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Water Conservation Board for the loan, to collect assessments and make certain pledges to secure <br /> payment of the loan. <br /> 3. The Board of Directors also passed a Resolution which authorized the President and <br /> Secretary of the Oligarchy to take all actions and execute any documents necessary to consummate <br /> and implement the loan with the CWCB. <br /> 4. The Board of Directors of the Oligarchy,by its President and Secretary, is duly authorized <br /> to enter into the loan contract with the CWCB and bind the Oligarchy according to the terms of the <br /> loan contract. <br /> 5. There are no provisions in the Oligarchy's articles of incorporation, by-laws, state or local <br /> laws or other reviewed documents which would prohibit the action of the Oligarchy to enter into the <br /> loan contract with the CWCB. <br /> 5. Upon execution by the duly authorized officer or directors of the Oligarchy,the loan contract <br /> #CT 2016 CMS82003 with the CWCB will be valid,binding and enforceable against the Oligarchy. <br /> This opinion may be relied upon by the CWCB in approving the loan with the Oligarchy and for this <br /> purpose only. <br /> 1 erely, <br /> \N <br /> t \ <br /> l? i11ip S. Wong j <br /> pwong8543 @aol.com <br /> C:\Data\wpdocs\ditchcompanies\Oligarchy-C W CB-Opinion-2.ltr.wpd <br />