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~~~~~ ~~~~~ ~~G 0 Fi 1~9~ ~o~s€~~~ ~;~i~~r~ ~~a~ ~c~~~~E~ December 1, 1999 Mr. Mike Hansen, Legal Counsel A R B I T R A G E C O M P L I A N C E S P E C I A L I S T S I N C O R P O R A T E D 3800 South Albion Street, Suite 200 Englewood, Colorado 801 f0-4239 303.756.5f00 Fax: 303. 756. 0901 Marion County ~i'~~=~a~~~~~: 530 Center Street N.E., Suite 312 ~ixn6ia' ~~`~~~ ~, r~as Salem, Oregon 97301 'U'°x""e, r~ ~ ~. ~~ ~, ~ cc: Ms. Naomi Keck s~r~`e c~y' u~h ENGAGEMENT LETTER FOR ARBITRAGE REBATE SERVICES The purpose of this letter is to propose our engagement to prepare azbitrage rebate computations or 2-year spending exception calculations pertaining to the required rebate to the Department of the Treasury, Internal Revenue Service (the "IRS") for the following bond issue (the "Bonds") on behalf of Marion County. Listed below is the issue requiring computation, Arbitrage Compliance Specialists, Inc. fees and information required to complete ihis calculation. $22,000,000 Certificates of Participation (Courthouse Square Project), 1998 Series A Ccmputation Period 12/16/98 - 12/16/00 One-T'ir;ze Initial Set-up Review Fee $ 450.000 Repor~ Fee Fixed Rate (1 year @$1,195) 1,195.00 Extension Fee (Reports covering in excess of 1 year @$575; 1 year) 57 TOTAL 2 2~2~=~~* ljthe County is trying to meet the requirements jor the 2 year spending exception, tlte~T ACS tvill wait unti! the 2nd year to see ijall money was spent within the 2 year period. Ijthe 2 year Spending Exception results in positive arbitrage savings, then ACS will prepare 2-Year Spending F~ception Reports (6-month interval reports, if required, @$1,250 per report) in lieu ojrebate reports. Data Requirement: Investment data uncomminbled on a daily cash basis far ati ~.7ds and accounts for the computation period 12/ 16/98 - 12/ i 6/0(?. Footnotes for pricing: 0,4n iui[inl set-up fee is required jor each bond issue. This jee cnvers our initia! research on the bond issue and lega! jees jrom our in-hnuse tax eounsel who determines which junds are subject to arbitraga rebate. 'Optiona! Charges jor all issues, ijapplicable: $125 per hour - Uncommingling of arry junJs, accounts or investments, as reouired; transjerred proceeds allocations, as required; preparation of Form 8038-T. ijrebate is owed and apz~!lcabie. In co~.junction •.vi?h this engagement we will provide the appropriate art~itrage compliance report(s) to the Co~nr~.