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Grand junction <br /> c- COLORADO <br /> CITY ATTORNEY <br /> May 10, 2016 <br /> Colorado Water Conservation Board <br /> Re: Loan Contract CWCB CMS: 88615 CORE: CT-2016-3063 <br /> Dear CWCB Representative: <br /> This letter shall constitute the opinion of the undersigned counsel for the City of Grand Junc ion <br /> that: <br /> • The Contract has been duly executed by officers of the Borrower who are duly elect;d or <br /> appointed and are authorized to execute the Contract and to bind the Borrower; and <br /> • The resolutions of the Borrower authorizing the execution and delivery of the Contr.ct <br /> were duly adopted by the governing bodies of the Borrower; and <br /> • There are no provisions in the Colorado Constitution or any other applicable state or local <br /> law prevents this Contract from binding the Borrower; and <br /> • The Contract will be valid and binding against the Borrower if entered into by the CI CB <br /> subject to typical limitations related to bankruptcy, police power, and creditor's righ Is <br /> generally; and <br /> • The Borrower was formed and is operated as a water activity enterprise pursuant to t e <br /> provisions of C.R.S. 37-45.1-101 and is a government-owned business authorized to <br /> issue its own revenue bonds and receiving fewer than 10% of annual revenue in gra is <br /> from all Colorado state and local governments combined within the meaning of Arti'le <br /> X, Section 20 of the Colorado Constitution; and <br /> • Based upon the parity certificate, the Water Activity Enterprise revenues, as reflecte I in <br /> the Water Enterprise Fund (which funds account for the financial activities of the W;ter <br /> Activity Enterprise) are sufficient to enable the City to execute the Promissory Note <br /> under the Loan Agreement. <br /> • The Colorado Supreme Court has ruled that, in certain circumstances, an attorney <br /> offering an opinion letter may be held liable to third parties that might rely on such <br /> attorney's opinion. Because of that, I write with the limitation that only the City and the <br /> CWCB may rely on the opinions contained herein. Neither the CWCB nor any oth-r <br /> person is authorized to reproduce or distribute this letter without the written consent of <br /> OFF' tt Y ATTO: Y <br /> Joh r, P: 4��� i%� orney <br /> 250 NORTH 5TH STREET,GRAND JUNCTION,CO 81501 r [970] 244 1501 F [970] 244 1456 www.gjciry.org <br />