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<br />Colorado Water Conservation Board <br />behalf of the Corporation. <br /> <br />Page 2 <br /> <br />FcbruaJ)' 2 L 2003 <br /> <br />2. The Corporation's shareholders have validly adopted a resolution granting such <br />person the power to sign the Loan Contract. <br /> <br />3. The Corporation's articles of incorporation and bylaws do not prevent the Loan <br />Contract from binding the Corporation. <br /> <br />4. The Loan Contract is enforceable against the Corporation. <br /> <br />Subject to the foregoing, this Opinion Letter may not be used or relied upon by you or any <br />other person for any purpose whatsoever, except to the extent authorized in the Accord, without in <br />each instance our prior written consent. <br /> <br />Very truly yours, <br /> <br />Randolph W. Starr <br /> <br />\\l'avilion\.:\\V1' SRW,OFFlCE\Suu1h Sid.: Dilch\l.<IaJl CWC3\Loan 0piBi0n Lcttc:c.Dilch.do<; <br />February 21.2003 (4:S0PM) <br />