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LYONS GADDIS <br /> ATTORNEYS& COUNSELORS <br /> Colorado Water Conservation Board <br /> Attn: Peg Mason, Contracts Manager <br /> February 27, 2017 <br /> Page 2 <br /> and through its Water Activity Enterprise, is a government-owned business authorized to issue its <br /> own revenue bonds and receiving less than 10% of annual revenue in grants from all Colorado <br /> state and local governments combined within the meaning of Article X, Section 20 of the Colorado <br /> Constitution. <br /> This opinion may be relied upon by the CWCB in its loan approval process, but it is given solely <br /> in conjunction with such approval and is not to be used by any third party for any other purpose. <br /> Sincerely, <br /> LYONS GADDIS <br /> By S, M_\,�—& <br /> Scott E. Holwick <br /> sholwick@lvons.gaddis.com <br /> cc: Sean Cronin, Executive Director, St. Vrain and Left Hand Water Conservancy District <br />