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<br />. <br /> <br />. <br /> <br />PARCEL, MAURO, HULTIN & SPAANSTRA, P. C. <br />ATTORNEYS AT LAW <br /> <br />SUITE 3600 <br /> <br />WILL.lAM A. HILLHOUSE II <br /> <br />1601 CALIFORNIA STREET <br />DENVER, COLORADO 80202-2636 <br />TELEPHONE (303) 292-6400 <br />TELECOPIER (303) 295-3040 <br />E-MAIL: WHJL....HOU@PMHSLAW.COM <br /> <br />RECEIVED <br />DEe 1 2 1997 <br /> <br />DIRECT DIAL <br />(303) 293-6523 <br /> <br />Decem1?er 10, 1997 <br /> <br />Colorado Water <br />Conservation Board <br /> <br />VIA TELECOPY - 866-4474 <br />and FIRST -CLASS MAIL <br /> <br />Colorado Water Conservation Board <br />Attention: Ms. Jan Illian <br />Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br /> <br />Re: Horse Creek Water Users Association Loan Contract <br /> <br />Gentlemen: <br /> <br />Parcel, Mauro, Hultin & Spaanstra, P.c. represents the Horse Creek Water Users Association <br />("HCWUA") with respect to water rights matterS. This letter is submitted pursuant to paragraph A.4 <br />ofthe Loan Contract between the State of Colorado and HCWUA signed by HCWUA on November 25, <br />1997 ("Loan Contract"). <br /> <br />In preparing this letter, we have assumed the genuineness of all signatures, the authenticity of <br />all documents submitted to us as originals and the conformity to the originals of all documents submitted <br />to us as copies. <br /> <br />The opinions expressed in this letter are subject to the following qualifications: <br /> <br />1. The effect of bankruptcy, insolvency, reorganization and other similar laws now or <br />hereafter in effect generally affecting creditors' rights; and <br /> <br />2. The application of general principles of equity, including but not limited to the right of <br />specific performance and the availability of injunctive relief, is subject to the discretion <br />of the courts. <br /> <br />Based upon the foregoing, it is our opinion that the Loan Contract was signed by Donald V. <br />Johns, Jr., as President ofHCWUA. We have examined minutes of the annual members' and Board of <br />Directors' meetings of HCWUA, held on March 19,1997. These minutes indicate that Mr. Johns was <br />re-elected to the HCWUA Board of Directors. These minutes further indicate that, following the annual <br />meeting, the Board of Directors met and that Mr. Johns was re-elected as President. <br />