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' <br />' <br />' <br />, <br />Marion County ("County") <br />' Business Services <br />555 Center Street, NE <br />Salem, Oregon 97309 <br />' <br />' <br />' <br />~ <br />' <br />' <br />~ <br />' <br />' <br />February 28, 2002 <br /> <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 />I N C O R P O R A T E D <br />3800 South Albion Street, Suite 200 <br />Englewood, Colorado 80110-4239 <br />303. 756. 5100 Fax: 303. 756. 0901 <br />ArbCom ~ Earthlink. net <br />www. RebatebyACS. com <br />800. 672. 9993 <br />Branch Offices: <br />Houston, Texas Memphis, Tennessce <br />La Jolla, Calilomia PoAland, Oregon <br />~22,QQQ,QQQ Las Vegas, Nevada Salt Lake City, Utah <br />CERTIFICATES OF PARTICIPATION <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, 2001 <br />AS OF THE DATE OF THIS REPORT <br />FEBRUARY 28, 2002 <br />At your request, Arbitrage Compliance Specialists, Inc. ("ACS") has prepared computations <br />pertaining to the amount of the contingent rebatable arbitrage ("Contingent Rebatable Arbitrage") on <br />behalf of the County with respect to the above-referenced issue of certificates of participation ("COPs") <br />for the above-referenced computation period ("Computation Period"). The computations attached as <br />Exhibits (together with this letter, the "Report") have been performed by ACS and are based upon <br />assumptions and representations (which, although ACS did not verify, are, to the best of our knowledge, <br />reasonable) referred to in this and in the following paragraphs relating to information and instructions <br />provided to ACS by the County. The computations reflected in the E~-ibits of this Report are <br />summarized as follows: <br />l. The yield on the COPs is 4.832636507%. <br />2. The yield on the investments is 4.771583215%. <br />3. Contingent Rebatable Arbitrage for the Computation Period -~18.551.98 <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 COYs for the Computation Period in <br />accordance with the applicable provisions of the Internal Revenue Code of 1986 and the 1993 Treasury <br />Regulations thereunder applicable to the COPs. <br />' <br />, <br />, <br />ARBITRAGE COMPLIANCE SPECIALISTS, INC. <br />BY: <br />_.. ' <br />Ira B. Sacks, Director <br />Certified Public Accountant <br />, <br />