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� <br />L� <br />FISCHER, BROWN, BARTLETT & GUNN, P.C. <br />ATTORNEYS AT LAW <br />William R. Fischer <br />Margaret A. (Meg) Brown <br />Daniel K. Brown <br />Brent A. Bartlett <br />Sara J.L. lrby <br />LisaA. Larsen <br />Donald E. Fnck <br />1319 E. PROSPECT ROAD <br />FORT COLLINS, COLORADO 80525 <br />July 2, 2009 <br />Colorado Water Conservation Board <br />Water Supply Planning & Finance <br />1580 Logan Street, Suite 750 <br />Denver, CO 80203 <br />Re: Borrower: The Water Supply and Storage Company <br />Loan Contract No.: C 150281 <br />Loan Amount: $843,350 <br />Opinion Letter <br />Ladies and Gentlemen: <br />Ward H. Fischer (1929-1996) <br />William H. Brown (Of Counsel) <br />William C. Gunn (Of Counsel) <br />PHONE: (970) 407-9000 <br />FAX:(970)407-1055 <br />EMAIL: fbg@fbgpacom <br />This opinion is being delivered to you pursuant to Paragraph A.7 of the Loan Contract <br />No. C 150281. We have reviewed the Borrower's articles of incorporation and bylaws, in <br />addition to the resolutions prepared for this Loan Contract. All terms used herein with their <br />initial letters capitalized and not defined herein have the meanings ascribed to them in the Loan <br />Contract referenced above. <br />This Opinion Letter is governed by, and shall be interpreted in accordance with, the Legal <br />Opinion Accord (the "Accord"} of the ABA Section of Business Law (1991). As a consequence, <br />it is subject to a number of qualifications, exception, definitions, limitations on coverage and <br />other limitations, all as more particularly described in the Accord, and this Opinion Letter should <br />be read in conjunction therewith. The law covered by the opinions expressed herein is limited to <br />the Federal Law of the United States and the Law of the State of Colorado. <br />Based upon the representations of the Borrower, and the documents provided as <br />described above, we are of the opinion that: <br />1. The Contract has been duly executed by officers of the Borrower who are duly <br />elected or appointed and are authorized to execute the Contract and to bind the Borrower. <br />