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From: "Bullock, Sandy (NISI)" <Sandra.D.Bullock@Norwest.com> To: "'Billy Wasson, Marion County, Oregon "' <bwasson@o... ~~ Date: 12/17/98 8:35am Good Morning, we have a repo for 21,640,969.10 plus interest @4.87~ $2,927.54 maturing today we need to reinvest. If you want to do a repo, I suggest doing it until Monday, Dec 21, which will buy us time to put together something longer term. The repo rate is 4.60~. Please let me know if you want me to go ahead. I am waiting for the final draft of the permitted investment languaqe before I make any recommendations beyond U.S.Treasury Obliqations and repo's. In talking to Nancy Sampair this morning, her impression is that bond counsel, Ed Einowski, did in fact have complete control as to what you could invest in regardless of what the County can do and reminded Nancy that the Oregon State Board of Investments is outside of what municipalities in Oregon can do. Ed Einowski's ultra conservative approach comes from what happened in Orange County and absolutely reads that a money market account is not qualified as you do not own a actual security, rather you own a share of the assets. It is interesting to me that as I read the original draft of the trust indenture, the County's permitted investment languaqe, and the recommended investments from the State Treasurer's Office, that bond counsel approved investments in Federal Agencies backed by the full faith and credit of the U.S. Governments of which for the most part are not longer in issuance, and what remains outstanding is very illiquid !! Nancy Sampair is suggesting that we get together on a conference call to include your Financial Advisor, yourselves, and me to discuss amending the investment language. 2 will be available this morning and early afternoon up to 3:00 CST / 1:00 you time. This directive needs to be addressed by you and your financial advisor and cannot be pursued by the Trustee. Your input may have more impact than what I can add. Billy, one last item, I apologize but I seem to have misplaced the anticipated draw schedule for the project. Would you please fax or e-mail to me so I can put together an investment proposal for your review. Thanks Sandy Bullock NISI -Institutional Sales 612/667-8910 Fx 612/667-2534 Sandra.D.Bullock@Norwest.com