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K U T A K ROCK L L P ATLANTA <br /> CHICAGO <br /> SUITE 3000 FAYETTEVILLE <br /> 1801 CALIFORNIA STREET IRVINE <br /> KANSAS CITY <br /> DENVER, COLORADO 80202-2626 LITTLE ROCK <br /> LOS ANGELES <br /> 303-297-2400 MINNEAPOLIS <br /> FACSIMILE 303-292-7799 OKLAHOMA CITY <br /> OMAHA <br /> www.kutakrock.com PHILADELPHIA <br /> RICHMOND <br /> SCOTTSDALE <br /> WASHINGTON <br /> June 20, 2014 WICHITA <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> Re: Boxelder Basin Regional Stormwater Authority <br /> Colorado Water Conservation Board Loan Contract No. C150352 <br /> To Whom It May Concern: <br /> We have been engaged by Boxelder Basin Regional Stormwater Authority (the <br /> "Authority") for the sole purpose of providing the bond counsel opinion required by the State of <br /> Colorado Department of Natural Resources Water Conservation Board ("CWCB") in provision <br /> A(7)(c) and (d) of that certain Loan Contract No. C150352 (the"Loan Contract"). <br /> The execution by the Authority of the Loan Contract, including the documents attached <br /> thereto, was approved pursuant to Resolution No. 2014-2 passed and adopted by the Board of <br /> Directors of the Authority on May 28, 2014 (the"Loan Resolution"). <br /> We have examined the constitution and the laws of the State of Colorado (the"State"), an <br /> Intergovernmental Agreement for Stormwater Cooperation and Management dated August 20, <br /> 2008, as amended by a First Amendment to Intergovernmental Agreement for Stormwater <br /> Cooperation and Management dated June 16, 2014, among the Board of Commissioners of <br /> Larimer County(the "County"), the City of Fort Collins, Colorado (the "City"), and the Town of <br /> Wellington (the "Town"), the Intergovernmental Agreement for the Larimer County Road 52 <br /> Project dated June 16, 2014, among the Authority, the County, the City, the Town and the <br /> Timnath Development Authority, and such certified proceedings, certificates, documents, <br /> opinions and other papers as we deem necessary to render this opinion. As to questions of fact <br /> material to our opinion, we have relied upon the certified proceedings and other certifications of <br /> public officials furnished to us without undertaking to verify the same by independent <br /> investigation. We have assumed the due authorization, execution and delivery of the Loan <br /> Contract by, and the enforceability of the Loan Contract against, the CWCB. <br /> Based upon the foregoing, we are of the opinion, under existing law and as of the date <br /> hereof, that: <br /> 4827-5075-4843.1 <br />