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HOLLAN D &HART. "I,- <br />T H l_ ; LAW f% t,i l W f.:^ T <br />September 2, 2009 <br />Colorado Water Conservation Board <br />Water Supply Planning & Finance <br />1580 Logan Street, Suite 750 <br />Denver, CO 80203 <br />Mark E. Hamilton <br />Phone (970) 925 -3476 <br />Fax (866) 784 -7682 <br />mehamilton @hollandhart.com <br />Re: Borrower: Snowmass Water & Sanitation District, acting by and through <br />its Water Activity Enterprise <br />Loan Contract No.: C150294 <br />Loan Amount: $1,952,805.00 <br />Opinion Letter <br />Ladies and Gentlemen: <br />This firm represents the Snowmass Water & Sanitation District. This opinion is being <br />delivered to you pursuant to Paragraph A.7 of the Loan Contract No. C 150294. All terms used <br />herein with their initial letters capitalized and not defined herein have the meanings ascribed to <br />them in the Loan 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 />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. We are not aware of any state or local law preventing this Contract from binding <br />the Borrower. <br />Holland & Hart up Attomeys at law <br />Phone (970) 925 -3476 Fax (970) 925 -9367 www.honandhar com <br />600 East Main Street Suite 104 Aspen, Calorad0 81611 -1991 <br />Aspen Billings Boise Balder Carson ply Cheyenne Colorado Springs Denver Denver Tech Center Jackson Hole Las Vegas Reno Saft Lake City Santa Fe Washington. D.C. <br />