MUNICIPAL SECURITIES TRUST, MULTI-STATE SERIES 38
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement, dated August 24, 1989, among
Bear, Xxxxxxx & Co. Inc. and Gruntal & Co., Incorporated, as Depositors, United
States Trust Company of New York, as Trustee, and Standard & Poor's
Corporation, as Evaluator, sets forth certain provisions in full and
incorporates other provisions by reference to the document entitled "Municipal
Securities Trust, Multi-State Series 37 and Subsequent Series, Trust Indenture
and Agreement," dated June 30, 1989 (herein as amended or supplemented called
the "Indenture"), and such provisions as are set forth in full and such
provisions as are incorporated by reference constitute a single instrument.
W I T N E S S E T H T H A T :
In consideration of the premises and of the mutual agreements
contained herein, the Depositors, the Trustee, and the Evaluator agree as
follows:
PART I
STANDARD TERMS AND
CONDITIONS OF TRUST
Subject to the provisions of Part II hereof, all the provisions
contained in the Indenture are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to
the same extent as if those said provisions had been set forth in full in this
instrument.
PART II
SPECIAL TERMS AND
CONDITIONS OF TRUST
The following special terms and conditions are hereby agreed to:
(a) The interest-bearing obligations listed in Schedule A hereto
have been deposited in trust under this Indenture.
(b) For the purposes of the definition of the Unit in Article I,
the fractional undivided interest in and ownership of each State Trust is as
follows:
C/M 11939.0001 407424.1
California Trust: 1/2,000
New York Trust: 1/5,000
Pennsylvania Trust: 1/2,000
(c) The term Record Date shall mean the first day of each month
(or the last business day prior thereto) commencing on January 1, 1990 for
monthly distributions, June 1 and December 1 of each year for semi-annual
distributions (commencing on June 1, 1990) and December 1 of each year for
annual distributions (commencing on December 1, 1990).
(d) The term Payment Date shall mean the fifteenth day of each
month (or the last business day prior thereto) commencing on January 15, 1990
for monthly distributions, June 15 and December 15 of each year for semi-annual
distributions (commencing on June 15, 1990) and December 15 of each year for
annual distributions (commencing on December 15, 1990).
(e) All Certificateholders of record on December 1, 1989 (the
"First Record Date"), regardless of the plan distribution selected, will
receive a distribution to be made on or shortly after December 15, 1989 (the
"First Payment Date"), and thereafter distributions will be made monthly,
semi-annually or annually, depending upon the plan of distribution chosen by
each Certificateholder.
(f) The First Settlement Date shall mean August 31,
1989.
(g) The number of Units referred to in Section 2.03 for each
State Trust is as follows:
California Trust: 2,000
New York Trust: 5,000
Pennsylvania Trust: 2,000
(h) For the purposes of Section 4.02(a), the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee of $15,
plus a fee of $0.25 for determining the aggregate value of each issue of Bonds
in excess of 50 issues (treating separate maturities of Bonds as separate
issues).
(i) For the purposes of Section 6.01(g), the liquidation amount
of each State Trust is hereby specified to be as follows:
California Trust: $ 800,000
New York Trust: $2,000,000
Pennsylvania Trust: $ 800,000
(j) For the purposes of Section 6.04, the Trustee
shall be paid per annum $1.05 per $1,000 principal amount of
-2-
C/M 11939.0001 407424.1
Bonds for that portion of the California Trust under the monthly distribution
plan, $.60 per $1,000 principal amount of Bonds for that portion of the
California Trust under the semi-annual distribution plan and $.35 per $1,000
principal amount of Bonds for that portion of the California Trust under the
annual distribution plan. During the first year after the date hereof, such
payments to the Trustee will be reduced by a portion [a maximum of $.88 per
Unit times the number of Units on the monthly distribution plan, $.60 per Unit
plus $.28 of the California Trust expenses (to be assumed and paid by the
Trustee) times the number of Units on the semi-annual distribution plan and
$.35 per Unit plus $.53 of the California Trust expenses (to be assumed and
paid by the Trustee) times the number of Units on the annual distribution plan]
of the amount of interest which accrues on any "when, as and if issued" Bonds
between the first settlement date of the California Trust and the respective
dates of delivery of such Bonds.
