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, :J(. 2Jruce :licke/ 11 . -- (303) .J:J2.26J2 Baw Office oj Y? :JJruce .!7ic~el II P,O. Box S Berthoud. Colorado 80513 \\ECf.'''EO ~a-J 1 0 '~8 #",1'tif'. ~O" November 9, 1988 N. C. Ioannides Chief Project Planning and Construction Section Colorado Water Conservation Board Department of Natural Resources 721 State Centennial Building 1313 Shc~an street Denver, Colorado 80203 Re: The Ish Reservoir Company Project Contract No. 34-04-00 Dear Mr. Ioannides: It is my opinion, as attorney for The Ish Reser-loir Company (Company), that the Board of Directors of the Company has the authority to enter into the above-referenced contract pursuant to the Articles of Incorporation and the By-Laws of the company. In the Articles of Incorporation of The Ish Reservoir Company at paragraph Second (i) it states that: "SECOND: - The objects for which our said corporation is formed and incorporated are: (i) to borrow money on its note or otherwise for corporate purposes whenever deemed necessary by its Board of Directors, and to provide for the payment of same on its full paid 'capital stock, or by Deed of Trust or mortgage on its corporate property and franchise." It is further stated in the By-Laws of this corporation in Article XII that the Board of Directors, by a majority vote, are authorized to make all contracts that may be deemed necessary for the carrying on of all kinds of business within the objects and purposes of the corporation. A copy of the By-Laws is enclosed for your information and records. Enclosed herewith is a copy of the minutes of the meeting held the 23rd day of September, 1987 in which the Board of Directors unanimously voted to sign the contract with the State of Colorado to borrow $36,000.00 in principal and to repay a total amount of $57,775.80 on the terms and conditions stated therein for the purpose of repair and rehabilitation of the Ish DQm. It was