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RECEIVED <br /> SEP 1 8 2013 <br /> KUTAK ROCK LLP Colorado Water ATLANTA <br /> Conservation Board CHICAGO <br /> SUITE 3000 FAVETTEVILLE <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 /> September 16, 2013 WICHITA <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> Re: Loan Contract C150340 for Town of Ridgway <br /> To Whom It May Concern: <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 provision A(7) of that certain Loan Contract No. C150340 <br /> and dated as of September 13th, 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 /> We have examined the constitution and the laws of the State of Colorado (the "State") <br /> and such certified proceedings, certificates, documents, opinions and other papers as we deem <br /> necessary to render this opinion. As to questions of fact material to our opinion, we have relied <br /> upon the certified proceedings and other certifications of public officials furnished to us without <br /> undertaking to verify the same by independent investigation. We have assumed the due <br /> authorization, execution and delivery of the Loan Contract by, and the enforceability of the Loan <br /> Contract against, the CWCB. <br /> Based upon the foregoing, we are of the opinion, under existing law and as of the date <br /> hereof, that: <br /> (a) the Loan Contract has been duly executed by officers of the Town who are <br /> duly elected or appointed and are authorized to execute the Loan Contract and to bind the <br /> Town; <br /> (b) the Loan Ordinance authorizing the execution and delivery of the Loan <br /> Contract was duly adopted by the Council, as governing body of the Town; <br /> 4837-6261-8133.1 <br />