(k) For the purposes of Section 6.04, the Trustee shall be paid
per annum $.96 per $1,000 principal amount of Bonds for that portion of the New
York Trust under the monthly distribution plan, $.50 per $1,000 principal
amount of Bonds for that portion of the New York Trust under the semi-annual
distribution plan and $.32 per $1,000 principal amount of Bonds for that
portion of the New York Trust under the annual distribution plan. During the
first year after the date hereof, such payments to the Trustee will be reduced
by a portion (a maximum of $.79 per Unit times the number of Units on the
monthly distribution plan, $.50 per Unit plus $.29 of New York Trust expenses
(to be assumed and paid by the Trustee) times the number of Units on the
semi-annual distribution plan and $.32 per Unit plus $.47 of New York Trust
expenses (to be assumed and paid by the Trustee) times the number of Units on
the annual distribution plan] of the amount of interest which accrues on any
"when, as and if issued" Bonds between the first settlement date of the New
York Trust and the respective dates of delivery of such Bonds.
(l) For the purposes of Section 6.04, the Trustee shall be paid
per annum $1.05 per $1,000 principal amount of Bonds for that portion of the
Pennsylvania Trust under the monthly distribution plan, $.60 per $1,000
principal amount of Bonds for that portion of the Pennsylvania Trust under the
semi-annual distribution plan and $.35 per $1,000 principal amount of Bonds for
that portion of the Pennsylvania Trust under the annual distribution plan.
During the first year after the date hereof, such payments to the Trustee will
be reduced by a portion [a maximum of $.88 per Unit times the number of Units
on the monthly distribution plan, $.60 per Unit plus $.28 of the Pennsylvania
Trust expenses (to be assumed and paid by the Trustee) times the number of
Units on the semi-annual distribution plan and $.35 per Unit plus $.53 of the
Pennsylvania Trust expenses (to be assumed and paid by the Trustee) times the
number of Units on the annual
-3-
C/M 11939.0001 407424.1
distribution plan] of the amount of interest which accrues on any "when, as and
if issued" Bonds between the first settlement date of the Pennsylvania Trust
and the respective dates of delivery of such Bonds.
(m) For purposes of Section 7.04, the Depositors' annual fee is
hereby specified to be $.25 per $1,000 principal amount of Bonds in the State
Trusts.
(n) For purposes of this Series of Municipal Securities Trust,
the form of Certificate set forth in this Indenture shall be appropriately
modified to reflect the title of this Series as set forth above.
IN WITNESS WHEREOF, the parties hereto have caused this
Reference Trust Agreement to be duly executed on the date first above written.
[Signatures on separate pages]
-4-
C/M 11939.0001 407424.1
BEAR, XXXXXXX & CO. INC.
Depositor
By
Authorized Signatory
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 23rd day of August, 1989, before me personally appeared Xxxxx
X. XxXxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signatory of Bear, Xxxxxxx & Co. Inc., one of the corporations
described in and which executed the foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
Notary Public
Municipal Securities Trust,
Multi-State Series 38
C/M 11939.0001 407424.1
GRUNTAL & CO., INCORPORATED
Depositor
By
Authorized Signatory
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 25 day of July, 1989, before me personally appeared
Xxxxxx Xxxxxxx, Xx., to me known, who being by me duly sworn, said that he is
an Authorized Signatory of Gruntal & Co., Incorporated, one of the corporations
described in and which executed the foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
Notary Public
Municipal Securities Trust,
Multi-State Series 38
C/M 11939.0001 407424.1
UNITED STATES TRUST COMPANY OF NEW YORK
Trustee
By
Assistant Vice President
(SEAL)
ATTEST:
Assistant Secretary
Municipal Securities Trust,
Multi-State Series 38
C/M 11939.0001 407424.1
STANDARD & POOR'S CORPORATION
Evaluator
By
Vice President
(SEAL)
ATTEST:
Vice President
Municipal Securities Trust
Multi-State Series 38
C/M 11939.0001 407424.1
SCHEDULE A
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 38
PORTFOLIO
CALIFORNIA TRUST
As of August 24, 1989
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/
Portfolio Principal Title of Bonds Maturity
No. Amount Contracted for(5) Ratings(1) Date(s)(2)
--- ------ ----------------- ---------- ----------
1. $ 200,000 Calif. Hlth. Facs. Finc. Auth. Insrd. Hosp. Rev. AAA 9.375%
(Certinela Hosp. Med. Cntr.) 0000X (XXXX) 9/01/2015
2. 200,000 Calif. Hlth. Facs. Finc. Auth. Xxxxxx Permanente AA 9.125%
Med. Care. Prgm. Xxx. Xxxxx 1985 Series A 10/01/2015
3. 200,000 Calif. Hlth. Facs. Fincg. Auth. Hosp. Rev. A 6.850%
Bonds (Pacific Presbyterian Med. Cntr.) Series 6/01/2019
1989A
4. 50,000 Calif. State Dept. of Wtr. Central Valley Pwr. AA 9.500%
Fac. Bonds 12/01/2004
5. 185,000 Huntington Beach Calif. Civic Imprvmt. Corp. A1* 7.000%
Xxx. Xxxxx Certs. of Part. (1989 Pub. Prkg. 8/01/2019
Prjt. Fincg.)
