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<br />'" <br /> <br />. <br /> <br />. <br /> <br />James A. Yale <br />August 18, 1995 <br />Page 2 <br /> <br />"bonded debt" in a ballot question is equivalent to a "debt by <br />loan." <br /> <br />Accordingly, to the extent that a vote was required, the <br />Town met that requirement and voter approval for the encumbrance <br />of a general obligation, via a loan contract with CWCB, was <br />obtained. <br /> <br />4. That there are no provisions in the silt Municipal Code <br />or charter or any other state or local law that prevent this <br />contract from binding the Town. <br /> <br />5. That the contract will be valid and binding against the <br />Town and the state if entered into by the parties. <br /> <br />sincerely, <br /> <br />BEATTIE & CHADWICK <br /> <br />By: ~J) &Y- <br /> <br />Karen J.. S Snl~ t <br /> <br />c;?1I!f~ zj>'-/?- '7s <br />