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L1 <br /> State of Colorado S p e n c e r t=a n e <br /> January 21, 2016 <br /> Page 2 <br /> 4. The Contract will be valid and binding against the Borrower if entered into by the <br /> CWCB; subject, however, to the effect of, and to restrictions and limitations imposed by, or <br /> resulting from, bankruptcy, insolvency, moratorium, reorganization, debt adjustment, or similar <br /> laws affecting creditor's rights generally (creditor's rights limitations), heretofore or hereafter <br /> enacted and provided that no opinion is expressed herein regarding the validity or enforceability <br /> of Section 19 of the Loan Contract or any of the provisions thereof that purports to require the <br /> Borrower to indemnify or hold any other Party harmless. <br /> 5. The Borrower was formed and is operated as a water activity enterprise pursuant <br /> to the provisions of Title 37, Article 45.1 C.R.S. is a government-owned business, authorized to <br /> issue its own revenue bonds and receives less than 10% of annual revenue in grants from all <br /> Colorado state and license governments combined within the meaning of Article X, Section 20 <br /> of the Colorado Constitution. <br /> 6. Based on the Parity Certificate of Howard S. Masini, CPA, P.C., Certified Public <br /> Accountants, dated January 14, 2016, revenues of the Borrower, as reflected in the water <br /> enterprise fund (which fund accounts for the financial activities of the Borrower) are sufficient to <br /> enable the Borrower to execute the Promissory Note under the Loan Contract. <br /> This opinion is rendered on the basis of the law of the State of Colorado as enacted and <br /> construed on the date hereof. We express no opinion as to any matter not set forth in the <br /> numbered paragraphs herein. <br /> SPEN ER FANE LLP <br /> Denver 1299099.1 <br />