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t' , • <br /> SUSAN B. HILLYAR[ , P.C. <br /> ATTORNEY AT LAW <br /> P.O. BOX 808 PHONE: 970-874-6999 <br /> 601 GRAND AVENUE FAX: 970-874-1599 <br /> DELTA, CO 81416 EMAIL: shillyard @att.net <br /> February 19, 2015 <br /> OPINION OF COUNSEL <br /> State of Colorado Department of Natural Resources <br /> Colorado Water Conservation Board <br /> ATTN: Finance Section <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> RE: LOAN CONTRACT MADE BETWEEN THE STATE OF COLORADO FOR THE <br /> USE AND BENEFIT OF THE DEPARTMENT OF NATURAL RESOURCES, <br /> COLORADO CONSERVATION BOARD AND WEST RESERVOIR AND <br /> DITCH COMPANY, HOTCHKISS, COLORADO 8'1419 <br /> Ladies and Gentlemen: <br /> This opinion is furnished to you in connection with the above-referenced <br /> transaction. I have acted as counsel to Borrower in connection therewith, including the <br /> execution and delivery of the Loan Contract. <br /> I have rendered this opinion, without independent investigation, and I have relied <br /> solely upon factual representations and certificates of officers, directors, employees and <br /> agents of the Borrower, including, but not limited to, the representations and warranties <br /> of the Borrower contained in the Loan Contract. I have assumed the continued accuracy <br /> of such factual matters as of the date hereof. I have not independently verified such <br /> facts and representations, and do not guarantee or assume any responsibility for the <br /> accuracy, completeness or fairness of such facts and representations. <br /> References in this opinion letter to "my knowledge" mean a conscious awareness <br /> of facts, without outside investigation or verification. <br /> The law covered by this opinion letter is limited to the law of the State of <br /> Colorado in effect on the date hereof and does not constitute an opinion that such law <br /> will necessarily apply to any aspect of these transactions. I express no opinion with <br /> respect to the statutes, administrative decisions, rules, regulations or requirements of <br /> any county, municipality, subdivision or local authority of any jurisdiction. <br />