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<br />e <br /> <br />e <br /> <br />Based upon the foregoing, it is our opinion that: <br /> <br />1. The ordinances of the City and the Enterprise authorizing the execution and <br />delivery of the Contract and the ordinance of the Enterprise authorizing the execution and delivery <br />ofthe Contract and the Promissory Note have been duly adopted by the governing bodies ofthe City <br />and the Enterprise. <br /> <br />2. The Contract has been duly executed by the officers ofthe City, and the Contract <br />and the Promissory Note have been duly executed by officers ofthe Enterprise, who are duly elected <br />or appointed and are authorized to execute the Contract and the Promissory Note and to bind the City <br />and the Enterprise to perform their respective obligations thereunder. <br /> <br />3. The City is authorized to execute and deliver the Contract without voter approval <br />in advance, as the Contract is not a "multiple-fiscal year direct or indirect debt or other financial <br />obligation" of the City; and the Enterprise is authorized to execute and deliver the Contract and the <br />Promissory Note without voter approval in advance, as the Contract and the Promissory Note are <br />revenue bonds issued by an "enterprise" as defined in art. X, 920(2)( d) ofthe Colorado Constitution. <br /> <br />4. There are no provisions ofthe Constitution or laws ofthe State of Colorado or the <br />home rule Charter of the City or the ordinances or resolutions of the City that prevent the Contract <br />from being a valid and legally binding obligation of the City and the Contract and the Promissory <br />Note from being valid and legally binding obligations of the Enterprise in accordance with their <br />respective terms. <br /> <br />5. Assuming due authorization, execution and delivery of the Contract by the State <br />of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board, and assuming payment ofthe consideration for the Contract and the Promissory <br />Note, the Contract is enforceable against the City, and the Contract and the Promissory Note are <br />enforceable against the Enterprise, in accordance with their respective terms, subject, however, to <br />the effect of, and to restrictions and limitations imposed by or resulting from, bankruptcy, <br />insolvency, moratorium, reorganization, debt adjustment or other similar laws affecting creditors' <br />rights generally or other laws, judicial decisions and principles of equity relating to the enforcement <br />of contractual obligations generally. <br /> <br />Very truly yours, <br />;.(J r...<:l..:.---J......./9-r'--4-.- (-~i_.....ct.....r--. .,.. a2..~a--.e.(. / \... L. t' <br /> <br />2 <br />