Laserfiche WebLink
Holsinger Law, LLC <br />lands, wildlife and water law <br />July 17, 2012 <br />Colorado Water Conservation Board 7 <br />Construction Fund Section A <br />1313 Sherman Street, Room 721 <br />Denver Colorado, 80203 <br />Attn: Mr. Steve Biondo <br />Re: Montezuma Valley Irrigation Company; Loan Contract No. C150333 <br />Dear Ladies and Gentlemen: <br />We represent the Montezuma Valley Irrigation Company ( "MVIC" or "Borrower ") a <br />duly organized and existing in good standing pursuant to Colorado statutes located at <br />11501 Highway 491, Cortez, Colorado 81321. <br />As you are aware, MVIC is in the process of obtaining a loan from the Colorado Water <br />Conservation Board's ( "CWCB ") Water Project Loan Program pursuant to Loan Contract <br />No. C150333 (the "Loan Contract "). Paragraph 7 of section A of the Loan Contract <br />requires an attorney's opinion letter relating to MVIC's authority to enter into the Loan <br />Contract. This letter may be considered as fulfillment of said requirement. <br />After review of MVIC's Articles of Incorporation (and Amendments thereto), Corporate <br />By -Laws, and relevant state and local law, it is our opinion based on our knowledge that: <br />Mr. Randy Carver, President of MVIC, and Mr. Rowdy Suckla, Corporate <br />Secretary of MVIC, are duly authorized in their respective corporate capacities to <br />execute the Loan Contract and to bind MVIC thereunder; <br />2. The resolution of MVIC authorizing the execution and delivery of the Loan <br />Contract was duly adopted by MVIC's Board of Directors as required by its <br />Articles of Incorporation and By -Laws; <br />3. We are unaware of any provisions in MVIC's Articles of Incorporation or By- <br />Laws or any state or local law that prevent the Loan Contract from binding MVIC <br />to the terms thereof; and <br />4. The contract will be valid and binding as to MVIC upon mutual execution. <br />Furthermore, it is our opinion that pursuant to MVIC's Articles of Incorporation and By- <br />Laws presently in effect that the MVIC Board of Directors is empowered with the <br />authority to execute this Loan Contract and bind MVIC thereunder without obtaining the <br />consent or approval of the MVIC stockholders. <br />In basing the conclusions and other matters set forth herein on "our knowledge," the words <br />Kent Holsinger Laura L. Chartrand <br />Jack Silver, Of Counsel Alyson Meyer Gould <br />P: (303) 722 -2828 104 Broadway, 3rd Floor Holsinger Law LLC <br />F: (303) 496 -1025 Denver, CO 80203 <br />www.holsingerlaw corn <br />