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<br />~ <br />'.r <br />. <br /> <br />. <br /> <br />. <br /> <br />-' <br /> <br />LA.W OFFICES OF <br /> <br />BROWN AND BROWN <br /> <br />550 PALMER <br /> <br />A. ALLEN BROWN (1904.19831 <br /> <br />P. O. BOX 43 <br />DELTA. COLORADO 81416~0043 <br /> <br />AREA CODE 303 <br />TELEPHONE 874-4451 <br /> <br />MICHAEL R. SCHOTTELKOTTE <br />JAMES D. BROWN <br />ROBERT G. TWEEOELL <br /> <br />September 24, 1986 <br /> <br /> <br />Mr. N. C. Ioannides <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />RE: State loan to Stewart Ditch and Reservoir Co. <br /> <br />Dear Mr. Ioannides: <br /> <br />In response to your letter of September 9, 1986, we do <br />hereby certify that we have examined the legal documents submitted <br />to us in connection with the proposed loan by the State of Colorado <br />to the Stewart Ditch and Reservoir Company for repair of its irri- <br />gation system damaged by a mud slide last spring. Enclosed you will <br />find the four originals of the loan contract of September 15, 1986 <br />that were s,ubmitted to the Stewart Ditch and Reservoir Company <br />officials a10ng with your letter of September 9. Also enclosed <br />are other documents which support the following opinion regarding <br />the binding effect of such contract upon the ditch company. <br /> <br />For convenience I shall conform my opinion to the five <br />numbered paragraphs in your letter of September 9 as follows: <br /> <br />1. The contracts are properly executed on behalf of <br />the Stewart Ditch and Reservoir Company by Norman E. Smith, <br />as President, whose signature is properly attested to by <br />Dolores A. Burns, as Secretary. <br /> <br />2. The President and Secretary have express authority <br />to bind the Stewart Ditch and Reservoir Company to the <br />contract in accord with a Resolution adopted by the ditch <br />company's board of directors on September 21, 1986 (copy <br />enclosed) . <br /> <br />3. The Stewart Ditch and Reservoir Company is a private <br />corporation and not a public entity. It is therefore not <br />subject to the "water supply exception" of the Colorado <br />Constitution, Article XI, Section 6. Since it is a private <br />corporation, it is not necessary that an election of stock- <br />