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<br />AARON R. CLAY <br /> <br />CLAY AND DODSON, P.C. <br /> <br />ATIORNEYS AT lAW <br /> <br />415 PALMER. P.O. BOX 38 <br />DELTA, COlJJRAOO 81416 <br />(970) 874-9777 <br />FAX (970) 874-7224 <br /> <br />MICHAEL R. DODSON <br /> <br />October 25, 2004 <br /> <br />Colorado Water Conservation Board <br />Water Supply Planning & Finance Section <br />1580 Logan Street, Suite 750 <br />Denver CO 80203 <br /> <br />Re: Young Creek Reservoir Company/loan documents <br /> <br />This is to verify that I am the attorney for Young Creek Reservoir Company. I have <br />been provided with copies of the minutes of a meeting held October 12, 2004. I have <br />reviewed the contract which was referenced in those minutes. <br /> <br />It is my opinion that: <br /> <br />1) The contract has been duly executed by officers of Young Creek <br />Reservoir Company who were duly elected and are authorized to execute <br />the contract and to bind the company. <br /> <br />2) The resolutions of the borrower authorizing the execution and delivery of <br />the contract were duly adopted by the Board of Directors of Young <br />Creek Reservoir Company. <br /> <br />3) There are no provisions in the Articles ofIncorporation or By-Laws of <br />Young Creek Reservoir Company, nor any state or local law which <br />would prevent this contract from binding the borrower. <br /> <br />4) The contract will be valid and binding against Young Creek Reservoir <br />Company if entered into by the Colorado Water Conservation Board. <br /> <br />Sincerely, <br /> <br />A~fld~ <br /> <br />Aaron R. Clay <br /> <br />pc: Young Creek Reservoir Company <br />