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<br />VR <br /> <br />VRANESH AND RAISCH, LLP <br />AITORNEYS AT LAW <br /> <br />Jerry W. Raisch <br />Michael D. Shimmin <br />Eugene J. Riordan <br />Paul J. Zilis <br />. Lisa Ledet <br /> <br />1720 14th Street, Suite 200 <br />P.O. Box 871 <br />Boulder, Colol3do 80306-0871 <br /> <br />Stuart B. CoIbridge <br /> <br />Telephone 303/443.6151 <br />Telecopier 303/443-9586 <br /> <br />George Vranesh (1926-1997) <br /> <br />September 6, 2006 <br /> <br />Via E-Mail <br /> <br />Colorado Water Conservation Board <br />c/o Vaughn McWilliams <br />721 State Centennial Building <br />1313 Shennan Street <br />Denver, Colorado 80203 <br /> <br />Re: Bijou Irrigation District Loan Contract No. C150199 <br /> <br />De~r Vaughn: <br /> <br />This letter is provided to meet the requirements of paragraph 7 of the Bijou Loan Conlract. Our <br />finn represents the Bijou Inigation District ("Bijou") and has assisted Bijou in its legal matters <br />concerning the Empire Reservoir Project and this Loan Contract. As Bijou's attorneys, it is our <br />opinion that: <br /> <br />I. The Loan Contract between Bijou and the CW CB has been duly executed by officers of <br />Bijou who are duly elected or appointed and are authorized to execute the Contract and to <br />bind Bijou as set forth in the Contract; <br /> <br />2. The Resolution ofBijou that authorizes the execution and delivery of the CWCB Loan <br />Contract was duly adopted by Bijou's Board of Directors at their regular meeting on <br />September 6, 2006; <br /> <br />3. Bijou does not have any Articles ofIncorporation or Bylaws because it is a 1905 Act <br />Irrigation District, and we know of no state or local law that prevents this Contract from <br />binding Bijou as set forth in the Contract; and <br /> <br />4. This Contract will be valid and binding against Bijou if entered into by the CWCR <br /> <br />s:\client\bijou files\bijouempire\cwcb Itr of9.6.06.doc <br />