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Mr. Billy Wasson November 9, 1998 Page 3 We offer a full array of investment vehicles for the investment of funds in the trust pending disbursement for project costs. Of particular interest to Marion County will be the Federated Master Repo Program (please see enclosed information sheet). U.S. Bank and Federated Funds co-developed this investment vehicle specifically to comply with Oregon laws governing the use of mutual funds. Use of this investment vehicle for the investment of bond proceeds will provide Marion County with several benefits: 1. Ease of administration. We can set up the County's trust accounts so that any funds not otherwise invested are automatically swept, right down to the last dollar, into the Federated Master Repo. 2. Safety. The Federated Master Repo is set up with Swiss Bank, one of the most highly-rated banks in the world, with collateralization by U.S. Treasuries at 102%. 3. Yield. The most recent rate, for the month of October, 1998, is 4.65%, based on a 365-day calculation. 4. Economy. U.S. Bank, as reflected in the attached fee schedule, imposes no fee or transaction charge for the use of sweep vehicles such as the Federated Master Repo. Also of special interest to the County will be AccessO, U.S. Bank's on-line gateway to its trust accounting system. Through Access, Marion County can download monthly statements on the first working day of each month, obviating the delay in snailmail delivery. The County can access its accounts to verify investment and disbursement activity, to confirm receipt of funds, and to forecast cash a~ailability. Access is available at no additional cost. Our proposed fee structure is set forth in the attachment. U.S. Bank offers a number of optional services in connection with its corporate trust operations. These include dissemination agency services and arbitrage calculation. We have included in the attached schedule our charges for this service. For the purposes of this proposal, we assume that the County will not engage us for arbitrage calculation, and this service is not included in the annual fee quoted. We understand that a required service is the provision to the County of information necessary for it to perform these calculations, and the quoted annual administrative fee includes the provision of this information. We confirm that the undersigned is authorized to contractually bind the proposer, that we have received the RFP and one addendum dated October 29, 1998, and that this proposal is binding for 90 days from the date hereo£ Correspondence and other contacts during the selection process should be directed to the undersigned, who will negotiate with the County.