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7-ivut 7(_ff4Alonttiliod , <br /> Witwer&Trecrna? C. <br /> Attorneys at Law ' <br /> 1120 Lincoln Street • Suite 1600 <br /> Denver,Colorado 80203-2141 <br /> (303)861-1963 •Fax(303)832-4465 <br /> www.troutlaw.com <br /> • <br /> direct dial:(303)339-5824 <br /> email:rtrout@troutlaw.com <br /> MAY 20,2011 <br /> Colorado Water Resources and <br /> Power Development Authority <br /> $2,000,000 <br /> NORTHERN WATER HYDROPOWER WATER ACTIVITY ENTERPRISE <br /> LOAN AGREEMENT DATED AS OF MAY 20, 2011, WITH THE <br /> COLORADO WATER RESOURCES AND POWER DEVELOPMENT AUTHORITY <br /> Ladies and Gentlemen: <br /> We are attorneys admitted to practice in the State of Colorado and have acted as counsel to <br /> NORTHERN WATER HYDROPOWER WATER ACTIVITY ENTERPRISE (a <br /> government-owned business within the meaning of Article X, Section 20(2)(d) of the Colorado <br /> Constitution, organized pursuant to C.R.S. § 37-45.1-101 et seq. and owned by the Northern <br /> Colorado Water Conservancy District) (the "Governmental Agency"), of the State of Colorado, <br /> which has entered into a Loan Agreement (as hereinafter defined) with the COLORADO <br /> WATER RESOURCES AND POWER DEVELOPMENT AUTHORITY (the "Authority"), <br /> and have acted as such in connection with the authorization, execution and delivery by the <br /> Governmental Agency of its Loan Agreement and Governmental Agency Bond (as hereinafter <br /> defined). <br /> In so acting we have examined the Constitution and laws of the State of Colorado and the <br /> proceedings relating to organization of the Governmental Agency. We have also examined <br /> originals, or copies certified or otherwise identified to our satisfaction,of the following: <br /> (a) the Loan Agreement, dated as of May 20, 2011, (the "Loan Agreement") by and <br /> between the Authority and the Governmental Agency; <br />