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K U T A K ROCK L L P ATLANTA <br /> CHICAGO <br /> SUITE 3000 FAYETTEVILLE <br /> 1801 CALIFORNIA STREET I R V I N E <br /> KANSAS CITY <br /> DENVER, COLORADO 80202-2626 LITTLE ROCK <br /> LOS ANGELES <br /> 303-297-2400 MINNEAPOLIS <br /> FACSIMILE 303-292-7799 OKLAHOMA CITY <br /> OMAHA <br /> www.kutakrock.com PHILADELPHIA <br /> RICHMOND <br /> SCOTTSDALE <br /> WASHINGTON <br /> February 3, 2015 WICHITA <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 721 <br /> Denver, Colorado 80203 <br /> Re: Loan Contract Nos. C 150407A, C 150407B and C 150407C for the Central <br /> Colorado Water Conservancy District <br /> To Whom It May Concern: <br /> We have been engaged by the Board of Directors (the "Board") the Central Colorado <br /> Water Conservancy District, in Adams, Morgan and Weld Counties, Colorado (the "District") <br /> for the sole purpose providing the bond counsel opinion required by the State of Colorado <br /> Department of Natural Resources Water Conservation Board ("CWCB") in provision A(7) of <br /> that certain Loan Contract No. C150407A, dated as of February 3, 2015, Loan Contract No. <br /> C 150407B, dated as of February 3, 2015 and Loan Contract No. C 150407C, dated as of February <br /> 3, 2015 (the "Loan Contracts"). <br /> The execution by the District of the Loan Contract, including the documents attached <br /> thereto, was approved pursuant to authorizing Resolution passed and adopted on by the District <br /> Board on November 18, 2014 (the "Loan Resolution"). <br /> We have examined the constitution and the laws of the State of Colorado (the "State"), <br /> the District Charter and such certified proceedings, certificates, documents, opinions and other <br /> papers as we deem necessary to render this opinion. As to questions of fact material to our <br /> opinion, we have relied upon the certified proceedings and other certifications of public officials <br /> furnished to us without undertaking to verify the same by independent investigation. We have <br /> assumed the due authorization, execution and delivery of the Loan Contracts by, and the <br /> enforceability of the Loan Contracts against, the CWCB. <br /> Based upon the foregoing, we are of the opinion, under existing law and as of the date <br /> hereof, that: <br /> (a) the Loan Contracts have been duly executed by officers of the District <br /> who are duly elected or appointed and are authorized to execute the Loan Contracts and <br /> to bind the District; <br /> 4816-2200-7073.1 <br />