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<br />y <br /> <br />. <br /> <br />. <br /> <br />Colorado Water Conservation Board <br />July 24,2001 <br />Page 2 <br /> <br />2. That the Company's shareholders and board of directors have validly <br />adopted resolutions approving the Loan Contract. We base this opinion on the <br />documents identified in paragraph I and attached hereto. <br /> <br />3. That there are no provisions in the Company's Articles ofIncorporation or <br />Bylaws or any state or local law that prevent this contract from binding the Company. <br />We base this opinion on the Articles ofIncorporation dated September 27, 1938 and the <br />Bylaws ofthe Company adopted September 30,1938. <br /> <br />Based upon the above, we are further of the opinion that the Loan Contract will be <br />valid and binding against the Company if entered into by the State. <br /> <br />Sincerely, <br /> <br />FISCHER, BROWN & GUNN, P.C. <br /> <br /> <br />William R. Fischer <br /> <br />WRF/dmh <br />cc: The Tunnel Water Company <br /> <br />wrf\ws&s\tunnel water company\cwcb Itr 072401 <br />