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<br />. <br /> <br />BERNARD LYONS <br />GADDIS & KAHN <br /> <br />. <br /> <br />A PROFESSIONAL CORPORATION <br />ATTORNEYS AND COUNSELORS <br /> <br />515 KIMBARK STREET <br />POST OFFICE BOX 978 <br />LONGMONT, CO 80502-0978 <br />303-77()"9900 <br />FAX 303-413.1003 <br />E~MAIL info@blglaw.com <br /> <br />DANIEL F. BERNARD <br />RICHARDN. LYONS, II <br />JEFFREY J. KAHN <br />JOHN W, GADDIS <br />BRADLEY A. HALL <br />STEVEN P. JEFFERS <br />WENDY SLEB RUDNIK <br />CURTIS H. MOORE <br />ANTON V. DWORAK <br /> <br />sjeffers@blglaw.com <br /> <br />September29,2000 <br /> <br />Janis Illian, Contract Administrator <br />Water Project Planning and Finance Section <br />Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Re: Highland Ditch Company, CWCB Loan Contract C150015 <br /> <br />Dear Janis: <br /> <br />Our firm represents the Highland Ditch Company in regard to the above-referenced loan <br />contract. I am providing this letter as the attorney for the Ditch Company in order to comply <br />with ~A.8. of the loan contract. Based upon my review of the Company's records, articles of <br />incorporation, by-laws, and applicable statutes, it is my opinion as follows: <br /> <br />1. The officers who have signed the loan contract on behalf of the Highland Ditch <br />Company were duly elected to the Board of Trustees and to the offices which they hold. Those <br />persons have authority to sign the loan contract and all attachments on behalf of the Highland <br />Ditch Company and to bind the Highland Ditch Company in this transaction. <br /> <br />2. The Highland Ditch Company shareholders and the trustees have validly adopted <br />resolutions approving the loan contract. <br /> <br />3. There are no provisions in the Highland Ditch Company articles of incorporation <br />or by-laws, or in any state or local law, that prevents the contract from binding the Highland <br />Ditch Company. <br /> <br />4. The loan contract will be valid and binding against the Highland Ditch Company <br />if entered into by the State. <br /> <br />Yours truly, <br /> <br />BERNARD, LYONS, GADDIS & KAHN, <br />a Professional Corporation <br /> <br />Bt~~ <br />Steven P. Jeffers <br /> <br />, <br /> <br />SPJ:pp <br />cc: Robert Schlagel, President <br />Jill Baty, Secretary <br />G:\CLIENTS\H\HIGHL\CWCBIL-ILLIAN.DOC <br /> <br />9/29/00 <br />