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3. There are no provisions in the Colorado Constitution or any other state or <br /> local law that prevent the Loan Contract from binding CCWCD. <br /> 4. The Loan Contract, Promissory Note and the related Loan Documents will <br /> be valid and binding against CCWCD if entered into by the CWCB; and <br /> 5. The election held by CCWCD to obtain voter approval of the Loan met all <br /> requirements of the Colorado Constitution and all other state and local laws. <br /> Very Yours, <br /> ior/P <br /> James W. Culichia <br /> cc: Elizabeth McVicker, President CCWCD <br /> Daniel J. Drucker, Operations Manager <br /> Craig Erickson, C.P.A. <br /> CCWCD-Loan opinion letter re Chatfield CWCB Loans <br /> Page 2 <br />