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<br />. <br /> <br />- <br /> <br />ANTHONY W WilLIAMS <br />BERNDT C HOLMES <br />J 0 SNODGRASS <br />WILLIAM 0 PRAKKEN <br />BERNARD A. BUESCHER <br />DONALD E JORDAN <br />DAVID J TURNER <br />MARK A HERMUNDSTAD <br />JOHN P GORMLEY <br />SUSAN M. COALE <br /> <br />WILLIAMS, TURNER & HOLMES, P.C. <br /> <br />ATTORNEYS AT LAW <br />COURTHOUSE PLACE BUILDING - 200 N, 6th STREET <br />MAILING ADDRESS. POBOX 338 <br />GRAND JUNCTION, COLORADO 81502 <br />TELECOPIER- (303~ 241-3026 <br />TELEPHONE. (3031 242-6262 <br /> <br />SILMON SMITH (1886-1964) <br />CHARLES HOLMES 11897.1967) <br /> <br />WARREN L TURNER <br />OF COUNSEL <br /> <br />August 4, 1988 <br /> <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 />Gentlemen: <br /> <br />We address this opinion letter to you with reference to a Loan <br />Repurchase Contract dated August 4, 1988 between the State of Colorado <br />for the use and benefit of the Department of Natural Resources <br />(Colorado Water Conservation Board) and the Grand Valley Water <br />Users Association, a Colorado corporation. <br /> <br />The Board of Directors and the stockholders of the Association <br />have taken all necessary actions consistent with and prescribed <br />by its Articles of Incorporation and Bylaws to adopt the necessary <br />resolutions authorizing the Association to contract in accordance <br />with the form and provisions of the said Loan Repurchase Contract <br />and to authorize its President and Secretary to sign on behalf <br />of the Association and to authorize the Association to use project <br />fees, levys, or other assessments as may be necessary to pay the <br />indebtedness. <br /> <br />The President and Secretary who are signatory to the Contract <br />for the Association are the proper persons and officers required <br />to execute the said Contract and validly authorized to do so. The <br />said Contract is a valid and legal obligation binding upon the <br />Association when signed by the State and the $100,000.00 has been <br />advanced. <br /> <br />The pertinent resolutions and actions of the Board of Directors <br />and stockholders are attached to the said Contract as Exhibit A. <br />Each of the attachments in the form of Exhibit A have been validly <br />adopted in accordance with the Articles of Incorporation and the <br />Bylaws of the Association. <br /> <br />Yours very truly, <br /> <br />2AM" TURN:R;;:;~;C. <br /> <br />Anth ny W. Williams <br /> <br />-' <br /> <br />AWW/sr <br />