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<br />. <br /> <br />. <br /> <br />Robert O. Engelke <br />December 7, 1988 <br />Page Three <br /> <br />For yet another approach, we believe it might be possible to <br />view this entire transaction as a refunding of the CWCB debt, <br />which is specifically authorized to be done by action of the <br />City council. Again, we have not developed these approaches <br />further because the pledge of sales tax revenues seems to be a <br />simpler and more economical solution. <br /> <br />This opinion is for the sole use and benefit of the <br />City of fruita. It is based polely upon a review of the Fruita <br />City Charter and applicable state law, and the existing <br />agreements between the City of Fruita and the Colorado Water <br />Conservation Board. We appreciated the opportunity to examine <br />this interesting question. <br /> <br />Very truly yours, <br /> <br />YOUNGE & HOCKENSMITa, <br />Professional Corporation <br /> <br />By <br /> <br />7ci-vlf ~ <br /> <br />Kirk Rider <br /> <br />KR/lmr <br />