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WILLIAMS, TURNER & HOLMES, P.C. <br /> ATTORNEYS AT LAW <br /> Mark A.Hermundstad* Kirsten M.Kurath <br /> Shareholder <br /> Susan M.Corte kmkurath@wth-law.com <br /> (970)242-6262,Ext.236 <br /> Kirsten M.Kurath* <br /> Phillip J.Jones** November 11, 2016 <br /> Jeffrey L.Driscoll <br /> Tyler J.Dixon <br /> Colorado Water Conservation Board <br /> Of Counsel 1313 Sherman Street <br /> Denver, CO 80203 <br /> Douglas V.Johnson <br /> Henry M.Dusenbury*** Re: Grand Valley Water Users Association <br /> CWCB Loan Contract No. CT 2017-2258 ("Loan Contract") <br /> All Attorneys <br /> Admitted in Colorado Dear Board: <br /> *Also Admitted in Utah <br /> **Also Admitted in Florida <br /> ***Also Admitted in North Dakota We represent the Grand Valley Water Users Association ("the Association"). The <br /> Association has asked us to provide the attorney's opinion letter required by Paragraph <br /> Anthony W.Williams 8 of the Loan Contract. <br /> (1926-2007) <br /> Warren L.Turner We have reviewed certain records with the Association. Based upon our review of <br /> (1926-2003) those records and discussions we have had with the Association's General Manager, <br /> Mark Harris, our opinions are as follows: <br /> Berndt C.Holmes <br /> Retired 1. The Loan Contract, Promissory Note (Appendix 3), and Security <br /> Agreement (Appendix 5) have been duly executed by Joseph C. Bernal, as President, <br /> and D. Kim Albertson, as Secretary of the Association. Both Mr. Bernal and Mr. <br /> Albertson were elected to a three year term as a director of the Association at the <br /> Association's annual meeting of stockholders on February 10, 2015. Mr. Bernal was <br /> most recently elected President of the Association, and Mr. Albertson was most <br /> recently elected Secretary of the Association, at a meeting of the Board of Directors of <br /> the Association on February 11, 2016. They will continue to serve in these positions <br /> until the first Board meeting after the annual meeting of stockholders in February of <br /> 2017. <br /> GRAND JUNCTION OFFICE 2. The Board of Directors of the Association duly adopted a resolution <br /> Courthouse Place Building <br /> 200 N.o'h St.-P.O.Box 338 approving the Loan Contract and authorizing its execution and delivery at a regular <br /> Grand Junction,Colorado meetingof the Board held on November 10, 2016. A copyof the Resolution <br /> slsoz-o33s <br /> Phone:970-242-6262 (Appendix 4b)will be attached as Appendix 4 to the Loan Contract. <br /> Fax:970-241-3026 <br /> www.wth-law.com <br />