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Colorado Water and Conservation Board <br /> August 14, 2014 <br /> Page 2 <br /> made such investigation of law as in our judgment we have deemed necessary or appropriate to <br /> enable us to render the opinions as expressed below. <br /> Based upon the foregoing,we are of the opinion that: <br /> (1) The District is a quasi-municipal corporation and political subdivision of the State <br /> of Colorado with full legal right and authority to execute the Loan Documents. <br /> (2) The proceedings of the District's governing body approving the Loan Documents <br /> and authorizing their execution, issuance and delivery on behalf of the District 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 /> (3) To the best of our knowledge, after such investigation we have deemed <br /> appropriate, there are no provisions in the Colorado Constitution or any applicable state <br /> or local law of any governmental agency having competent jurisdiction over the District <br /> that prevent the Loan Documents from binding the District, subject to the application of <br /> equitable principles, and to the reasonable future exercise of the State of Colorado of the <br /> police power inherent in the sovereignty of the State of Colorado and its governmental <br /> bodies. <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. We express no opinion as to any matter not set forth in the <br /> numbered paragraphs herein. <br /> Yours truly, <br /> 7,,(1 r <br /> FOLKESTAD FAZEKAS BARRICK&PATOILE,P.C. <br /> JBF/sjs <br /> office.303.688,3045 fax.303.688.3189 <br /> 18 South Wilcox Street,Suite 200 <br /> Castle Rock,Colorado 80104-1909 <br /> ffcolorado.com <br /> I:IDATAUBF'DSSWSDI CWCB_CotoradoWaterConservationBd ContracttCWCB Opinion Ltr VI.doc <br />