CT2015-119 Attorney Opinion Letter

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NORTON & SMITH P. C . Charles E. Norton Attorneys at Law Bruce E. Deacon Erin M. Smith 133117th Street, Suite 500 Of Counsel Denver,Colorado 80202-1555 Telephone (303) 292-6400 Facsimile(303) 292-6401 October 1, 2014 Colorado Water Conservation Board Inverness Water and Sanitation District 1313 Sherman Street, Room 721 2 Inverness Drive East, #200 Denver, Colorado 80203 Greenwood Village, Colorado $4,908,600 Inverness Water and Sanitation District Arapahoe and Douglas Counties, Colorado Loan Contracts with the Colorado Water Conservation Board Ladies and Gentlemen: We are general counsel to the Inverness Water and Sanitation District, Douglas and Arapahoe Counties, Colorado (the "District"), and have represented the District in connection with the District's authorization, execution and delivery to the Colorado Water Conservation Board ("CWCB") of four separate loan contracts (the "Loan Contracts"), which Loan Contracts were authorized by a resolution adopted by the Board of Directors of the District on August 6, 2014 (the "Resolution"), and pursuant to which the CWCB will loan the District an aggregate amount of$4,908,600 (the "Loans"), as follows: (a) Contract No. C150409A, in an amount that will not exceed $1,845,270, for the District's share of the price of a portion of the East Cherry Creek Valley Water and Sanitation District's Western Pipeline (the "ECCV Pipeline"), to be purchased by the WISE Authority; (b) Contract No. C150409B, in an amount that will not exceed $1,181,700, for the District's share of the cost of certain Phase 1 Infrastructure, to be constructed by the WISE Authority; (c) Contract No. C150409C, in an amount that will not exceed $1,427,130, for the District's share of the cost of certain Phase 2 Infrastructure, to be constructed by the WISE Authority; and (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