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WILLIAMS, TURNER & HOLMES, P.C. <br /> ATTORNEYS AT LAW <br /> Susan M.Cone <br /> Kirsten M.Kurath <br /> Shareholder <br /> Kirsten M.Kurath <br /> kmkurath@wth-law.com <br /> Phillip J.Jones* (970)242-6262,Ext.236 <br /> Jeffrey L.Driscoll June 15, 2017 <br /> Of Counsel <br /> Douglas V.Johnson Colorado Water Conservation Board <br /> 1313 Sherman Street <br /> Denver, CO 80203 <br /> All Attorneys Re: Grand Valley Water Users Association <br /> Admitted in Colorado CWCB Loan Contract No. CT 2017-2875 ("Loan Contract") <br /> 'Also Admitted in Florida <br /> Dear Board: <br /> Anthony W.Williams We represent the Grand Valley Water Users Association ("the Association"). The <br /> (1926-2007) Association has asked us to provide the attorney's opinion letter required by Paragraph <br /> Warren L.Turner 8 of the Loan Contract. <br /> (1926-2003) <br /> Berndt C.Holmes We have reviewed certain records with the Association. Based upon our review of <br /> Retired those records and discussions we have had with the Association's General Manager, <br /> Mark Harris, our opinions are as follows: <br /> 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 March 9, 2017. They will continue to serve in these positions until <br /> 744 Horizon Court the first Board meeting after the annual meeting of stockholders in February of 2018. <br /> Suite 115 <br /> Grand Junction,Colorado <br /> 81506 <br /> Phone:970-242-6262 2. The Board of Directors of the Association duly adopted a resolution <br /> Fax:970-241-3026 approving the Loan Contract and authorizing its execution and delivery at a regular <br /> www.wth-law.com meeting of the Board held on May 4, 2017. A copy of the Resolution (Appendix 4b) <br /> will be attached as Appendix 4 to the Loan Contract. <br />