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MOSES, WITTEMYER, HARRISON AND WOODRUFF, P.C. <br /> LAW OFFICES <br /> 1002 WALNUT STREET,SUITE 300 RAPHAEL J.MOSES <br /> TIMOTHY J.BEATON BOULDER,COLORADO 80302 (1913-201 I) <br /> RICHARD J.MEHREN CHARLES N.WOODRUFF <br /> CAROLYN R.STEFFL TELEPHONE:(303)443-8782 (1941-1996) <br /> FAX:(303)443-8796 <br /> INTERNET: www.mwhw.cam3 COUNSEL <br /> ANNE D.BENSARD JOHN WITTEMYER <br /> JENNIFER M.DILALLA ADDRESS CORRESPONDENCE TO: DAVID L.HARRISON <br /> ALISON D.GORSEVSKI P.O.BOX 1440 JAMES R.MONTGOMERY <br /> ANDREA A.KEHRL BOULDER,COLORADO 80306-1440 <br /> September 18, 2014 <br /> Colorado Water Conservation Board <br /> 1313 Sherman Street, Room 718 <br /> Denver, Colorado 80203 <br /> Butler Snow <br /> 1801 California Street, Suite 5100 <br /> Denver, Colorado 80202 <br /> Cottonwood Water and Sanitation District <br /> Acting by and through its Cottonwood Water Enterprise, Colorado <br /> Colorado Water Conservation Board Loan Contracts C150408A-D <br /> Ladies and Gentlemen: <br /> We are attorneys admitted to practice in the State of Colorado, and we have acted <br /> as general counsel to COTTONWOOD WATER AND SANITATION DISTRICT, <br /> COLORADO, ACTING BY AND THROUGH ITS COTTONWOOD WATER <br /> ENTERPRISE (the "District") of the State of Colorado, which has entered into four Loan <br /> Contracts (as hereinafter defined) with the COLORADO WATER CONSERVATION <br /> BOARD (the "CWCB"), and we have acted as such in connection with the authorization, <br /> execution and delivery by the District of its Loan Contracts, Promissory Notes, and Security <br /> Agreements (as hereinafter defined). <br /> In so acting, we have examined the Constitution and laws of the State of Colorado <br /> and the proceedings relating to organization of the District. We have also examined originals, or <br /> copies certified or otherwise identified to our satisfaction, of the following: <br /> a) Loan Contract Nos. C150408A, C150408B, C150408C, and C150408D dated as <br /> of their date (the "Loan Contracts") by and between the CWCB and the District; <br /> b) the Promissory Notes, dated as of their date (the "Notes") and the Security <br /> Agreements, dated as of their date (the "Security Agreements") signed by the <br /> District to evidence the repayment obligations of the District; <br /> 00085333- <br />