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<br />";" <br /> <br />. <br /> <br />. <br /> <br />RECEIVED <br />AUG 2 5 1999 <br /> <br />LIND, LAWRENCE & OTTENHOFF LLP <br />ATTORNEYS AT LAW <br />THE LAW IlUILOING <br />1011 ELEVENTH AVENUE <br />GREELEY, COLORAOO 80631 <br /> <br />Colorado Water <br />Consentation Board <br /> <br />TELEPHONE <br />(970) 356-9160 <br />(970) 353-2323 <br />TELECOPIER <br />(970)356-1111 <br />kim<<mlo.enchost.com <br /> <br />GEORGE H, OTTEN HOFF <br />KENNETH F, UNO <br />KIM R. LAWRENCE <br /> <br />JEFFREY R. BURNS <br />P. ANOREW JONES <br /> <br />August 23, 1999 <br /> <br />Ms. Janis lilian, Contract Administrator <br />State of Colorado <br />Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Re: Sterling Irrigation Company Loan Contract <br /> <br />Dear Janis: <br /> <br />Our firm researched the records concerning the Sterling Irrigation Company and found the <br />following: The ditch was informally organi~ed in 1873 and first incorporated in 1885 <br />according to the stock book of the company, The Corporation was however dissolved and <br />reincorporated in 1915 as shown by the enclosed Certificate of Incorporation. Since <br />corporations could not be perpetual at that time, but could be incorporated for only 20 <br />years, the Corporation was renewed in 1936 as shown by the Certificate of Renewal <br />enclosed. When the law changed the company adopted the Resolution enclosed <br />providing for "perpetual" existence of the corporation. The copy I received from the <br />Secretary of State is not very good, but the words "in perpetuity" are clear. Also enclosed <br />is the most recent filing with the Colorado Secretary of State that shows the corporation <br />is in good standing and a copy of the Bylaws, <br /> <br />Our firm represents the above Company and has been asked to furnish an opinion as to <br />certain matters: <br /> <br />It is our opinion that: <br /> <br />1. Keith Gareis, is the president of the Sterling Irrigation Company and has authority <br />to execute loan documents on behalf of the Sterling Irrigation Company and to bind <br />the Sterling Irrigation Company to the terms thereof. <br /> <br />2. That borrower's stockholders have validly adopted Resolutions dated 2/13/99 <br />approving the contract for the loan. <br /> <br />F,IKIMISTERLlNGICON$V8D1,LTR <br />