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<br />MICHAEL L. NICKLOS <br />ATTORNEY AT LAW <br />P.O. BOX 581 . 1 S WEST SECOND STREET <br />LA .JUNTA, COLORADO 81 DSD <br />(718) :384-5848 <br />FAX (71 8) :384-5847 <br /> <br />RECEnlEO <br />/MAY 3 (1 ?nnn <br /> <br />May 18, 2000 <br /> <br />VIA FAX (303) 866-4474 <br />AND FIRST-CLASS MAIL <br /> <br />COlor..:, <br />C0/tS6f\f.<>',", _ <br />.....,J Icvara <br /> <br />Janis lIlian, Contract Administrator <br />Water Project Planning & Finance Section <br />Coiorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Re: Otero Ditch Company/CWCB Loan Contract C150040 <br /> <br />Dear Ms. Illian: <br /> <br />I have reviewed your letter of April 24, 2000, as concerns the <br />above-captioned matter and all of the contract documents which <br />you enclosed with that letter. I have also reviewed such other <br />documents as deemed necessary and appropriate to give you the <br />opinion required by paragraph A.8 of the loan contract. <br /> <br />In that regard, it is my opinion that the parties signing the <br />contract with the State were duly elected and have authority to <br />sign such documents on behalf of the Otero Ditch Company and to <br />bind the Otero Ditch Company. The Otero Ditch Company <br />shareholders and board of directors have validly adopted <br />Resolutions approving the contract with the State, and there are <br />no provisions in the Otero Ditch Company's Articles of <br />Incorporation or Bylaws or any state or local law that prevent <br />this contract from binding the Otero Ditch Company. Finally, it <br />is my opinion that this contract will be valid and binding <br />against the Otero Ditch Company if entered into by the state. <br /> <br />If you need anything further, please let me know. <br /> <br />Very .truly yours, . <br /> <br /> <br />Michael L. Nicklos <br /> <br />MLN: sr <br />pc: Robert Valdez, Otero Ditch Company <br /> <br />-.J <br />