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~~~ MBIA Insurance Corporation <br />113 King Street <br />Armonk, NY 10504 <br />914 273 4545 <br />~ '~ VIA COURIER <br />/ ~ C;~' , N-ta v' n kcL. <br />December 7, 1998 ~-~ ~ ~~. <br />Mr. Billy Wasson <br />Marion County Commissioners <br />100 High Street, Nortlieast <br />Salem, Oregon 97301 <br />RE: $22,000,000 Certificates of Participation (Courthouse Square Project), 1998 Series A, <br />Evidencing Direct, Fractional Undivided Interests in the 1998 Financing Payments to be <br />made pursuant to the Financing and Trust Agreement described herein by Marion, County, <br />Oregon <br />Dear Mr. Wasson: <br />Enclosed please find the following documents for the referenced issue: <br />1. Two revised Commitments, each of which should be executed and one original <br />returned to our offices in the enclosed self-addressed stamped envelope. The <br />second Commitment should be retained for your files; <br />2. Disclosure language and a form of the Financial Guaranty Insurance Policy (the <br />"Policy") for inclusion in the Official Statement; <br />3. A form of our Statement of Insurance for printing on the Obligations; and <br />4. A form of our "Payments Under the Policy" for inclusion in your authorizing <br />document. ' <br />Please note that all of the conditions to the Commitment must be met prior to the Policy being <br />released by MBIA. All materials and questions regarding the conditions should be directed to <br />the attention of Angela Grassi, whose direct dial telephone number is (914) 765- 3529. <br />In addition, under no circumstances should any changes be made to Items 2, 3 and 4, nor should <br />any other versions of these materials be used on any financing unless you have direct <br />conf'irmation from MBIA as to the acceptability of such changes. Confirmation regarding items <br />2 and 3 may come only from our pocumentation and Closing Department or our Legal <br />Department and may be written or verbal. Confirmation regarding item 4 should come from <br />Angela Grassi. Since the responsibility for this information.remains with us, please send us <br />drafts prior to the printing of any of these documents for our approval. <br />