Laserfiche WebLink
CWCB Finance Section <br /> February 24, 2014 <br /> Page 2 <br /> (a) The Loan Documents have been duly executed by officials of The Butte Irrigating and Milling Company who are <br /> duly elected or appointed and are authorized to execute the Loan Documents and to bind The Butte Irrigating and Milling <br /> Company. <br /> (b) The Board Resolution was duly adopted by the Board of Directors of The Butte Irrigating and Milling Company. <br /> (c) There are no provisions in the Constitution or laws of the State of Colorado that prevent the Loan <br /> Documents from binding The Butte Irrigating and Milling Company. <br /> (d) The Loan Documents comprise a valid and binding special revenue obligation of The Butte Irrigating and Milling <br /> Company, legally enforceable against The Butte Irrigating and Milling Company in accordance with the terms of the Loan <br /> Documents. <br /> The rights of the CWCB under the Loan Contract and as holder of the Note and the enforceability of the Loan Documents <br /> may be limited by the effect of, and by restrictions and limitations imposed by or resulting from, bankruptcy, insolvency, <br /> moratorium, reorganization, debt adjustment, or other similar laws affecting creditors' rights generally heretofore or <br /> hereafter enacted or other laws, judicial decisions, and principles of equity relating to the enforcement of contractual <br /> obligations generally, and are further subject as to enforceability to judicial discretion,to the exercise by the State <br /> of Colorado and its governmental bodies of the police power inherent in the sovereignty of the State, and to the exercise <br /> by the United States of America of the powers delegated to it by the Constitution of the United States of America. <br /> We express no opinion herein as to any matter not specifically set forth above. This opinion is given as of the date hereof <br /> and we assume no obligation to update, revise, or supplement this opinion to reflect any facts or circumstances that may <br /> hereafter come to our attention or any changes in law that may hereafter occur. <br /> This opinion may be relied upon solely by the addressees hereto in connection with the execution and delivery of the Loan <br /> Documents. This opinion may not be relied upon for any other purpose or by any person other than the addressees. <br /> Very truly yours, <br /> DIETZE AND P IS,P.C. <br /> Karl; .K mli,III <br /> Cc: Anne Smith, Secretary <br /> The Butte Irrigating and Milling Company <br />