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ROOSEVELT PLACE NEIL E.PILLER <br /> SCHEY, PILLER, 636 COFFMAN STREET,SUITE 200 DONALD H.ALSPAUGH <br /> PHILLIP S.WONG <br /> POST OFFICE BOX 267 <br /> ALSPAUGH & LONGMONT,COLORADO 80502-0267 SARA LEWIS,Of Counsel <br /> WONG, P.C. TELEPHONE(303)776-3511 <br /> FAX(303)772-2297 JACOB S.SCHEY(1881-1963) <br /> ATTORNEYS AT LAW www.spawlaw.com THEODORE D.SCHEY,JR.(1912-1996) <br /> September 9, 2015 <br /> SEP 21 2015 <br /> R. er <br /> Colorado Water Conservation Board in Board <br /> Finance&Administration Section <br /> Department of Natural Resources <br /> 1580 Logan Street, Suite 600 <br /> Denver, CO 80203 <br /> Attn: Peg Mason <br /> Via Email: peg.masongastate.co.us <br /> 1st Class Mail <br /> Re: Oligarchy Irrigation Company-Dant Outlet Works Rehabilitation-Oligarchy Reservoir No. <br /> •1 Dam outlet,. <br /> • Loan C&utraot#f'T2016 CMS#820&3 's �-34,.�:: �..,.i.� , <br /> This firm represents the Oligarchy Irrigation Company (the"Oli g arch y ). The Oli g archY has <br /> requested that I provide an opinion to the Colorado Water Conservation Board(CWCB)that upon <br /> executing loan documents with the CWCB,the loan contract##CT 2016 CMS#82003 will be binding <br /> and enforceable against the Oligarchy. <br /> In providing this opinion,I reviewed the Oligarchy's articles of incorporation, by-laws, applicable <br /> statutes, the notice of special meeting of shareholders held on September 2, 2015, at the Clover <br /> Building,Boulder County Fairgrounds.9595 Nelson Road,Longmont,Colorado, the minutes of the <br /> r ecial meetings f sharehol� -.r,J eet r., ..0 1 ]1 <br /> :cpvv.. . ..a�.�CL:ig.^, v.. :.i31::.iL it�1 ua.s.: .r.-�-�.� ...c�.�.,Vi.y u: 1._:v .!'lnbta L�i i�' �:I.tlli the.Resolution passed by the <br /> shareholders on September 2, 2015. <br /> Based on my review of the Oligarchy's documents, it is my opinion that: <br /> 1. The special meeting of shareholders was legally noticed and held on September 2,2015. At <br /> that meeting a quorum of shareholders of the Oligarchy were present or present by proxy. <br /> 2., At that meeting,'a gesolution 1 f the Oligarchy/ was pas: d by the majority vote of the <br /> shareholders authorizing the Oligarchy to enter into a. .. man agreement with the CWCB in the <br /> approximate amount of$781,740.00‘.,vloreptless, for the purpose of the projects described as the <br /> Oligarchy Reservoir No 1 Outlet Works.. aka Outlet Works Rehabilitation at Burch Lake. The <br /> Board of Directors of the Oligarchy were authorized to enter into a•loan agreement with the Colorado <br />