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K U T A K ROCK L L P ATLANTA <br /> CHICAGO <br /> SUITE 3000 FAYETTEVILLE <br /> 1801 CALIFORNIA STREET IRVINE <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 /> PHILADELPHIA <br /> www.kutakrock.com <br /> RICHMOND <br /> SCOTTSDALE <br /> WASHINGTON <br /> October 15, 2015 WICHITA <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> Re: Castle Pines North Metropolitan District, acting by and through its <br /> Water Activity Enterprise <br /> Colorado Water Conservation Board Loan <br /> Contract No. 72701/C150404A (CT2016-2049) <br /> To Whom It May Concern: <br /> We have been engaged by Castle Pines North Metropolitan District, acting by and <br /> through its Water Activity Enterprise (the "Borrower") to provide the bond counsel opinion <br /> required by the State of Colorado Department of Natural Resources Water Conservation Board <br /> ("CWCB") in Section A.7 of that certain Loan Contract No. 72701/C150404A (CT2016-2049) <br /> (the"Loan Contract"). <br /> The execution by the Borrower of the Loan Contract, including the Project Summary, <br /> Promissory Note and Security Agreement attached thereto, was approved pursuant to Resolution <br /> No. 2015-008 passed and adopted by the Board of Directors of the Borrower on September 29, <br /> 2015 (the "Loan Resolution"). All capitalized terms used, but not defined herein, shall have the <br /> meanings set forth for such terms in the Loan Resolution or the Loan Contract. <br /> We have examined the constitution and the laws of the State of Colorado (the "State"), <br /> and such certified proceedings, certificates, documents, opinions and other papers as we deem <br /> necessary to render this opinion. In regard to opinions (a) and (b) below, we have specifically <br /> relied on the Certificate of the Borrower(attached hereto). 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 Contract by, and the <br /> enforceability of the Loan Contract against, the CWCB. <br /> 4812-7150-3401.1 <br />