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It is my opinion that: <br /> (a) The person signing Loan Contract Amendment No. 1 for the Borrower was duly elected <br /> or appointed and has the authority to execute Loan Contract Amendment No. 1 and to bind <br /> the Borrower; and <br /> (b) The resolutions of the Borrower authorizing the execution and delivery of Loan Contract <br /> Amendment No. 1 were duly adopted by the Borrower's Board of Directors;and <br /> (c)There are no provisions in the Borrower's Articles of Incorporation or Bylaws or any <br /> state or local law that prevent this; and <br /> (d)The Loan Contract Amendment No. 1 will be valid and binding against the Borrower if <br /> entered into by the Colorado Water Conservation Board. <br /> This opinion is furnished by me to the Colorado Department of Natural Resources, <br /> Water Conservation Board and is solely for your benefit under the Loan Contract and solely <br /> for the purposes contemplated by the Loan Contract Amendment No. 1. The opinions <br /> expressed herein may be relied upon only in connection with the Loan Contract Amendment <br /> No. 1. This letter may not be used, or relied upon for any other purpose than stated herein. <br /> This letter may not be relied upon or used by any other person or entity,or quoted in whole <br /> or in part without our prior written consent. <br /> Sincerely, <br /> AlIkKathryA. Pennetta <br /> KAP/k <br /> P <br />