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<br />WARD H. FISCHER (1929.1996) <br />WILLIAM H. BROWN <br />WILliAM C. GUNN <br /> <br />['[SCHER, BROWN & GUNN, P.c. <br /> <br />ATTORNEYS AT LAW <br /> <br />MArliNG ADDRESS <br />POST OFFICE BOX a <br />FORT COLLINS. CO 80522 <br /> <br />TELEPHONE <br />9701407.9000 <br /> <br />WILLIAM R. FISCHER <br />MARGARET A. (MEG) BROWN <br />MARGARET A. ALTHOFF <br />DANIEL K. BROWN <br /> <br />EIGHTH FLOOR . FIRST TOWER <br />215 WEST OAK STREET <br />FORT COLLINS. COLORADO 80521 <br /> <br />FAX <br />970/407-1055 <br /> <br />E-mail: fbg@lriLcom <br /> <br />March 15,2001 <br /> <br />Colorado Water Conservation Board <br />ATTN: Janis Illian <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />hAi~ 1 0 ZaGl <br /> <br />CC~:;'!.~0 '.-\.'::~.~:' Cc: ~':-:':;';::~:il 8(1:\....~ <br /> <br />RE: Loan Contract C150060 <br /> <br />Ladies and Gentlemen: <br /> <br />We are the attorneys for the Julesburg Irrigation District (the "District"). <br />Paragraph 6 ofCWCB loan contract C150060 ("Loan Contract") requests an attorney's <br />opinion letter as a condition oflban approval.. ' <br /> <br />" ., <br /> <br />In our opinion the District i~ authorized t9 enter into the Loan Contract with State <br />of Colorado, Department of Natural Resources, Colorado Water Conservation Board <br />(hereinafter "State") for the construction/rehabilitation of the Petersen structure, and to <br />borrow from the State the sum of$100,000.00 at a interest rate of3,5% per annum with a <br />repayment term of30 years for that purpose. <br /> <br />Weare further ofthe opinion: <br /> <br />1. That the signatures of the persons signing for the District are duly elected <br />or appointed President (George Dracon) and Secretary (Pamela Collins), I am basing this <br />opinion on the attached Certificate of the Secretary and the attached Resolution <br />designating those persons as the ones to execute the contract. <br /> <br />2. That the officers signing for the District have the authority to bind the <br />District and that the Loan Contract has been validly approved by the District's Board of <br />Directors, I base this opinion on the same resolution, <br /> <br />3. That the attached Resolution of the District authorizing the execution and <br />delivery of the Loan Contract was duly adopted by the Board of Directors of the District. <br />I base this opinion on the attached minutes of the special meeting held March 1,2001. <br />