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(8 ) (a ) The applicable regulations under which the aforementioned <br /> proceedings were taken were in the form of proposed regulations , and <br /> upon publication of final regulations under Section 103 (c ) of the <br /> Code on June 7 , 1979 , the provisions relating to the investment <br /> of refunding bond proceeds applicable to the Refunding Bonds were <br /> continued in effect as applied to those Bonds and the investment <br /> of the proceeds of those Bonds . <br /> ( b ) A portion of the Escrow Investments are attributable <br /> to funds whose investment was not , and is not , subject to the <br /> restrictions imposed by Section 103 (c ) of the Code , and market <br /> conditions may be such that the Issuer could realize additional <br /> benefits through an appropriate substitution of such Escrow <br /> Investments . <br /> (9 ) Counsel has advised that the terms of the Refunding <br /> Trust Agreement may legally be Amended and Substituted whereby the <br /> Amended and Substituted Refunding Trust Agreement does permit the <br /> sale or redemption of securities held in the Escrow Account , with <br /> concurrent reinvestment of the proceeds in qualified securities . <br /> Depending upon market conditions , the ability to substitute securities <br /> in the Escrow Account may result in substantial additional benefits <br /> to the Issuer over the life of the Escrow Account . <br /> ( 10 ) The Issuer recognizes that the ability to realize <br /> additional benefits from modifications to the investments in the <br /> Escrow Account will be attributable to both the foresight and <br /> continuing efforts of the Consultant . Issuer recognizes that <br /> this is an opportunity which has not always been preserved in <br /> connection with a number of advance refunding transactions and , <br /> therefore , represents a relatively unique opportunity . Issuer <br /> therefore desires to retain the services of the Consultant to <br /> effect the transactions required to realize additional benefits <br /> from the Escrow Account . <br /> NOW , THEREFORE , in consideration of the foregoing , of mutual <br /> promises of the parties hereto , and other good and valuable <br /> considerations , the receipt and sufficiency of which is hereby <br /> acknowledged , the parties hereto agree as follows . <br /> 3 <br />