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offices and its telephone number are One State Street Plaza, 17th <br />Floor, New York, New York, 10004 and (212) 668-0340. <br />AMBAC Indemnity has entered into pro rata reinsurance agreements <br />under which a percentage of the insurance underwritten pursuant to <br />certain municipal bond insurance programs of AMBAC Indemnity has <br />been and will be assumed by a number of foreign and domestic <br />unaffiliated reinsurers. <br />AMBAC Indemnity has obtained a ruling from the Internal Revenue <br />Service to the effect that the insuring of an obligation by AMBAC <br />Indemnity will not affect the treatment for federal income tax <br />purposes of interest on such obligation and that insurance proceeds <br />representing maturing interest paid by AMBAC Indemnity under policy <br />provisions substantially identical to those contained in its municipal <br />bond insurance policy shall be treated for federal income tax <br />purposes in the same manner as if such payments were made by the <br />issuer of the Bonds. <br />AMBAC Indemnity makes no representation regarding the Series <br />1991 Bonds or the advisability of investing in the Series 1991 Bonds <br />and makes no representation regarding, nor has it participated in <br />the preparation of, the Official Statement other than the <br />information supplied by AMBAC Indemnity and presented under the <br />heading "MUNICIPAL BOND INSURANCE". <br />Moody's Investors Service rates all bond issues insured by <br />AMBAC Indemnity "Aaa" and short term loans "MIG -1", both designated <br />to be of the highest quality. <br />Standard & Poor's Corporation rates all new issues insured <br />by AMBAC Indemnity "AAA" Prime Grade. <br />The Moody's Investors Service rating of AMBAC Indemnity <br />should be evaluated independently of the Standard & Poor's <br />Corporation rating of AMBAC Indemnity. No application has been <br />made to any other rating agency in order to obtain additional <br />ratings on the Series 1991 Bonds. The ratings reflect the <br />respective rating agency's current assessment of the creditworthiness <br />of AMBAC Indemnity and its ability to pay claims on its policies <br />of insurance. Any further explanation as to the significance of <br />the above ratings may be obtained only from the applicable rating <br />agency. <br />The above ratings are not recommendations to buy, sell or <br />hold the Series 1991 Bonds, such ratings may be subject to <br />revision or withdrawal at any time by the rating agencies. Any <br />downward revision or withdrawal of either or both ratings may <br />have an adverse effect on the market price of the Series 1991 Bonds. <br />The insurance provided by the Municipal Bond Insurance <br />11 <br />