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<br />~~ <br /> <br />~ <br /> <br />-. <br /> <br />Mr. Ioannides, P.C. <br />July 8, 1986 <br />Page Four <br /> <br />expected to permit. Therefore, no "indebtedness" is created for <br />purposes of Art. XI, Sec. 6 of the Constitution, and no election <br />is required pursuant to Art. XI, Sec. 6 and C.R.S. 37-45-139. <br />The Contract thus can be entered into by the District upon <br />approval of the Board of Directors of the District, without an <br />election, pursuant to the general powers of Board of Directors as <br />set forth in C.R.S. 37-45-118. <br /> <br />4. To the best of our knowledge, there are no provisions in <br />the Decree pursuant to which the District was organized (a copy <br />of which is enclosed), the District's By-laws, the statutes of <br />the State of Colorado, or any local laws which would prevent the <br />Contract from binding the District. <br /> <br />5. It is our opinion that the Contract will be valid and <br />binding against the District if it is entered into by the State. <br /> <br />We hope that this opinion letter is satisfactory for your <br />purposes. If anything further is needed from the District or <br />from us, please do not hesitate to contact either Ray Sparkman or <br />us. We would appreciate receiving a fully-executed copy of the <br />Contract once it has been executed by the State. <br /> <br />WILLIAMS, TURNER & HOLMES, P.C. <br /> <br />/fl1aial!~1f( <br /> <br />Mark A. Hermundstad <br /> <br />MAH/jar <br />xc: Ray Sparkman <br />