6. 200,000 Irvine Ranch CAlif. Wtr. Dstrct. Joint Pwrs. A+ 8.250%
Agncy. (Local Agncy. Pool) Xxx. Xxxxx Issue 8/15/2023
II 1988
7. 200,000 Los Angeles Cnvntn. & Exhib. Cntr. Auth. A(Prov.) 6.500%
Rfdng. Bonds Certs. of Part. 1989 Series A 8/15/2021
8. 200,000 M-S-R Pub. Pwr. Agncy. Calif. San Xxxx Prjt. A 6.875%
Xxx. Xxxxx Series C 7/01/2019
9. 190,000 City of San Buenaventura Calif. Xxx. Xxxxx A* 6.850%
Certs. of Part. (1986 Cap. Imprvmt. Prjts.) 8/01/2016
10. 175,000 So. Calif. Pub. Pwr. Auth. Calif. Pwr. Prjt. Rev. AA 6.875%
Bonds 0000 Xxxxx. Bonds Series A 7/01/2015
11. 100,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series O A- 5.000%
7/01/2012
12. 100,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series O A- 0.000%
7/01/2017
$2,000,000
=============
Redemption Feature
Portfolio S.F.-- Sinking Fund Cost of Bonds
No. Ref.-- Refunding(2) to Trust(3)
--- ------------------- -----------
1. 9/01/11 @ 100 S.F. $ 228,840
9/01/95 @ 102 Ref.
2. 10/01/06 @ 100 S.F. 225,020
10/01/95 @ 102 Ref.
3. 6/01/08 @ 100 S.F. 189,098
6/01/99 @ 102 Ref.
4. 12/01/98 @ 100 S.F. 56,592
12/01/94 @ 102 Ref.
5. 8/01/04 @ 100 S.F. 181,579
8/01/99 @ 102 Ref.
6. 8/15/09 @ 100 S.F. 214,386
8/15/98 @ 100 Ref.
7. No Sinking Fund 184,908
8/15/99 @ 101.5 Ref.
8. 7/01/20 @ 100 S.F. 192,038
1/01/97 @ 102 Ref.
9. 8/01/96 @ 100 S.F. 183,217
8/01/97 @ 102 Ref.
10. 7/01/07 @ 100 S.F. 169,340
7/01/96 @ 102 Ref.
11. No Sinking Fund 74,875
7/01/99 @ 100 Ref.
