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KUTAK ROCK LLP <br /> • <br /> Colorado Water Conservation Board <br /> February 13,2015 <br /> Page 2 <br /> 2. the Loan Ordinance authorizing the execution and delivery of the Loan Contract <br /> was duly adopted by the Board, as governing body of the Town; <br /> 3. there are no provisions in the Colorado Constitution or any other State or local <br /> law applicable to the Town that prevent the Loan Contract from binding the Town; <br /> 4. the Loan Contract will be valid and binding against the Town if entered into by <br /> the CWCB; and <br /> 5. based upon the parity certificate, the net revenue of the Water Activity Enterprise <br /> as reflected in the Water Enterprise Fund (which funds accounts for the financial activities of the <br /> Water Activity Enterprise) are sufficient to enable the Town to execute the Promissory Note <br /> under the Loan Agreement; and <br /> 6. the Enterprise is a government-owned business authorized to issue its own <br /> revenue bonds and receiving under 10% of annual revenue in grants from all Colorado state and <br /> local governments combined within the meaning of Article X, Section 20 of the Colorado <br /> Constitution. <br /> The rights of CWCB and the enforceability of the Loan Contract and the Loan Ordinance <br /> may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws <br /> affecting creditors' rights generally and by equitable principles, whether considered at law or in <br /> equity. <br /> This opinion is given as of the date hereof and we assume no obligation to update, revise <br /> or supplement this opinion to reflect any facts or circumstances that may hereafter come to our <br /> attention or any changes in law that may hereafter occur. <br /> Sincerely, <br /> Kutak Rock LLP <br /> / / JP <br /> By: Kenneth A. Guckenberger, Partner <br /> 4823-8873-8850.1 <br />