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I <br />I described above, since political subdivisions of the state with bond issuing authority can still <br /> issue bonds secured by payments from another political subdivision made under a lease <br />I purchase agreement, and that such payments are payments for bonds of another political <br /> subdivision and thus outside the levy limits described above. We do understand, however, <br /> that the statutory requirement for a non-appropriation clause in municipal lease-purchase <br />Iagreements governed by the Act present a credit question for persons investing in bonds <br />secured by payments under such lease purchase agreements. This is a problem we are <br />attempting to deal with the assistance of specialists in the area of marketing municipal <br />securities. <br />I We appreciate your attention in this matter and anticipate your response. If you require <br /> additional information or discussion, please call me at the telephone number indicated <br /> above. <br /> <br /> Very truly yours, <br /> <br /> Mary Frances Skala <br />I MFS:caw <br /> <br />I Enclosure <br /> <br /> <br />