12. No Sinking Fund 14,129
Non Callable
$1,914,022
=============
A-12
C/M 11939.0001 407424.1
SCHEDULE A
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 38
PORTFOLIO
NEW YORK TRUST
As of August 24, 1989
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/
Portfolio Principal Title of Bonds Maturity
No. Amount Contracted for(5) Ratings(1) Date(s)(2)
--- ------ ----------------- ---------- ----------
1. $ 500,000 N.Y. State Dorm. Auth. Judicial Facs. Lease A- 7.375%
Xxx. Xxxxx (Suffolk Cnty. Issue) Series 1986 7/01/2016
2. 270,000 N.Y. State Dorm. Auth. State Univ. Ed. Facs. A+ 7.125%
Xxx. Xxxxx Series 1989A 5/15/2017
3. 500,000 N.Y. State Energy Res. & Dev. Auth. Poll. Aa3* 9.000%
Cntrl. Xxx. Xxxxx (Orange & Rockland Utils. 8/01/2015
Inc. Prjt.) Series 1985
4. 500,000 N.Y. State Med. Care Facs. Finc. Agncy. A+ 8.875%
Mental Hlth. Svs. Facs. Imprvmt. Rev. Rfndg. 8/15/2007
Bonds 1987 Series A
5. 500,000 N.Y. State Med. Care Facs. (Mt. Sinai Hosp.) AA 8.875%
Series C FHA Insrd. Bonds 1/15/2026
6. 485,000 N.Y. State Med. Care Facs. Finc. Agncy. A 7.400%
Secured Hosp. Xxx. Xxxxx 1989 Series A 2/15/2019
7. 500,000 N.Y. State Med. Care Facs. Finc. Agncy. AA 7.250%
(Montefiore Med. Cntr.) Hosp. & Nrsg. Home 2/15/2024
FHA-Insrd. Mtg. Xxx. Xxxxx 1989 Series A
8. 500,000 Pwr. Auth. of the State of N.Y. Gen. Purp. Aa* 8.000%
Bonds Series V 1/01/2017
9. 500,000 Triborough Bridge & Tunnel Auth. Mtg. A 7.125%
Recording Tax Spec. Oblig. Bonds Series 1/01/2019
1989A
10. 245,000 N.Y. City Munl. Wtr. Finc. Auth. Wtr. & Swr. A* 5.000%
Sys. Xxx. Xxxxx Fiscal 1987 Series A 6/15/2017
11. 250,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series O A- 5.000%
7/01/2012
12. 250,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series O A- 0.000%
7/01/2017
$5,000,000
=============
Redemption Feature
Portfolio S.F.-- Sinking Fund Cost of Bonds
No. Ref.-- Refunding(2) to Trust(3)
--- ------------------- -----------
1. 7/01/00 @ 100 S.F. $ 498,480
7/01/96 @ 102 Ref.
2. 5/15/10 @ 100 S.F. 262,575
5/15/99 @ 102 Ref.
3. No Sinking Fund 561,005
8/01/95 @ 102 Ref.
4. 2/15/00 @ 100 S.F. 560,695
8/15/97 @ 102 Ref.
5. 7/15/02 @ 100 S.F. 551,320
1/15/96 @ 102 Ref.
6. 2/15/10 @ 100 S.F. 485,000
8/15/99 @ 102 Ref.
7. 2/15/10 @ 100 S.F. 493,745
2/15/99 @ 102 Ref.
8. 7/01/14 @ 100 S.F. 530,650
1/01/98 @ 102 Ref.
9. 1/01/91 @ 100 S.F. 486,465
1/01/99 @ 102 Ref.
10. 6/15/15 @ 100 S.F. 181,743
6/15/96 @ 100 Ref.
11. No Sinking Fund 187,188
7/01/99 @ 100 Ref.
12. No Sinking Fund 35,322
Non Callable
$4,834,188
=============
A-13
C/M 11939.0001 407424.1
SCHEDULE A
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 38
PORTFOLIO
PENNSYLVANIA TRUST
As of August 24, 1989
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/
Portfolio Principal Title of Bonds Maturity
No. Amount Contracted for(5) Ratings(1) Date(s)(2)
--- ------ ----------------- ---------- ----------
1. $ 25,000 Penn. Hghr. Ed. Facs. Auth.--The RIDC Rgnl. A+ 9.000%
Growth Fund Xxx. Xxxxx Xxxxxxxx-Xxxxxx 11/01/2009
Univ. Software Engineering Institute Facs.
