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KUTAKROCK <br /> Kutak Rock LLP <br /> 1801 California Street,Suite 3000,Denver,CO 80202-2652 <br /> office 303.297.2400 <br /> Thomas M.Peitz <br /> 303.292.7807 <br /> thomas.peltz@kutakrock.com <br /> May 1, 2019 <br /> Colorado Department of Natural Resources <br /> Colorado Water Conservation Board <br /> 1313 Sherman Street, Room 718 <br /> Denver, Colorado 80203 <br /> Re: Intergovernmental Loan Contract for Contract Number CMS 128656 CT2019- <br /> 3687 for the Central Colorado Water Conservancy District Groundwater <br /> Management Subdistrict <br /> To Whom It May Concern: <br /> We have been engaged by the Board of Directors(the"Board")the Central Colorado Water <br /> Conservancy District Groundwater Management Subdistrict, in Adams, Morgan and Weld <br /> Counties, Colorado (the "District") for the sole purpose providing the bond counsel opinion <br /> required by the State of Colorado Department of Natural Resources Water Conservation Board <br /> ("CWCB") in paragraph 10 of the above-referenced Intergovernmental Loan Contract (the "Loan <br /> Contract"). <br /> The execution by the District of the Intergovernmental Loan Contract, including the <br /> documents attached thereto,was approved pursuant to authorizing Resolution passed and adopted <br /> on by the Board on April 16, 2019 (the "Loan Resolution"). <br /> We have examined the constitution and the laws of the State of Colorado (the"State") and <br /> such certified proceedings, certificates, documents, opinions and other papers as we deem <br /> necessary to render this opinion. As to questions of fact material to our opinion, we have relied <br /> upon the certified proceedings and other certifications of public officials furnished to us without <br /> undertaking to verify the same by independent investigation. We have assumed the due <br /> authorization, execution and delivery of the Loan Contract by, and the enforceability of the Loan <br /> Contract against,the CWCB. <br /> Based upon the foregoing, we are of the opinion, under existing law and as of the date <br /> hereof,that: <br /> (a) the Loan Contract has been duly executed by officers of the District who <br /> are duly elected or appointed and are authorized to execute the Loan Contract and to bind <br /> the District; <br /> 4844-4594-8561.1 <br />