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GILBERT Y. MARCHAND, JR. , P.C. <br /> ATTORNEY AT LAW <br /> 2737 Mapleton Avenue, Suite 202 •:• Boulder, Colorado 80304 <br /> • <br /> phone: 303.444.4256 fax: 303.444.5901 e-mail: gym@gymlaw.com <br /> Alperstein & Covell, P.C., Of Counsel <br /> April 17, 2015 <br /> Colorado Water Conservation Board <br /> Attn: Construction Fund Section <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> Re: CWCB Loan to Las Animas Consolidated Canal Company for Spillway <br /> Structure(CMS Number 74818): Opinion Letter from Attorney for Las <br /> Animas Consolidated Canal Company <br /> Dear CWCB: <br /> As the attorney for Las Animas Consolidated Canal Company(hereinafter`Borrower") <br /> regarding the loan contract between Borrower and the Colorado Water Conservation Board <br /> ("CWCB") (CMS Number 74818), I am submitting this letter pursuant to paragraph A.7 of the <br /> Contract. It is my opinion that: <br /> a.the Contract has been duly executed by officers of the Borrower who are duly elected <br /> or appointed and are authorized to execute the Contract and to bind the Borrower; <br /> b.the resolutions of the Borrower authorizing the execution and delivery of the Contract <br /> were duly adopted by the Borrower's board of directors and/or stockholders; <br /> c. there are no provisions in the Borrower's articles of incorporation or bylaws or any <br /> state or local law that prevent this Contract from binding the Borrower; and <br /> d. the Contract will be valid and binding against the Borrower if entered into by the <br /> CWCB. <br /> Las Animas Consolidated Canal Company looks forward to completing the loan <br /> transaction. <br /> Yours truly, <br /> GILBERT Y.MARCHAND,JR.,P.C. <br /> By: Gilbert Y. Marchand, Jr., #19870 <br />