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Floyd Smith <br /> Colorado Water Conservation Board <br /> June 4, 2014 <br /> Page 2 <br /> Based upon the foregoing, I am of the opinion that: <br /> (1) The Authority is an independent political subdivision and public corporation of the <br /> State of Colorado with the full legal right and authority to execute the Loan Documents. <br /> (2) The Authority was formed as a water authority pursuant to the provisions of §29-1- <br /> 204.2, C.R.S. and has the full legal right and authority to carry on the business of the System <br /> (as defined in the Loan Resolution). <br /> (3) The proceedings of the Authority's governing body approving the Loan Documents <br /> and authorizing their execution, issuance and delivery on behalf of the Authority have been <br /> duly and lawfully adopted and approved in accordance with applicable Colorado law, at <br /> meetings duly called pursuant to necessary public notice and held in accordance with <br /> applicable Colorado law, and at which quorums were present and acting throughout. <br /> (4) To the best of my knowledge, after such investigation as I have deemed appropriate, <br /> there are no provisions in the Colorado Constitution or any other state or local law that <br /> prevent the Loan Documents from binding the Authority, subject to the application of <br /> equitable principles, to the reasonable exercise in the future by the State of Colorado and its <br /> governmental bodies of the police power inherent in the sovereignty of the State of Colorado, <br /> and to the exercise by the United States of America of the powers delegated to it by the <br /> Federal Constitution, including without limitation,bankruptcy powers. <br /> This opinion is rendered on the basis of the laws of the State of Colorado as enacted and <br /> construed on the date hereof. I express no opinion as to any matter not set forth in the numbered <br /> paragraphs herein. <br /> Sincerely, <br /> Floyd L. Smith <br /> L <br />