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<br />. <br /> <br />. <br /> <br />State of Colorado <br />Colorado Water Conservation Board <br />October 31,1997 <br />Page 2 <br /> <br />(4) That attached to the Loan Contract as Appendix 1 are valid and accurate <br />copies of the Resolution of the Stockholders of Wood Lake and the <br />Resolution of the Board of Directors of Wood Lake dated January 8, 1997 <br />which said Resolutions approve the contract and necessary appendix <br />documents, including the authorization that Ruben Hergert, as President, <br />and Vicki Mill, as Secretary, be authorized to sign said contract and <br />necessary documents on behalf of Wood Lake; <br /> <br />(5) That neither the Articles of Incorporation, the By-laws or state or local laws <br />prevent Wood Lake and its duly appointed officers from entering into and <br />signing the Loan Contract and appendix documents; and <br /> <br />(6) Said Loan Contract is valid and binding against Wood Lake assuming that <br />the State properly executes the Loan Contract and appendix documents and <br />the State has the authority to enter into such an agreement. <br /> <br />For this opinion we have been provided the documents listed on Exhibit "AU. Our <br />opinion is solely based upon these documents and we have not made any independent <br />investigation or review. Our liability for this opinion letter is limited to the amount of attorney <br />fees paid for this opinion by Wood Lake. <br /> <br />Very truly yours, <br /> <br />LIND, <br /> <br /> <br />Ke <br /> <br />KFUcg <br /> <br />Enclosure <br /> <br />F:\KFLlWOODlAKE\STA TE.L TR <br />