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' -~ <br />' <br />A R B I T R A G E <br />~ C O M P L I A N C E <br />February 28, 2001 s p E c I A L I s T s <br />' I N C O R P O R A T E D <br />Marion County (the "County"~ 3800 South Albion Street, su~re 200 <br />555 Center Street N.E. Engiewood, Colorado 80110-4239 <br />' 303. 756.5f00 Fax: 303. 756. 0901 <br />P.O. Box 14500 ArbCom~Earthlink.net <br />Salem, Oregon 97309 800. s~2. ssss <br />Branch Offices: <br />' Co/umbia, South Carolina Las Vegas, Nevada <br />Houston, Texas Odando, Flonda <br />522 ~~~ ~0~ Knoxville, 7ennessee Port/and, Oregon <br />+ ~ La Jolla, Calilomia Satt Lake City, Utah <br />CERTIFICATES OF PARTICIPATION <br />(COURTHOUSE SQUARE PROJEC~ 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, 2000 <br />AS OF THE DATE OF THIS REPORT <br />FEBRUARY 28, 2001 <br />' <br />~ <br />' <br />' <br />' <br />, <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 County with respect to the above-referenced issue of certificates of participation (the <br />"COPs") for the above-referenced computation period (the "Computation Period"). The computations <br />attached as Exhibits 1 through 6(together with this letter, the "Report") have been performed by ACS <br />and are based upon assumptions and representations (which, although ACS did not verify, are, to the best <br />of our knowledge, reasonable) referred to in this and in the following paragraphs relating to information <br />and instructions provided to ACS by the County. The computations reflected in Exhibits 1 through 6 of <br />this Report are summarized as follows: <br />The yield on the COPs is 4.832636507% (E~chibit 2). <br />2. The yield on the investments is 4.829880381% (E~chibit 4). <br />Contingent Rebatable Arbitrage for the Computation Period ~~;?~;653.49 <br />Using procedures, which ACS has developed for calculating arbitrage rebate, ACS has computed the <br />~ amount of the Contingent Rebatable Arbitrage with respect to the COPs for the Computation Period in <br />accordance with the applicable provisions of the Internal Revenue Code of 1986 (the "Code") and the <br />1993 Treasury Regulations thereunder applicable to the COPs (the "Regulations"). <br />, ARBITRAGE COMPLIANCE SPECIALISTS, INC. <br />BY: c.P~- <br />~ <br />Ira B. Sacks, Director <br />' Certified Public Accountant <br />~ <br />