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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 /> 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 /> e ,“__Ta - —P <br /> 4834-7289-9634.4 <br />