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BUTLER SNOW <br /> March 15, 2017 <br /> Colorado Water Conservation Board Town of Firestone, Colorado <br /> Denver, Colorado 80203 Firestone, Colorado 80520 <br /> Town of Firestone, Colorado <br /> Acting by and through The Town of Firestone <br /> Water Activity Enterprise <br /> 2017 Loan Contract with the <br /> Colorado Water Conservation Board <br /> Ladies and Gentlemen: <br /> We have acted as bond counsel to the Town of Firestone, Colorado (the "Town"), <br /> acting by and through The Town of Firestone Water Activity Enterprise (the "Borrower") in <br /> connection with the Town's authorization, execution and delivery to the Colorado Water <br /> Conservation Board ("CWCB") of a loan contract (the "Loan Contract"), a security agreement <br /> (the "Security Agreement"), and a promissory note (the "Note;" and together with the Loan <br /> Contract and the Security Agreement, the "Loan Documents"), which Loan Documents were <br /> authorized by an ordinance duly adopted by the Board of Trustees of the Town on January 11, <br /> 2017, and pursuant to which the CWCB will loan the Borrower an aggregate amount of not to <br /> exceed $10,000,000. <br /> In our capacity as bond counsel, we have examined the Town's certified <br /> proceedings, the Loan Documents, and such other documents and such law of the State of <br /> Colorado and of the United States of America as we have deemed necessary to render this opinion <br /> letter. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them by <br /> the Loan Documents, <br /> Regarding questions of fact material to our opinions, we have relied upon the <br /> Town's certified proceedings and other representations, certifications and opinions of public <br /> officials, the Town Attorney, and others furnished to us without undertaking to verify the same by <br /> independent investigation. <br /> Based upon such examination, and subject to the following qualifications, it is <br /> our opinion as bond counsel that: <br /> 1. The Borrower has full legal right and authority to execute the Loan <br /> Documents and to observe and perform its duties, covenants, obligations and agreements <br /> thereunder. <br /> 20 The Borrower has pledged the Pledged Revenue for the punctual payment <br /> of the principal of and interest on the Loan and all other amounts due under the Loan Documents <br /> according to their respective terms, and the Loan Contract creates a valid lien on such Pledged <br /> T720.330.2300 1801 California Street <br /> F720.330.2301 Suite 5100 <br /> www.bittlersnow.com Denver, CO 80202 <br /> BUTLER Snow LLP <br />