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<br />LAW OffiCE <br /> <br />RECEIVED <br />APR 09 2004 <br /> <br />~@J~~~~ <br /> <br />500 MAIN STREET. P.O. BOX 62 i <br />lA JARA, COLORADO 81140-0062 <br /> <br />TELEPHONE: 2744368- <br />AREA CODE 719 <br /> <br />Colorado Water Conservation Boaro <br /> <br />April 7, 2004 <br /> <br /> <br />(~/Ct<fm AIE NO -; <br />~../'. <br />. . <br />I ' <br /> <br />lO V~. ~ <br />~~~ <br /> <br />Ms. Janis Illian, Contract Manager <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br /> <br />Inre: Contract No. C150171 <br />Borrower: Terrace Irrigation Company <br /> <br />Dear Ms. Illian: <br /> <br />This letter is written in behalf of the Terrace Irrigation Company, which entity I represent <br />and is submitted in compliance with Paragraph #7 of the above-referenced contract which <br />requires an attorney's opinion letter addressing the requirements of said Paragraph #7. <br /> <br />So as to comply with the requirements of Paragraph #7 of the document designated as <br />"Loan Contract" I reviewed the Articles of Incorporation of the Terrace Irrigation <br />Company that were initially filed on the 11 th day of July A.D. 1941, with the office of the <br />Colorado Secretary of State. The relevant provision of Article II "OBJECTS" of the <br />Articles of Incorporation, which is herein relevant and in effect provides that the Terrace <br />Irrigation Company is authorized to "Borrow money and convey said property or any part <br />thereof in trust as security therefore, or mortgage the property of the company for such <br />purpose. . . " <br /> <br />The By-Laws of Terrace Irrigation Company were apparently adopted at the time of the <br />incorporation and have been amended once on November 11, 1980 and again on the 17th <br />day of November, 1994. The power to manage the company is vested in three directors <br />who serve as president, vice-president and secretary/treasurer within the Terrace <br />Irrigation Company. The directors essentially filled two positions namely the position of <br />director and the position of one of the officers of the corporation. <br /> <br /> <br />The relevant provisions of the By-Laws of the Terrace Irrigation as they apply to the <br />requirements of Paragraph #7 of the Loan Contract are found in Article 11, designate <br />"Debts". Said provisions provide the following: <br /> <br />'o~--~ . _ ~.~~~ <br />- --~- <br />. -0 <br />- -. -:-:--.::::::: <br /> <br />- -....;;; - --- -;::........ <br />~-~-.....: <br />