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MacDOUGALL, WOLDRIDGE & WORLEY, P.C. <br /> 530 Communication Circle, #204 <br /> Colorado Springs, CO 80905-1743 <br /> M.E. MacDougall jwoldridge@waterlaw.ty Telephone <br /> Julianne M. Woldridge (719)520-9288 <br /> Henry D. Worley Fax <br /> (719)520-9447 <br /> February 25, 2005 <br /> Colorado Water Conservation Board <br /> Attn: Construction Fund Section <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> Re: Loan Contract No. C150192 <br /> To Whom It May Concern: <br /> This office represents the Upper Arkansas Water Conservancy District, acting by <br /> and through its Upper Arkansas Water Activity Enterprise ("Enterprise"). This office <br /> acts as general counsel for the Enterprise, but not as "bond counsel" for the Enterprise. <br /> It is the opinion of the undersigned that: <br /> 1. Loan Contract No. C15-192 has been duly executed by the officers of the <br /> Enterprise who are duly elected or appointed and are authorized to execute that Loan <br /> Contract and to bind the Enterprise. <br /> 2. A resolution of the Enterprise authorizing the execution and delivery of that <br /> �i rni nrly n the Enterprise cop y <br /> Loan contract was duly adopted by the governing b„uy of lI <br /> attached hereto). <br /> 3. There are no provisions in the Colorado Constitution or any other state or <br /> local law that prevent that Loan Contract from binding the Enterprise. <br /> 4. That Loan Contract will be valid and binding against the Enterprise if entered <br /> into by the Colorado Water Conservation Board. <br /> Sin rel <br /> Julianne M. Woldridge <br /> 13972-47 L j:\UAWCD\opinion <br />