2. 150,000 Penn. Hghr. Ed. Facs. Auth. Hosp. Rev. Rfndg. Aa* 9.250%
Bonds 1985B Xxxxxx Xxxxxxxxx Univ. Hosp. 7/01/2008
3. 200,000(4) Penn. Hghr. Ed. Facs. Auth. Hosp. Xxx. Xxxxx Aa* 6.000%
(Xxxxxx Xxxxxxxxx Univ.-Life Sciences Bldg. 7/01/2019
Prjt.) 1989 Series A
4. 150,000 Allegheny Cnty. Institution Dstrct. No. 17 Penn. AAA 9.125%
Gen. Oblig. Rfndg. Bonds (MBIA) 3/01/2001
5. 75,000 Allegheny Cnty. Penn. Hosp. Dev. Auth. Rev. AAA 8.250%
Bonds (Xxxxx-Womens Hosp.) Series 1988A 10/01/2013
(MBIA)
6. 100,000 Delaware Cnty. Penn. Rgnl. Wtr. Qlty. Cntrl. AAA 7.000%
Auth. (DELCORA) Swr. Xxx. Xxxxx Series 5/01/2012
0000X (XXXX)
7. 200,000(4) Lehigh Cnty. Penn. Gen. Purp. Auth. Fac. Rev. Aaa* 7.250%
Bonds Series 1984 (Lehigh Pretreatment Plant 1/01/2010
Prjt.) (Financial Guaranty)
8. 200,000 Lehigh Cnty. Penn. Genl. Purp. Auth. Hosp. A1* 9.000%
Xxx. Xxxxx (Healtheast Inc.) Series C 1987 7/01/2015
9. 200,000 Allegheny Cnty. Penn. Monroeville Hosp. Auth. AA 7.300%
Hosp. Xxx. Xxxxx (Forbes Hlth. Sys.) 1985 10/01/2009
Series C (HIBI)
10. 200,000 No. Penn. Wtr. Auth. Tax Exempt Adj. Mode AAA 7.100%
Wtr. Xxx. Xxxxx Series 1986 11/01/2016
11. 200,000 No. Wales Penn. Wtr. Auth. Tax Exempt Adj. AAA 7.100%
Mode Wtr. Xxx. Xxxxx Series 1986 11/01/2016
12. 200,000 Philadelphia Penn. Wtr. & Swr. Xxx. Xxxxx A 6.000%
Twelfth Series 7/01/2016
13. 100,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series O A- 0.000%
7/01/2017
$2,000,000
=============
Redemption Feature
Portfolio S.F.-- Sinking Fund Cost of Bonds
No. Ref.-- Refunding(2) to Trust(3)
--- ------------------- -----------
1. 11/01/06@ 100 S.F. $ 28,067
11/01/95 @ 102 Ref.
2. 7/01/02 @ 100 S.F. 170,271
11/01/95 @ 102 Ref.
3. 7/01/04 @ 100 S.F. 169,616
7/01/99 @ 102 Ref.
4. 3/01/00 @ 100 S.F. 167,904
3/01/95 @ 102 Ref.
5. 10/01/09 @ 100 S.F. 81,090
10/01/97 @ 102 Ref.
6. 5/01/05 @ 100 S.F. 98,866
5/01/99 @ 100 Ref.
7. 1/01/04 @ 100 S.F. 200,000
1/01/98 @ 102 Ref.
8. 7/01/06 @ 100 S.F. 228,774
7/01/97 @ 102 Ref.
9. 10/01/01 @ 100 S.F. 200,000
10/01/96 @ 102 Ref.
10. 11/01/10 @ 100 S.F. 197,598
11/01/97 @ 102 Ref.
11. 11/01/10 @ 100 S.F. 197,598
11/01/97 @ 102 Ref.
12. 7/01/15 @ 100 S.F. 171,632
7/01/96 @ 100 S.F.
13. No Sinking Fund 14,129
Non Callable
$1,925,545
=============
A-14
C/M 11939.0001 407424.1
MUNICIPAL SECURITIES TRUST, MULTI-STATE SERIES 40
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement, dated December 12, 1990, among
Bear, Xxxxxxx & Co. Inc. and Gruntal & Co., Incorporated, as Depositors, United
States Trust Company of New York, as Trustee, and Standard & Poor's
Corporation, as Evaluator, sets forth certain provisions in full and
incorporates other provisions by reference to the document entitled "Municipal
Securities Trust, Multi-State Series 37 and Subsequent Series, Trust Indenture
and Agreement," dated June 30, 1989 (herein as amended or supplemented called
the "Indenture"), and such provisions as are set forth in full and such
provisions as are incorporated by reference constitute a single instrument.
W I T N E S S E T H T H A T :
In consideration of the premises and of the mutual agreements
contained herein, the Depositors, the Trustee, and the Evaluator agree as
follows:
PART I
STANDARD TERMS AND
CONDITIONS OF TRUST
Subject to the provisions of Part II hereof, all the provisions
contained in the Indenture are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to
the same extent as if those said provisions had been set forth in full in this
instrument.
PART II
SPECIAL TERMS AND
CONDITIONS OF TRUST
The following special terms and conditions are hereby agreed to:
(a) The interest-bearing obligations listed in Schedule A hereto
have been deposited in trust under this Indenture.
(b) For the purposes of the definition of the Unit in Article I,
the fractional undivided interest in and ownership of each State Trust is as
follows: New York Trust: 1/5,000
C/M 11939.0001 407424.1
(c) The term Record Date shall mean the first day of each month
(or the last business day prior thereto) commencing on May 1, 1991 for monthly
distributions, June 1 and December 1 of each year for semi-annual distributions
(commencing on June 1, 1991) and December 1 of each year for annual
distributions (commencing on December 1, 1991).
