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KUTAK ROCK LLP <br /> Pagosa Area Water and Sanitation District <br /> Colorado Water Conservation Board <br /> June 16,2016 <br /> Page 3 <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 addressees hereto in connection with the <br /> execution and delivery of the Loan Documents. This opinion may not be relied upon for any <br /> other purpose or by any person other than the addressees. <br /> Respectfully submitted, <br /> 4852-1856-7987.2 <br />