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Rocco F. Meconi, <br /> Attorneys at Law 718 Main Street,P.O.Box 1540 <br /> Canon City, Colorado 81215 <br /> Rocco F.Meconi•rm24 @bresnan.net Phone: 719.275.7551 <br /> Fax: 719.275.8879 <br /> January 16, 2015 <br /> Colorado Water Conservation Board <br /> ATTN: Mr. Kirk Russell, P.E., Chief, Finance Section <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> Re: Attorney Opinion Letter concerning Amendment#1 to Loan <br /> Contract No. I C150237 <br /> Dear Mr. Russell: <br /> The undersigned is the duly appointed and acting counsel for the Penrose Water <br /> District, a Colorado special district, (hereinafter "District") and has been for all times <br /> material herein. I am writing to you concerning the loan increase to the District for the <br /> above referenced project. <br /> The District has established an enterprise pursuant to the Water Activity Law, Title <br /> 37, Article 45.1, Colorado Revised Statutes, as of November 8,1999, which is entitled the <br /> Penrose Water District Activity Enterprise (hereinafter "Enterprise"). The Enterprise is, and <br /> was, duly authorized by Colorado law and the District has complied with all legal <br /> requirements in the formation of said enterprise. A true and accurate copy of the <br /> resolution adopting the resolution forming the water activity enterprise was previously <br /> provided to you in conjunction with the earlier loan. <br /> Since the formation of the Enterprise, the Enterprise has fully complied with all <br /> requirements of law. The Enterprise is currently fully operational and authorized. <br /> Given the above, the Penrose Water District Activity Enterprise is entitled to all rights <br /> and privileges in association therewith and specifically is not bound by the restrictions <br /> otherwise imposed upon the District by the Taxpayer's Bill of Rights (TABOR) as the same <br /> has been enacted into law for the state of Colorado. Specifically this means that the <br /> Enterprise is authorized to incur multi-year obligations and has the ability to accept <br /> revenue, incur debt, and make expenditures without regard for limitations otherwise <br /> imposed by TABOR. <br /> Further you are advised that: <br /> (a) Amendment #1 to Loan Contract No. C150237 was executed by the <br /> District's board of directors on December 8, 2014. It is my understanding that you have <br /> received a copy of the signed agreement. This agreement, by and between the State of <br /> Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />