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K U T A K ROCK L L P ATLANTA <br /> CHICAGO <br /> SUITE 3000 FAYETTEVILLE <br /> 1801 CALIFORNIA STREET IRVINE <br /> KANSAS CITY <br /> DENVER, COLORADO 80202-2626 LITTLE ROCK <br /> LOS ANGELES <br /> 303-297-2400 MINNEAPOLIS <br /> FACSIMILE 303-292-7799 OKLAHOMA CITY <br /> OMAHA <br /> www.kutakrock.com PHILADELPHIA <br /> RICHMOND <br /> SCOTTSDALE <br /> WASHINGTON <br /> WICHITA <br /> THOMAS M. PELTZ <br /> thomas.peltze kutakrock.com <br /> (303)292-7807 October 29, 2013 <br /> Jennifer Coates,Town Manager <br /> Town of Ridgway <br /> 201 N. Railroad St. <br /> Ridgway,Colorado 81432 <br /> Re: Loan Contract C150340 for Town of Ridgway <br /> Dear Manager Coates: <br /> We have been engaged by the Town Council (the "Council") of the Town of Ridgway, <br /> acting and through its Water Activity Enterprise(the"Town") for the sole purpose providing the <br /> bond counsel opinion required by the State of Colorado Department of Natural Resources Water <br /> Conservation Board ("CWCB") in Loan Contract No. C150340 and dated as of September 13, <br /> 2013 (the"Loan Contract"). <br /> The execution by the Town of the Loan Contract, including the documents attached <br /> thereto, was approved pursuant to an authorizing emergency Ordinance adopted by the Town <br /> Council on September 11,2013 (the"Loan Ordinance"). <br /> Unless otherwise indicated, capitalized terms used in this letter have the meanings set <br /> forth in the Loan Ordinance. <br /> The Town has received a Parity Debt certificate from Blair and Associated P.C., Certified <br /> Public Accountants and Consultants, in connection with the Loan Contract and the execution of <br /> the Promissory Note. For additional documentation, you have asked for our assistance in <br /> connection with the certification made by the Town to the Colorado Water Resources and Power <br /> Development Authority (reference below) that the Net Revenue of the Water Activity Enterprise <br /> of the Town, as reflected in the Water Enterprise Fund (which fund accounts for the financial <br /> activities of the Water Activity Enterprise) was sufficient to enable the Town to execute the <br /> Promissory Note under the Loan Agreement. <br /> We have reviewed the documentation for the Parity Lien Loans as well as the Loan <br /> Contract. We also have reviewed the unaudited "Profit & Loss" financial information summary <br /> 4811-9916-3670.1 <br />