C150317 Attorney Opinion Letters

• Contract/PO #: CT2015-013
• Contract/PO #: C150317
• Contractor Name: Lake Durango Water Authority
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

FLOYD L. SMITH
ATTORNEY AT LAW
48 County Road 250, Suite 5
Durango, Colorado 81301
Telephone [phone]
Fax [phone]
bslaw @frontier.net
June 4, 2014
Colorado Water Conservation Board
1313 Sherman Street, Room 721
Denver, CO 80203
Ladies and Gentlemen:
I am an attorney admitted to practice in the State of Colorado and I have acted as general counsel
to the LAKE DURANGO WATER AUTHORITY (the "Authority"), of the State of Colorado,
which has entered into a Loan Contract (as hereinafter defined)with the COLORADO WATER
CONSERVATION BOARD ("CWCB"), and have acted as such in connection with the
authorization, execution and delivery by the Authority of its Loan Contract, Promissory Note and
Security Agreement(as hereinafter defined).
In so acting I have examined the Constitution and laws of the State of Colorado and the contract
forming the Authority dated as of December 18, 2007, and amended as of July 14, 2009 (the
"Establishing Contract"). I have also examined originals, or copies certified or otherwise
identified to my satisfaction, of the following:
(a) the Loan Contract, dated as of June 4, 2014 (the "Loan Contract"), by and between
the Authority and CWCB;
(b) the Promissory Note, dated as of June 4, 2014 (the "Promissory Note") and the
Security Agreement, dated as of June 4, 2014 (the "Security Agreement"), executed by the
Authority to evidence the loan from CWCB to the Authority;
(c) the proceedings of the governing body of the Authority relating to the Loan Contract,
Promissory Note and Security Agreement (the "Loan Documents") and the execution,
issuance and delivery thereof to CWCB; and
(d) all outstanding instruments relating to the bonds, notes or indebtedness of the
Authority.
I have also examined and relied upon originals, or copies certified or otherwise authenticated to
my satisfaction, of such other records, documents, certificates and other instruments, and made
such investigation of law as in my judgment I have deemed necessary or appropriate to enable
me to render the opinions expressed below.
L