(d) The term Payment Date shall mean the fifteenth day of each
month (or the last business day prior thereto) commencing on May 15, 1991 for
monthly distributions, June 15 and December 15 of each year for semi-annual
distributions (commencing on June 15, 1991) and December 15 of each year for
annual distributions (commencing on December 15, 1991).
(e) All Certificateholders of record on April 1, 1991 (the
"First Record Date"), regardless of the plan distribution selected, will
receive a distribution to be made on or shortly after April 15, 1991 (the
"First Payment Date"), and thereafter distributions will be made monthly,
semi-annually or annually, depending upon the plan of distribution chosen by
each Certificateholder.
(f) The First Settlement Date shall mean December 19, 1990.
(g) The number of Units referred to in Section 2.03 for each
State Trust is as follows: New York Trust: 5,000.
(h) For the purposes of Section 4.02(a), the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee of $15,
plus a fee of $0.25 for determining the aggregate value of each issue of Bonds
in excess of 50 issues (treating separate maturities of Bonds as separate
issues).
(i) For the purposes of Section 6.01(g), the liquidation amount
of each State Trust is hereby specified to be as follows: New York Trust:
$2,000,000.
(j) For the purposes of Section 6.04, the Trustee shall be paid
per annum $.96 per $1,000 principal amount of Bonds for that portion of the New
York Trust under the monthly distribution plan, $.50 per $1,000 principal
amount of Bonds for that portion of the New York Trust under the semi-annual
distribution plan and $.32 per $1,000 principal amount of Bonds for that
portion of the New York Trust under the annual distribution plan. During the
first year after the date hereof, such payments to the Trustee will be reduced
by a portion [a maximum of $.79 per Unit times the number of Units on the
monthly distribution plan, $.50 per Unit plus $.29 of New York Trust expenses
(to be assumed and paid by the Trustee) times the number of Units on the
semi-annual distribution plan and $.32 per Unit plus $.47 of New York Trust
expenses (to be assumed and paid by
C/M 11939.0001 407424.1
the Trustee) times the number of Units on the annual distribution plan] of the
amount of interest which accrues on any "when, as and if issued" Bonds between
the first settlement date of the New York Trust and the respective dates of
delivery of such Bonds.
(k) For purposes of Section 7.04, the Depositors' annual fee is
hereby specified to be $.25 per $1,000 principal amount of Bonds in the State
Trusts.
(l) For purposes of this Series of Municipal Securities Trust,
the form of Certificate set forth in this Indenture shall be appropriately
modified to reflect the title of this Series as set forth above.
IN WITNESS WHEREOF, the parties hereto have caused this
Reference Trust Agreement to be duly executed on the date first above written.
[Signatures on separate pages]
C/M 11939.0001 407424.1
BEAR, XXXXXXX & CO. INC.
Depositor
By
Authorized Signatory
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 30th day of August, 1990, before me personally appeared
Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signatory of Bear, Xxxxxxx & Co. Inc., one of the corporations
described in and which executed the foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
Notary Public
Municipal Securities Trust,
Multi-State Series 40
C/M 11939.0001 407424.1
GRUNTAL & CO., INCORPORATED
Depositor
By
Authorized Signatory
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 22 day of August, 1990, before me personally appeared Xxxxxx
Xxxxxxx, to me known, who being by me duly sworn, said that he is an Authorized
Signatory of Gruntal & Co., Incorporated, one of the corporations described in
and which executed the foregoing instrument, and that he signed his name
thereto by authority of the Board of Directors of said corporation.
