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Based upon the foregoing, I am of the opinion, under existing law and as of the date <br /> hereof, that: <br /> (a) The Loan Contract has been duly executed by officers of the Authority who are <br /> duly elected or appointed and are authorized to execute the Loan Contract and to <br /> bind the Authority; and <br /> (b) The resolution of the Authority authorizing the execution and delivery of the Loan <br /> Contract was duly adopted by the governing body of the Authority; and <br /> (c) The Authority was formed and is operated as a drainage authority pursuant to the <br /> provisions of Section 29-1-204.2 C.R.S. <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 <br /> or resulting from, bankruptcy, insolvency, moratorium, reorganization, debt adjustment <br /> or other similar laws affecting creditors' rights generally heretofore or hereafter enacted <br /> or other laws, judicial decisions, and principles of equity relating to the enforcement of <br /> contractual obligations generally, and are further subject as to enforceability to judicial <br /> discretion, to the exercise by the State and its governmental bodies of the police power <br /> inherent in the sovereignty of the State, and to the exercise by the United States of <br /> America of the powers delegated to it by the Constitution of the United States of <br /> America. <br /> This opinion is rendered on the basis of Federal law and the laws of the State of <br /> Colorado as enacted and construed on the date hereof. I express no opinion as to any <br /> matter not set forth in the lettered paragraphs herein. This opinion is given as of the <br /> date hereof and I assume no obligation to update, revise or supplement this opinion to <br /> reflect any facts or circumstances that may hereafter come to my attention or any <br /> 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 <br /> any other purpose or by any perso other than the addressee. <br /> ��-ry ly Yours, <br /> L <br /> e -gory A. White <br /> - eral Counsel to the Authority <br /> GAW/Id r <br /> Cc: Peg Mason, Contr cts Ma :•er, CWCB <br /> Stan Meyers, Authority Manager <br /> Kim Casey Reed, Bond Counsel <br />