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<br />- <br /> <br />. <br /> <br />. <br /> <br />ALPERSTEIN & COVELL, Pc. <br /> <br />ATTORNEYS AT LAW <br /> <br />Colorado Department of Natural Resources <br />December 9, 1998 <br />Page 3 <br /> <br />Project which the Governmental Agency expects to receive in the ordinary course of business), and <br />the undertaking and completion of the Project, have been obtained or made. <br /> <br />5. To the best of my knowledge and after such investigation as I have deemed <br />appropriate, there is no litigation or other proceeding pending or threatened in any court or other <br />tribunal of competent jurisdiction (either State or Federal) questioning the creation, organization or <br />existence of the Town or of the validity, legality or enforceability of the Loan Contract or the <br />undertaking or completion of the Project, or which if adversely determined could (i) materially <br />adversely affect (a) the financial position of the Town, (b) the ability of the Town to perform its <br />obligations under the Loan Contract, (c) the security for the Loan Contract, or (d) the transactions <br />contemplated by the Loan Contract or (ii) impair the ability ofthe Town to maintain and operate its <br />municipal water collection and delivery system. <br /> <br />6. There does not exist any bill, act, law, rule orregulation pending or, to the best of my <br />knowledge, threatened which, if enacted, could (i) materially adversely affect (a) the ability of the <br />Town to perform its obligations under the Loan Contract, (b) the security for the Loan Contract or <br />(c) the transactions contemplated by the Loan Contract or (ii) impair the ability of the Town to <br />maintain and operate its municipal water collection and delivery system. <br /> <br />This opinion is rendered on the basis of Federal law and the laws of the State of Colorado <br />as enacted and construed on the date hereof. I express no opinion as to any matter not set forth in <br />the numbered paragraphs herein. <br /> <br />Very truly yours, <br /> <br />~V1.~ <br /> <br />Edward M. Caswall <br />Town Attorney <br /> <br />EMC/ben <br /> <br />cc: C. Watson, Town Administrator <br /> <br />D:\Client Files\Georgetown\CWCB Opinion Lelt<::r.wp<l <br />