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<br />. <br />NAYLOR & GEISEL, P .C. <br />LAW OFFICE <br />1123 N. Elizabeth Street, P.O. Box 1421, Pueblo, Colorado 81002 <br /> <br />. <br /> <br />JOHN R. NAYLOR,l1 <br />HENRY J. GEISEL <br /> <br />January 28, 1998 <br /> <br />Telephone: (719) 543-7243 <br />Fax: (719) 542-3947 <br />e-mail: hgeisel@markell.com <br /> <br />State of Colorado <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />Attention: <br /> <br />Janice Illian <br /> <br />Re: Loan Contract #C153797 <br /> <br />Dear Ms. Illian: <br /> <br />Please be advised that this office represents the Excelsior Irrigating Company. Pursuant to your <br />letter of January 22, 1998, we have reviewed the:: contract documents contained therein. <br /> <br />I am of the opinion that the persons signing the documents on behalf of Excelsior Irrigating <br />Company are the duly elected officers of the corporation and that they have authority to sign the <br />documents on behalf of the Excelsior Irrigating Company and to bind the company. The <br />shareholders and board of directors have validly adopted resolutions approving the loan contract <br />and there are no provisions in the Articles of Incorporation or By-Laws or any state or local law <br />that prevent the loan contract from being binding upon the Excelsior Irrigating Ditch Company <br />and that the contract will be valid and binding against the company if entered into by the State. <br /> <br />Very truly yours, <br /> <br /> <br />Enclosures <br /> <br />RECEIVEO <br />FE8 0 ~ 1998 <br />C CoJorarlo h, <br />onsef\'at; ifatD, <br />on Board <br /> <br />JRN/bek <br /> <br />cc: Client <br />