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KUTAK ROCK LLP <br /> June 20, 2014 <br /> Page 2 <br /> (a) there are no provisions in the Colorado Constitution or any other State or <br /> local law applicable to the Authority that prevent the Loan Contract from binding the <br /> Authority; <br /> (b) the Loan Contract will be valid and binding against the Authority if <br /> entered into by the CWCB. <br /> We note that pledged for repayment of the loan are solely those revenues defined as the <br /> "Pledge Revenues" in the Loan Contract and the "Net Revenue" in the Loan Resolution, all as <br /> more particularly set forth in the Loan Contract and the Loan Resolution. <br /> The rights of the CWCB under the Loan Contract and the enforceability of the Loan <br /> Contract may be limited by the effect of, and by restrictions and limitations imposed by or <br /> resulting from, bankruptcy, insolvency, moratorium, reorganization, debt adjustment or other <br /> similar laws affecting creditors' rights generally heretofore or hereafter enacted or other laws, <br /> judicial decisions, and principles of equity relating to the enforcement of contractual obligations <br /> generally, and are further subject as to enforceability to judicial discretion, to the exercise by the <br /> State and its governmental bodies of the police power inherent in the sovereignty of the State, <br /> and to the exercise by the United States of America of the powers delegated to it by the <br /> Constitution of the United States of America. <br /> We express no opinion herein as to any matter not specifically set forth above. This <br /> opinion is given as of the date hereof and we assume no obligation to update, revise or <br /> supplement this opinion to reflect any facts or circumstances that may hereafter come to our <br /> attention or any changes in law that may hereafter occur. <br /> This opinion may be relied upon solely by the addressee hereto in connection with the <br /> execution and delivery of the Loan Contract. This opinion may not be relied upon for any other <br /> purpose or by any person other than the addressee. <br /> Sincerely, <br /> Kutak Rock LLP <br /> /ZO'il/b• <br /> By: Kimberly Casey Reed, Partner <br /> cc: Peg Mason <br /> Contracts Manager, CWCB <br /> Stan Meyers <br /> Authority Manager <br /> Greg White <br /> General Counsel to Authority <br /> 4822-2876-0603.1 <br />