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ARNOLD, �VRIGHT & WILLIAMSON, LLC <br />ATTORNEYS AT LAW <br />BAXTER W. ARNOLD, barnold@aralegal.com <br />ALEXANDER L. WRIGHT`, awright@aralegal.com <br />LEVI D. WILLIAMSON, IwilliamsonC�aralegal.com <br />September 1, 2009 <br />Vaughn McWilliams <br />Colorado Water Conservation Board <br />Water Supply Planning and Finance Section <br />3`u� Lcban Ctr�; t, S;zite 5�� <br />Denver, CO 80203 <br />Re: North Sterling Irrigation District Loan Contract C 150293 <br />Dear Sir, <br />214 PoP�na <br />STERLING, COLORADO HO7rJ1 <br />970-522-2341 <br />Fax:970-522-9034 <br />'also admitted in California <br />I have examined or caused to be examined by competent and trustworthy persons, <br />originals or copies of the documents set forth in Exhibit A hereto ("Documents"), and <br />such other documents, District records and other`instrumenis for purposes of this opinion. <br />In basing the severai opinions set forth in this document on""fny knowledge", the words <br />"my knowledge" signify that, in the course of my representation of the North Sterling <br />Irrigation District (hereinafter called the "Borr.ower"), no facts have come to my attention <br />that would give me actual knowledge or actual notice that any such opinions or other <br />matters are not accurate. The words "my knowledge" are intended to be limited to my <br />actual knowledge. I have no reason to believe that any of the documents on which I have <br />relied contain matters which, or the assumptions contained herein, are untrue, contrary to <br />known facts, or unreasonable. <br />Based on my knowledge and on review of the Documents, I am of the opinion that: <br />a. <br />b. <br />c. <br />d. <br />The Loan Contract C 150293 (the "Contract") has been duly executed by <br />officers of the Borrower w$o are duly elected or appointed and are authorized <br />to execute the Contract and to bind the Borrower; <br />The resolutions of the �3orrower authorizing the execution and delivery of the <br />Gontract were duly adopted by the Board of Directors of the Borrower; <br />There are no provisions in the Colorada Constitution or any other state or <br />locat law that prevent this Contract froin binding the Borrower; <br />The Contract will be valid aild binding againsf t�e Borrower if entered into by <br />the CWCB; and - <br />