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LYO'NSNEYS GADDIS <br /> &COUNSELORS <br /> Scott Ho!wick <br /> sholwick@lvonsgaddis.com <br /> 303-776-9900 <br /> March 13, 2019 <br /> VIA EMAIL:peg.mason@state.co.us <br /> ORIGINAL VIA U.S. POSTAL SERVICE <br /> Colorado Water Conservation Board <br /> Attn: Peg Mason, Contracts Manager <br /> Finance Section <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> Re: St. Vrain and Left Hand Water Conservancy District, acting by and through its Water <br /> Activity Enterprise —Repair Project for Outlet Pipeline for the Rock'n WP Ranch Lake <br /> No. 4; CWCB Loan Contract No. CT2017-3213, Amendment No. 1 <br /> Dear Peg: <br /> This firm represents the St. Vrain and Left Hand Water Conservancy District ("District"), which is <br /> acting by and through its Water Activity Enterprise, for CWCB Loan Contract No. CT2017-3213 <br /> for the Lake 4 Outlet Pipeline Repair Project ("Loan Contract"). I am providing this letter as the <br /> attorney for the District to meet the requirement of 117 of Loan Contract Amendment No. 1 <br /> ("Loan Contract Amendment"). Based upon my review of the District's records, organizational <br /> decree, amended and restated bylaws ("bylaws"), and applicable statutes, it is my opinion that: <br /> 1. The Loan Contract Amendment has been duly executed by officers of the District who <br /> have been duly appointed to their respective positions and who are authorized to <br /> execute the Loan Contract Amendment and to bind the District in this transaction. <br /> 2. The resolutions of the District authorizing the execution and delivery of the Loan <br /> Contract Amendment were duly adopted by the District's Board of Directors. <br /> 3. There are no provisions in the District's bylaws or in the Colorado Constitution or any <br /> other state or applicable binding local laws that prevent the Loan Contract Amendment <br /> from binding the District. <br /> 4. Subject to typical limitations related to bankruptcy, police power, and creditor's rights <br /> generally, if entered into by the CWCB, the Loan Contract Amendment will be valid and <br /> binding against the District. <br /> 5. The District, acting by and through its Water Activity Enterprise, was formed as a water <br /> conservancy district and is operated as a water activity enterprise pursuant to the <br /> provisions of C.R.S. 37-45.1-101 et seq. The District, acting by and through its Water <br /> Activity Enterprise, is a government-owned business authorized to issue its own revenue <br /> bonds and receiving less than 10% of annual revenue in grants from all Colorado state <br /> and local governments combined within the meaning of Article X, Section 20 of the <br /> Colorado Constitution. <br /> LYONS GADDIS KAHN HALL JEFFERS DWORAK&GRANT, PC <br /> 515 Kimbark Street 2nd Floor PO Box 978 Longmont,CO 80502-0978 <br /> 363 Centennial Parkway Suite 110 Lousiville CO 80027 <br /> 303 776 9900 I 720 726 3670 www.Ivonsgaddis.com <br />