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CARLSON,HAMMOND&PADDOCK,L.L.C. <br /> ATTORNEYS AT LAW <br /> 1900 GRANT STREET, SUITE 1200 <br /> LEE H. JOHNSON DENVER, COLORADO 80203 JOHN UNDEM CARLSON <br /> KARL D. OHLSEN (1940-1992) <br /> MASON H. BROWN TELEPHONE(303)861-9000 <br /> JOHANNA HAMBURGER TELECOPIER(303)861-9026 WILLIAM A. PADDOCK <br /> KATRINA B. FISCELLA WWW.CHP-LAW.COM OF COUNSEL <br /> MARY MEAD HAMMOND <br /> Sender's Email: RETIRED <br /> bpaddock@chp-law.com <br /> August 31, 2018 <br /> Via U.S. Mail <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> Re: The San Luis Valley Canal Company Loan Contract No. CMS 111979, <br /> CT:2019-2046 <br /> To whom it may concern: <br /> This firm is counsel to the San Luis Valley Canal Company (the "Company"), a mutual <br /> ditch company organized pursuant to the Ditch and Reservoir Company Act. The Company <br /> will enter into and execute Contract No. CMS: 111979, CT:2019-2046 with the Colorado <br /> Water Conservation Board (the "Loan Contract"). This firm has served as counsel to the <br /> Company in connection with the execution and delivery of the Loan Contract. Terms used in <br /> this letter that are defined in the Loan Contract will have the meanings assigned to them in <br /> the Loan Contract. <br /> We have examined, among other things, the Articles of Incorporation of the Company <br /> dated January 12, 1923, and the certificate of renewal and extension dated February 3, 1942, <br /> and the July 30, 1976 election by the Company to be governed by the Colorado Nonprofit <br /> Corporation Act ("Articles"); the current bylaws of the Company; the Loan Contract; the <br /> Company records of the meetings of the Board of Directors and the annual meetings of the <br /> shareholders, including those for the years 2016, 2017, and 2018; and of the special meeting <br /> of the Company's shareholders held June 18, 2018, with respect to the authorization, <br /> execution, and delivery of the Loan Contract; and have made such examination of applicable <br /> Colorado and Federal Law, as we deemed necessary in giving this opinion. <br />