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ALPERSTEIN&COVELL, P.C. <br /> A T T O R N E Y S A T L A W <br /> Colorado Water Conservation Board <br /> Attn: Construction Fund Section <br /> March 10,2010 <br /> Page 2 <br /> c. To the best of my knowledge,after investigation that I have deemed appropriate, there <br /> are currently no provisions in Fort Morgan's Articles of Incorporation or Bylaws or any state or local <br /> law that prevent this contract from binding Fort Morgan. Pursuant to Article IV,Section 4,paragraph <br /> 7,the Board of Directors have the power to incur indebtedness as they deem necessary for carrying out <br /> the objects and purposes of the company. <br /> d. To the best of my knowledge,and subject to any future change in state or local law or <br /> facts that may become known but are unavailable to me at this time,it is my opinion that the contract <br /> is valid and binding against Fort Morgan if entered into by the CWCB. <br /> The foregoing opinion is provided for use only in connection with the loan contract <br /> number C 150928,and is based on current laws of the State of Colorado as enacted and construed <br /> on the date hereof and the facts known to me at this time. I express no opinion as to any matter <br /> not set forth in numbered paragraphs above. Neither this letter, nor any excerpt therefrom or <br /> summary thereof may be used by any person for any purpose other than the purpose stated above. <br /> iE <br /> Sin rely yours, <br /> Andrea L. Benson <br /> cc: Cynthia Vassios,Fort Morgan Reservoir&Irrigation Company <br />