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BUTLER SNOW <br /> September 25, 2014 <br /> Colorado Water Conservation Board <br /> Denver, Colorado 80203 <br /> Parker Water and Sanitation District <br /> Parker Water and Sanitation District <br /> Acting by and through its Water Activity Enterprise <br /> 2014 Loan Contracts with the <br /> Colorado Water Conservation Board <br /> Ladies and Gentlemen: <br /> We have acted as bond counsel to the Parker Water and Sanitation District, <br /> Douglas County, Colorado, acting by and through its Water Activity Enterprise (the "District") in <br /> connection with the District's authorization, execution and delivery to the Colorado Water <br /> Conservation Board ("CWCB") of four separate loan contracts (collectively, the "Loan <br /> Contracts"), four separate security agreements (collectively, the "Security Agreements"), and four <br /> separate promissory notes (collectively, the "Notes;" and, together with the Loan Contracts, and <br /> the Security Agreements, collectively the "Loan Documents"), which Loan Documents were <br /> authorized by a resolution adopted by the Board of Directors of the District on August 28, 2014, <br /> and pursuant to which the CWCB will loan the District aggregate amount of not to exceed <br /> $15,734,790, as follows: <br /> (a) Contract No. C150410A, in an amount that will not exceed$4,426,830, for <br /> the District's share of the price of a portion of the East Cherry Creek Valley Water and <br /> Sanitation District's Western Pipeline to be purchased by the Water Infrastructure and <br /> Supply Efficiency Authority(the"WISE Authority"); <br /> (b) Contract No. C150410B, in an amount that will not exceed $6,785,321, for <br /> the District's share of the cost of certain Phase 1 Infrastructure, to be constructed by the <br /> WISE Authority; <br /> (c) Contract No. C150410C, in an amount that will not exceed$3,418,658, for <br /> the District's share of the cost of certain Phase 2 Infrastructure, to be constructed by the <br /> WISE Authority; <br /> (d) Contract No. C150410D, in an amount that will not exceed $1,099,890,for <br /> the District's share of the cost of the WISE Authority's use of a pipeline that will connect <br /> Denver Water's treated distribution system near Denver International Airport and <br /> Aurora's Prairie Waters pipeline. <br /> T 720.330.2300 1801 California Street <br /> F 720.330.2301 Suite 5100 <br /> www.butlersnow.com Denver, CO 80202 <br /> BUTLER SNOW LLP <br />