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~, <br />i. <br />~~ <br />April 14, 2000 <br />A R B I T R A G E <br />C O M P L I A N C E <br />S P E C I A L I S T S <br />f ~ <br /># <br />~ : <br />Marion County <br />530 Center Street N.E., Suite 312 <br />~ Salem, Oregon 97301 <br />~- <br />:s <br />t ._: <br />~. <br />~: <br />~ <br />~ M <br />~ <br />~ <br />L`~ <br />~ <br />~ <br />L~ <br /> <br />I N C O R P O R A T E D <br />3800 South Albion Street, Suite 200 <br />Englewood, Colorado 80i10-4239 <br />303.756.5f00 Fax:303.756. 0901 <br />Regional and AHiliated Ollices: <br />Columbia, Sou~h Carolina <br />Houston, Texas <br />Knoxville, Tennessee <br />$ 22 ~~ 00 ~ ~ 0 0 Ia Jolla, Calilomia <br />CERTIFICATES OF PARTICIPATION PoNand,Oregon <br />Satt Lake City, Utah <br />(COURTHOUSE SQUARE PROJECT) 1998 SERIES A <br />Evidencing Direct, Fractional Undivided Interests in the 1998 Financing Payments <br />to be made pursuant to the Financing and Trust Agreement described herein by <br />MARION COUNTY, OREGON <br />ARBITRAGE REBATE CALCULATIONS <br />FOR THE COMPUTATION PERIOD <br />' DECEMBER 16, 1998 TO DECEMBER 16, 1999 <br />AS OF THE DATE OF THIS REPORT <br />APRIL 14, 2000 <br />At your request, Arbitrage Compliance Specialists, Inc. ("ACS") has prepared computations <br />pertaining to the amount of the contingent rebatable arbitrage (the "Contingent Rebatable Arbitrage") on <br />behalf of the Marion County, Oregon (the "Issuer") with respect to the above-referenced issue of bonds <br />(the "Bonds") for the above-referenced computation period (the "Computation Period"). The <br />computations attached as Exhibits 1 through 6(together with this letter, the "Report") have been <br />performed by ACS and are based upon assumptions and representations (which, although ACS did not <br />verify, are, to the best of our knowledge, reasonable) referred to in this and in the following paragraphs <br />relating to information and instructions provided to ACS by the Issuer. The computations reflected in <br />Exhibits 1 through 6 of this Report are summarized as follows: <br />The yield-to-maturity on the Bonds is 4.832636507% (E~chibit 2). <br />2. The yield on the investments is 4.721995541% (Exhibit 4). <br />Contingent Rebatable Arbitrage for the Computation Period -$17,234.06 <br />Using procedures, which ACS has developed for calculating arbitrage rebate, ACS has computed <br />the amount of the Contingent Rebatable Arbitrage with respect to the Bonds for the Computation Period <br />in accordance with the applicable provisions of the Internal Revenue Code of 1986 (the "Code") and the <br />1993 Treasury Regulations thereunder applicable to the Bonds (the "Regulations"). <br />ARBITRAGE COMPLIANCE SPECIALISTS, INC. <br />BY: ~ ~~ <br />Ira B. Sacks, Director <br />Cer~ified Public Accountant <br />~ <br />