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<br />" <br /> <br />. <br /> <br />. <br /> <br />RECEIVED <br />OCT I 6 1997 <br /> <br />STUVER & GEORGE, P.C. <br />ATTORNE:YS AT LAW <br />120 WEST THIRD STREET <br />P. o. 130X 907 <br />RIFLE. COLORADO BI6S0 <br /> <br />CoJorado Water <br />Conservation Board <br /> <br />THOMAS W. STUVER <br />RUSSELL GEORGE <br /> <br />TELEPHONE 970 - 625~ 1887 <br />FAX 970 - 625-4448 <br /> <br />MELODY D. MASSIH <br /> <br />October 15, 1997 <br /> <br />COLORADO WATER CONSERVATION BOARD <br />Attn.: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Re: Smith Irrigation Ditch Loan Contract <br /> <br />Gentlemen: <br /> <br />This letter is written as the "Attorneys Opinion Letter" on <br />behalf of my client, Smith Irrigation Ditch, in fulfillment of <br />Paragraph 8, Page 5, of the Loan Contract. <br /> <br />It is my opinion that the following statements are true and <br />apply to this loan transaction: <br /> <br />1. Smith Irrigation Ditch was duly filed with the Colorado <br />Secretary of State on May 13, 1997, as a non-profit corporation <br />under Title 7, Articles 20 through 29 and as a ditch company <br />under Title 7, Article 42, Colorado Revised Statutes. <br /> <br />2. Keith Pankey is the duly elected President of the Smith <br />Irrigation Ditch and Julie Davidson is the duly elected Secretary <br />of the Smith Irrigation Ditch and together have authority granted <br />by the board of directors and members to sign the loan documents <br />required by you in this transaction and that under such authority <br />their signatures bind the Smith Irrigation Ditch according to the <br />terms of such documents. <br /> <br />3. Under the articles of incorporation and by-laws of the <br />Smith Irrigation Ditch, its members have the authority to approve <br />the purpose of the loan and its board of directors has the <br />authority to contract loans and issue evidence of indebtedness in <br />the name of the ditch company upon passing a resolution in a duly <br />constituted meeting. Such a meeting was held on October 9, 1997. <br />I have examined the resolution passed at that meeting, which is <br />submitted to you in the subject loan package. This resolution <br />has been validly adopted. <br />