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ROOSEVELT PLACE NEIL E.PILLER <br /> SCHEY, PILLER, 636 COFFMAN STREET,SUITE 200 DONALD H.ALSPAUGH <br /> ALSPAUGH & POST OFFICE BOX 267 PHILLIPS.WONG <br /> LONGMONT,COLORADO 80502-0267 SARA LEWIS,Of Counsel <br /> WONG, P.C. TELEPHONE(303)776-3511 <br /> FAX(303)772.2297 JACOB S.SCHEY(1881.1963) <br /> ATTORNEYS AT LAW www.spawlaw.com THEODORE D.SCHEY,JR.(1912.1996) <br /> August 16, 2016 <br /> Colorado Water Conservation Board <br /> Finance& Administration Section <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> Attn: Peg Mason <br /> Via Email: peg.mason@state.co.us <br /> 1S1 Class Mail <br /> Re: Oligarchy Irrigation Company-Burch Lake Dam Outlet Works Rehabilitation Project <br /> Modification of Loan Contract#CT 2016-1597 <br /> This firm represents the Oligarchy Irrigation Company (the "Oligarchy"). The Oligarchy has <br /> requested that I provide an opinion to the Colorado Water Conservation Board(CWCB)that upon <br /> executing the Loan Contract Amendment No. 1 with the CWCB for the loan contract#CT 2016- <br /> 1597,the loan contract(as amended)will be binding and enforceable against the Oligarchy. <br /> In providing this opinion,I reviewed the Oligarchy's articles of incorporation, by-laws, applicable <br /> statutes, the notice of special meeting of shareholders held on August 12, 2016, at the Clover <br /> Building, Boulder County Fairgrounds, 9595 Nelson Road, Longmont, Colorado, commencing at <br /> 10:00 the minutes of the special meetings of shareholders and directors of the Oligarchy and the <br /> Resolutions passed by the shareholders and directors on August 12, 2016. <br /> Based on my review of the Oligarchy's documents, it is my opin'on that: <br /> 1. The special meeting of shareholders was legally noticed d held on August 12, 2016. At <br /> that meeting a quorum of shareholders of the Oligarchy were pre ent or present by proxy. <br /> 2. At that meeting, a Resolution of the Oligarchy was passed by the majority vote of the <br /> shareholders authorizing the Oligarchy to enter into loan contract amendments and appendices <br /> thereto amending the current loan agreement with the CWCB in loan contract#CT 2016-1597. The <br /> directors were authorized to execute the loan contract amendments, including but not limited to, <br /> Amended Promissory Note,Amended Security Agreement and Amended Deed of Trust increasing <br /> the principal amount of the current loan from $781,740 to$901,930.00. for the purposes specified <br />