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<br />'"' "'--....' <br />~ <br /> <br />L86206 <br /> <br />. <br /> <br />. <br /> <br />LAW OFFICES <br />BALLARD. SPAHR, ANDREWS a INGERSOLL <br />SUITE 2300 <br />1225 17TH STREET <br />DENVER, COLORADO 80202 <br />303 292-2400 <br /> <br />\ .\ <br />, \ <br />'" ~\ <br /> <br />r, r ' <br />l; , <br />AUG 1,' .11988 <br /> <br />20TH FLOOR <br />30 SOUTH 17TH STREET <br />PHILADELPHIA, PA 19103 <br /> <br />ONE WE5TLAKES <br />1235 WEST LAKES DRIVE <br />BERWYN, PA 19312 <br /> <br />eLC <br /> <br />SlESMAYERSTRASSE 44 <br />o 6000 FRANKFURT/MAIN I <br />FEDERAL REPUBLIC OF GERMANY <br /> <br />TELECOPIER: 303 296-3956 <br />CABLE: BALLARD <br /> <br />AMERICAN PLAZA n, SUITE 400 <br />57 WEST 200 SOUTH <br />SALT LAKE CITY, UT 84101 <br /> <br />August 17, 1988 <br /> <br />SUITE 900 EAST <br />555 13TH STREET, N. W. <br />WASHINGTON, D. C. 20004 <br /> <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />Re: City of Fort Collins, Colorado <br />Loan Repurchase Contract With The <br />State of Colorado <br /> <br />Ladies and Gentlemen: <br /> <br />We have acted as bond counsel to the City of Fort <br />Collins, Colorado (the "City"), in connection with a Loan <br />Repurchase Contract (the "Contract") between the State' of <br />Colorado (the "State") for the use and benefit of the Department <br />of Natural Resources (Colorado Water Conservation Board) and the <br />City. The Contract was authorized by the Council of the City by <br />Ordinance No. 91, 1988 (the "Ordinance"), a copy of which is <br />attached as Exhibit A to the Contract. The Contract evidences <br />the obligation of the City to repay a loan from the State in the <br />principal amount of $2,425,342.31 with interest thereon at the <br />rate of five percent (5%) per annum in constant annual <br />installments, which are set forth in Exhibit B to the Contract. <br />The purpose of the loan is to enable the City to repurchase a <br />loan from the United States Department of the Interior (Bureau of <br />Reclamation) for water purposes. The obligation of the City is a <br />general obligation payable from general ad valorem taxes and the <br />net revenues of the City's water system. <br /> <br />In our capacity as bond counsel we have examined the <br />Constitution and the laws of the State of Colorado and the home <br />rule Charter and the Code of the City, an original of the <br />Contract as executed by the City, a certified copy of the <br />Ordinance, and such other documents as we deemed necessary in <br />order to render this opinion. <br /> <br />Based upon the foregoing examination it is our opinion <br /> <br />that: <br />