EXHIBIT 8.(b).
JOINT SERVICES AGREEMENT AMONG
NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION,
RE INVESTMENT CORPORATION, AND RE ADVISERS CORPORATION
Agreement made as of the 17th day of September, 1990, among National
Rural Electric Cooperative Association ("NRECA"), RE Investment Corporation ("RE
Investment"), and RE Advisers Corporation ("RE Advisers"). NRECA, RE Investment
and RE Advisers are each organized under the laws of the District of Columbia.
RECITALS
WHEREAS, RE Investment and RE Advisers are totally owned subsidiaries of
NRECA and each desires to utilize NRECA's personnel, property and services in
carrying out its corporate functions and NRECA is willing to furnish the same on
the terms and Conditions hereinafter set forth.
NOW, THEREFORE, WITNESSETH: That in consideration of the mutual
covenants herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is hereby agreed
among the parties as follows:
1. NRECA will furnish, as available, personnel, property and
services, including advice and assistance, requested from time to time by RE
Investment and RE Advisers to carry out their respective corporate functions and
contractual obligations in connection with the Homestead Funds, Inc. ("Homestead
Funds").
2. NRECA agrees to provide such personnel, property and services at
no cost or expense to RE Investment provided that RE Investment continues to
provide its services to the Homestead Funds without compensation.
3. NRECA agrees to provide such personnel, property and services at
no cost to RE Advisers for such periods during which RE Advisers has waived its
fee or assumed, as its own expense, and reimbursed the Homestead Funds for
expenses pursuant to the terms of the Expense Limitation Agreement. During any
other period RE Advisers shall pay NRECA such amounts as represent the portion
of the salaries of designated personnel attributable to RE Advisers and the
portion of the costs of property, services and related expenses attributable to
RE Advisers, which amounts shall be computed consistent with generally
acceptable accounting principles. Such payments by RE Advisers to NRECA shall be
made pursuant to a schedule mutually agreed on, from time to time, by NRECA and
RE Advisers.
4. The term of this Agreement will commence as of the date
indicated above and continue until October 1, 1992. Thereafter it shall be
deemed to be renewed automatically, upon the same terms and conditions, for
successive periods of one year each, until any party, upon at least 60 days
prior written notice shall notify the other parties of its intention not to
renew the Agreement.
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5. No assignment of this Agreement shall be made by NRECA without
the consent of RE Investment and RE Advisers.
6. Subject to the foregoing Clause 5, this Agreement shall inure to
the benefit of and be binding upon any successors or assigns of the parties
hereto.
National Rural Electric
Cooperative Association
Attest: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxxx Xxxxxxxx
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Secretary
RE Investment Corporation
Attest: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxx X. Teach
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Secretary
RE Advisers Corporation
Attest: /s/ Xxxxxx X. Teach By: /s/ Xxxxx X. Xxxxxx
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Secretary
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