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<br />ILA WtJ (O)IFIFIICCJE~ <br /> <br />lB3Imr CCJE ~1rJEJEILJE5! <br /> <br /> <br />25 South 4th Avenue <br />Brighton, Colorado 80601-2029 <br />Telephone: 303-659-3171 <br />Fax: 303-659-5053 <br /> <br />Lysle R. Dirrim, Of Counsel <br /> <br />May 21,2004 <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />Attn: Jan Illian <br />1580 Logan Street, Suite 750 <br />Denver, CO 80207 <br /> <br />Dear Ms. Illian: <br /> <br />As requested I have reviewed the Loan Contract, Resolution of the Board of Directors of <br />the Fulton Irrigation Ditch Company ("Fulton"), Security Agreement and Deed of Trust related <br />to the loan from the State of Colorado Water Conservation Board ("CWCB"), in the amount of <br />$171,000 for the repair of Fulton Spillway at its main headgate on the South Platte River. In <br />addition, I was present at the Fulton Annual Stockholders Meeting held January 26,2004 and the <br />March 9, 2004 Board Meeting. I have reviewed Fulton's ByLaws. <br /> <br />It is my opinion that the Contract documents above-referenced have been duly executed <br />by Fulton officers who are duly elected and authorized to execute said documents and to bind the <br />Fulton. In addition, it is my opinion that the resolution of the Fulton Board authorizing the <br />execution and the delivery of the above documents was duly adopted by the Fulton Board. <br /> <br />It is my opinion that all of the requirements set forth in the Articles of Incorporation and <br />ByLaws of the Fulton Irrigation Ditch Company have been met and the Contract with CWCB <br />will be valid, binding and enforceable against the Borrower if entered into by CWCB . <br /> <br /> <br />truly yours, <br /> <br /> <br />Brice ~tee~ <br /> <br />BS/jlk <br /> <br />C:\Documents and SettingsIJody KammIMy Documents\DitcheslFultonISpillwayIAttomeyOpinion.Ltr,doc <br />