan Contract. <br /> <br />In so acting, we have examined the Constitution and laws ofthe State of Colorado. We have <br />also examined originals or copies certified or otherwise identified to our satisfaction of the <br />following: <br /> <br />A. Proceedings of the governing body of the District and the Enterprise relating to the <br />approval, authorization, execution, and delivery of the Loan Contract. <br /> <br />B. The Loan Contract No. Cl50l64 dated of even date herewith by and between the <br />CWCB and the Enterprise. <br /> <br />We have also examined and relied upon originals or copies certified or otherwise <br />authenticated to our satisfaction of such other records, documents, certificates, and other <br />instruments, and made such investigation of law as in our judgment we have deemed necessary or <br />appropriate to enable us to render the opinions expressed below. <br /> <br />L\2005\Clients\River District\31-Elkbead-l 028\LeUers\CWCB-Opinion.wpd <br />