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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br /> <br />" <br />. --. ~ <br /> <br />EXHIBIT A <br />Page 3 of Jl <br /> <br />Colorado Water Conservation Board <br /> <br />-3- <br /> <br />August 4, 1988 <br /> <br />other than on a pro rata basis for the purpose of raising funds <br />to accomplish the purposes for which organized, or to pay its <br />debts or obligations, or to secure reduction in the principal <br />debt due the United States of America for reclamation project <br />construction costs, or delinquent assessments, or charges already <br />due and payable, when the articles of incorporation so permit, <br />or when required under existing or future contracts between the <br />United States and the association or between the association and <br />its stockholders or under any laws or regulations of the United States." <br /> <br />This letter of opinion will be attached to the transmittal letter and the LOAN <br />REPURCHASE CONTRACT when forwarded by the Association. <br /> <br />Respectfully submitted, <br /> <br />KREIDLER & MOXLEY <br /> <br />By: <br /> <br /> <br />~A <br /> <br />J <br /> <br />Reg. No. 004666 <br /> <br />JEK:bja <br /> <br />cc: James Hokit, Manager <br />U.V.W.U.A. <br />P. O. Box 69 <br />Montrose, CO 81402 <br /> <br />Page 3 of 3 <br />