CT2015-118 Attorney Opinion Letter

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Colorado Water Conservation Board Inverness Water and Sanitation District October 1, 2014 Page 2 (d) Contract No. C150409D, in an amount that will not exceed $454,500, for the District's share of the cost of the WISE Authority's use of a pipeline that will connect Denver Water's treated distribution system near Denver International Airport and Aurora's Prairie Waters pipeline. In our capacity as bond counsel, we have examined the District's certified proceedings and such other documents and such law of the State of Colorado and of the United States of America as we have deemed necessary to render this opinion letter. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them by the Loan Documents. Regarding questions of fact material to our opinions, we have relied upon the District's certified proceedings and other representations and certifications of public officials and others furnished to us without undertaking to verify the same by independent investigation. Based upon such examination, it is our opinion as bond counsel that: 1. The District has full legal right and authority to execute the Loan Documents and to observe and perform its duties, covenants, obligations and agreements thereunder. 2. All of the taxable property of the District is subject to the levy of an ad valorem tax without limitation of rate and in an amount sufficient to pay the principal of and interest on the Promissory Notes according to their respective terms. 3. The Loan Documents have been duly authorized, executed and delivered by authorized officers of the District; and, assuming in the case of the Loan Contracts and the Security Agreements, that the CWCB has all the requisite power and authority to authorize, execute and deliver, and has duly authorized, executed and delivered the Loan Contracts and the Security Agreements, the Loan Documents constitute legal, valid and binding obligations of the District enforceable in accordance with their respective terms. 4. The District has complied with the requirements of Article X, Section 20 of the Colorado Constitution in connection with an election held within the District in November 2005 and the execution and delivery of the Loan Documents.