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<br />. <br /> <br />. <br /> <br />JM 111(~ <br /> <br />~..,~, <br />"';--.~ . .. . <br />'~-- <br />--.....r.rf <br /> <br />COLORADO RIVER WATER <br />:/ CONSERVATION DISTRICT <br />~~ m1~~~ilW~@ <br /> <br />May 1, 1998 <br /> <br />MM 04 1998 <br />OFFICE01"THE <br />NATU~}JS{Jf'EY GENERAL <br />SOURCES SEC170N <br /> <br />Linda 1. Bassi <br />Assistant Attorney General <br />Colorado Attorney General's Office <br />1525 Sherman Street, 5th Floor <br />Denver, CO 80203 <br /> <br />RE: CRWCD / CWCB PROJECI' CONTRACI' (CONTRACI' ENCUMBRANCE No. C153629) <br /> <br />Dear Ms, Bassi: <br /> <br />I am writing as you requested to provide this opinion about the effectiveness of the lease <br />revenue pledge arrangement under our pending Project Contract Amendment No, 2 as an obligation <br />of the River District's Colorado River Water Projects Enterprise ("Enterprise"), The Project <br />Contract provided partial funding for the River District's construction of Wolford Mountain <br />Reservoir Project. <br /> <br />The River District historically has operated its Wolford Mountain Reservoir Project as an <br />enterprise activity and intends to do so for the indefinite future, While the original Project Contract <br />was made prior to the approval and effective date of the so-called "TABOR Amendment" (Colorado <br />Constitution Article X, Section 20), subsequent to TABOR's effective date the River District <br />formalized and confirmed its Enterprise's operation by a series of Resolutions, the most recent of <br />which was adopted on July 18, 1995, A copy of that Resolution is enclosed, <br /> <br />The Enterprise is a government business operation which is owned and controlled by the River <br />District through its Board of Directors, In implementing of the Board's conduct of Enterprise <br />activities, the River District's Board acts as the governing body of the Enterprise consistent with the <br />provisions of the Water Activity Enterprise Act, C.R,S, ~ 37-45.1-101, et seq, <br /> <br />Based upon my review of the pertinent documents and applicable law, it is my opinion that: <br />(1) at their October 1997 Enterprise Board meeting the River District's Board of Directors duly <br />approved the Project Contract Amendment No, 2 and its implementing documents, including the <br />revenue pledge documentation, by the enclosed Resolution dated October 21, 1997; and (2) Project <br />Contract Amendment No, 2 and the implementing revenue pledge documents are properly authorized <br />and will be binding obligations of the River District's Enterprise when fully executed by the parties <br /> <br />SUITE #204.201 CENTENNIAL STREET <br />P.O, BOX 1120/GLENWOOD SPRINGS, COLORADO 81602 <br />(970) 945,8522' FAX (970) 945,8799 <br /> <br />'.'.u-+ <br />,- <br />~I..- <br />