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Mike Serlette <br />December 4, 2008 <br />Page 2 <br />4. The contract will be valid and binding against the Borrower if entered into by the <br />CWCB. <br />This opinion is based solely on my review of the contract and my understanding of the <br />provisions of the Colorado Constitution, state, and local laws governing the authority of <br />Borrower to enter into contracts and my professional opinion of how the Colorado Supreme <br />Court would interpret those provisions; however, there has been no case interpreting the powers <br />of the Republican River Water Conservation District (District) or the limitations on the power of <br />the Borrower to contract or incur an obligation or indebtedness under the statutes creating the <br />District, §§ 37-50-101 to 142, C.R.S. At least one resident of the District has questioned the <br />authority of the Borrower to contract or incur indebtedness over a term not limited to the then <br />current fiscal year without submitting the issue of incurring such indebtedness to the electors of <br />the District and having the indebtedness approved by a majority of such electors under section <br />37-50-124. While it is my opinion that this provision does not apply to the contract entered into <br />by the Borrower, I cannot guarantee that a court would not reach a different conclusion and this <br />letter is not intended to provide any such guarant~ <br />DWR/rmm <br />cc: RRWCD Directors <br />Stan Murphy, General Manager <br />David W. Robbins <br />