CT2015-105 Attorney Opinion Letter

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MOSES, WITTEMYER, HARRISON AND WOODRUFF, P.C. LAW OFFICES 1002 WALNUT STREET,SUITE 300 RAPHAEL J.MOSES TIMOTHY J.BEATON BOULDER,COLORADO 80302 (1913-2011) RICHARD J.MEHREN CHARLES N.WOODRUFF CAROLYN R.STEFFL TELEPHONE:(303)443-8782 (1941-1996) _ FAX:(303)443-8796 INTERNET: www.mwhw.com COUNSEL ANNE D.BENSARD JOHN WITTEMYER JENNIFER M.DILALLA ADDRESS CORRESPONDENCE TO: DAVID L.HARRISON ALISON D.GORSEVSKI P.O.BOX 1440 JAMES R.MONTGOMERY ANDREA A.KEHRL BOULDER,COLORADO 80306-1440 September 18, 2014 Colorado Water Conservation Board 1313 Sherman Street, Room 718 Denver, Colorado 80203 Butler Snow 1801 California Street, Suite 5100 Denver, Colorado 80202 Cottonwood Water and Sanitation District Acting by and through its Cottonwood Water Enterprise, Colorado Colorado Water Conservation Board Loan Contracts C150408A-D Ladies and Gentlemen: We are attorneys admitted to practice in the State of Colorado, and we have acted as general counsel to COTTONWOOD WATER AND SANITATION DISTRICT, COLORADO, ACTING BY AND THROUGH ITS COTTONWOOD WATER ENTERPRISE (the "District") of the State of Colorado, which has entered into four Loan Contracts (as hereinafter defined) with the COLORADO WATER CONSERVATION BOARD (the "CWCB"), and we have acted as such in connection with the authorization, execution and delivery by the District of its Loan Contracts, Promissory Notes, and Security Agreements (as hereinafter defined). In so acting, we have examined the Constitution and laws of the State of Colorado and the proceedings relating to organization of the District. We have also examined originals, or copies certified or otherwise identified to our satisfaction, of the following: a) Loan Contract Nos. C150408A, C150408B, C150408C, and C150408D dated as of heir date (the "Loan Contracts") by and between the CWCB and the District; b) the Promissory Notes, dated as of their date (the "Notes") and the Security Agreements, dated as of their date (the "Security Agreements") signed by the District to evidence the repayment obligations of the District; 00085333-)