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i <br />CWCB Opinion <br />July 2, 2009 <br />Page 2 <br />2. The Resolutions of the Borrower authorizing execution and delivery of the <br />Contract were duly adopted by the Borrower's board of directors and/or stockholders. <br />3. There are no provisions in the Borrower's articles of incorporation or bylaws that <br />prevent this Contract from binding the Borrower. <br />4. We are not aware of any state or local law preventing this Contract from binding <br />the Borrower. <br />It is our opinion that the Loan Contract No. C 150281 will be valid and binding, as to its <br />terms, against the Borrower if entered into by the Colorado Water Conservation Board. <br />A copy of this Opinion Letter may be delivered by you to the Colorado Water <br />Conservation Board, the Colorado Department of Natural Resources, and any other lending <br />bank, syndicate participant, or rating agency in connection with this Transaction, and such <br />persons may rely on this Opinion Letter as if it were addressed and had been delivered to them <br />on the date hereof. Subject to the foregoing, this Opinion Letter may be relied upon by you only <br />in connection with the Transaction and may not be used or relied upon by you or any other <br />person for any purpose whatsoever, except to the extent authorized in the Accord, without in <br />each instance our prior written consent. <br />Sincerely, <br />Fischer, Brovop, B <br />Esq. <br />rt�tt & Gunn, .C. <br />% <br />F\Bartlett\Water Supply & Storage Company\CWCB Loan 2009\CWCB Opinion Itr WSSC 2009 doc <br />