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KUTAK ROCK LLP <br /> April 10, 2016 <br /> Page 2 <br /> the CWCB has all the requisite power and authority to authorize,execute and deliver, and <br /> has duly authorized, executed and delivered the Loan Contract, the Loan Documents <br /> constitute legal, valid and binding obligations of the District, enforceable in accordance <br /> with their respective terms. <br /> (c) The District has complied with the requirements of Article X, Section 20 <br /> of the Colorado Constitution in connection with the election held by the District on <br /> November 3, 2015, and the execution and delivery of the Loan Documents. <br /> We note that pledged for repayment of the loan are solely those revenues defined as the <br /> "Pledge Revenues" in the Loan Contract and the Loan Resolution, all as more particularly set <br /> forth in the Loan Contract and the Loan Resolution. <br /> The rights of the CWCB under the Loan Contract and the enforceability of the Loan <br /> Contract may be limited by the effect of, and by restrictions and limitations imposed by or <br /> resulting from, bankruptcy, insolvency, moratorium, reorganization, debt adjustment or other <br /> similar laws affecting creditors' rights generally heretofore or hereafter enacted or other laws, <br /> judicial decisions, and principles of equity relating to the enforcement of contractual obligations <br /> generally, and are further subject as to enforceability to judicial discretion, to the exercise by the <br /> State and its governmental bodies of the police power inherent in the sovereignty of the State, <br /> and to the exercise by the United States of America of the powers delegated to it by the <br /> Constitution of the United States of America. <br /> We express no opinion herein as to any matter not specifically set forth above. This <br /> opinion is given as of the date hereof and we assume no obligation to update, revise or <br /> supplement this opinion to reflect any facts or circumstances that may hereafter come to our <br /> attention or any changes in law that may hereafter occur. <br /> This opinion may be relied upon solely by the addressee hereto in connection with the <br /> execution and delivery of the Loan Contract. This opinion may not be relied upon for any other <br /> purpose or by any person other than the addressee. <br /> Sincerely, <br /> ock LP <br /> By: Thomas M. Peitz,Partn r <br /> 4843-5616-4911.1 <br />