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<br />Mr. Knox W. ASkins,4Itsq. <br />May 18, 1988 <br />Page 3 <br /> <br />. <br /> <br />Beginning in 1985, Securities Data Company, Inc., a New <br />York-based information gathering concern, began keeping records of <br />municipal securities offerings and the financial and legal <br />consultants participating in such offerings. For the first time a <br />"ranking" of Bond Counsel has been made available to the <br />marketplace. McCall, Parkhurst & Horton has consistently been <br />ranked among the leading firms in the nation. We are proud of our <br />No. 5 ranking nationally in 1985 and 1986. In both 1985 and 1986, <br />the only firms ranked above us are located in New York, Chicago, or <br />San Francisco. We feel this confirms our view that, although most <br />of our practice relates to public finance in the Southwest, we have <br />prominent position nationally in our industry. In 1987 and in the <br />first quarter of 1988 we continued to handle more bond issues than <br />any other Texas firm, continuing to provide extensive service to <br />our municipal clients even in these times of uncertain financial <br />and economic conditions. <br /> <br />In addition to the traditional general obligation bonds, <br />McCall, Parkhurst & Horton has been a leader in other types of <br />financings, some of which are as follows: <br /> <br />(l) utility System Revenue Bonds, <br />(2) Contractual Obligations for Equipment Financing <br />(3) Lease Purchase Financings, <br />(4) Industrial Development Bonds, <br />(5) Single Family Mortgage Revenue Bonds, <br />(6) Airport Revenues, <br />(7) Convention Center Bonds, <br />(8) Commercial Paper, <br />(9) Variable Rate Demand Bonds and Credit Enhancement <br />Transactions, and <br />(lO) Taxable Debt <br /> <br />McCall, Parkhurst & Horton has been deeply involved in the <br />organization and financings of the Texas Water Development Board <br />and has represented numeroUs entities in their borrowings from the <br />funds. administered by such Board. <br /> <br />SERVICES <br /> <br />We will perform all usual and necessary legal services as Bond <br />Counsel. Specifically, we will prepare and direct legal <br />proceedings and perform other necessary legal services with <br />reference to the authorization, sale, and delivery of bonds, notes, <br />certificates of obligation, contractual obligations, or other <br />evidences of indebtedness (for convenience hereafter referred to as <br />"bonds"), including the following: <br />