Notary Public
Municipal Securities Trust,
Multi-State Series 40
C/M 11939.0001 407424.1
UNITED STATES TRUST COMPANY OF NEW YORK
Trustee
By
Assistant Vice President
(SEAL)
ATTEST:
Assistant Secretary
Municipal Securities Trust,
Multi-State Series 40
C/M 11939.0001 407424.1
STANDARD & POOR'S CORPORATION
Evaluator
By
Vice President
(SEAL)
ATTEST:
Vice President
Municipal Securities Trust,
Multi-State Series 40
C/M 11939.0001 407424.1
SCHEDULE A
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 40
PORTFOLIO
NEW YORK TRUST
As of December 12, 1990
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/
Portfolio Principal Title of Bonds Maturity
No. Amount Contracted for(5) Ratings(1) Date(s)(2)
--- ------ ----------------- ---------- ----------
1. $ 500,000 Dorm. Auth. of the State of N.Y. Xxx. Xxxxx A* 7.600%
Upstate Cmmnty. Xxxxx. 0000X Issue 7/01/2020
2. 500,000 N.Y. State Dorm. Auth. State Univ. Ed. Facs. A* 7.700%
Xxx. Xxxxx Series 1990A 5/15/2012
3. 500,000 Dorm. Auth. of the State of N.Y. City Univ. A* 7.875%
Sys. Cnsldtd. Second Gen. Resolution Rev. 7/01/2017
Bonds Series 1990F
4. 500,000 N.Y. State Med. Care Facs. Finc. Agncy. A* 7.875%
Mental Hlth. Svs. Facs. Imprvmt. Xxx. Xxxxx 8/15/2020
1990 Series B
5. 500,000 N.Y. State Med. Care Facs. (Mt. Sinai Hosp.) AA 8.875%
Series C FHA Insrd. Bonds 1/15/2026
6. 235,000 State of N.Y. Mtg. Agncy. Hmownr. Mtg. Rev. Aa* 7.750%
Bonds Series EE-4 10/01/2010
7. 500,000 N.Y. State Urb. Dev. Corp. Correc. Capital A* 7.750%
Facs. Xxx. Xxxxx Series 1 1/01/2014
8. 500,000 N.Y. State Urb. Dev. Corp. Prjt. Xxx. Xxxxx A* 7.800%
(Clarkson Cntr. for Advanced Materials 1/01/2020
Processing Loan) Series 1990
9. 450,000 N.Y. State Urb. Dev. Corp. Prjt. Xxx. Xxxxx A* 7.875%
(Onondaga Cnty. Convntn. Cntr.) Series 1990 1/01/2010
10. 500,000 Metro. Trans. Auth. N.Y. Trans. Facs. 1987 A* 7.500%
Serv. Cntrct. Bonds Series 3 7/10/2016
11. 115,000 United Nations Dev. Corp. of N.Y. Phase 2 & A* 7.875%
3 Sr. Lien Series A 7/01/2026
12. 200,000 N.Y. State Mtg. Agncy. Hmownr. Mtg. Rev. Aa* 0.000%
Bonds Series II 4/01/2020
$5,000,000
=============
Redemption Feature
Portfolio S.F.-- Sinking Fund Cost of Bonds
No. Ref.-- Refunding(2) to Trust(3)
--- ------------------- -----------
1. 7/01/06 @ 100 S.F. $ 488,475
7/01/00 @ 102 Ref.
2. 5/15/06 @ 100 S.F. 494,785
5/15/00 @ 102 Ref.
3. 7/01/08 @ 100 S.F. 498,580
7/01/00 @ 102 Ref.
4. 8/15/09 @ 100 S.F. 495,660
8/15/00 @ 102 Ref.
5. 7/15/92 @ 100 S.F. 534,385
1/15/96 @ 102 Ref.
6. 4/01/96 @ 100 S.F. 237,674
10/01/00 @ 102 Ref.
7. 1/01/03 @ 100 S.F. 492,055
1/01/00 @ 102 Ref.
8. 1/01/04 @ 100 S.F. 494,295
1/01/01 @ 102 Ref.
9. 1/01/03 @ 100 S.F. 448,866
7/01/01 @ 102 Ref.
10. 7/01/09 @ 100 S.F. 478,140
7/01/00 @ 102 Ref.
11. 1/01/07 @ 100 S.F. 115,000
7/01/96 @ 102 Ref.
12. 4/01/12 @ 52.88 S.F. 19,646
4/01/99 @ 19.34 Ref.
$4,797,561
=============
A-12
C/M 11939.0001 407424.1
MUNICIPAL SECURITIES TRUST, SERIES 49
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement, dated December 12, 1990, among
Bear, Xxxxxxx & Co. Inc. and Gruntal & Co., Incorporated, as Depositors, United
States Trust Company of New York, as Trustee, and Standard & Poor's
Corporation, as Evaluator, sets forth certain provisions in full and
incorporates other provisions by reference to the document entitled "Municipal
Securities Trust, Series 45 and 73rd Discount Series, and Subsequent Series,
Trust Indenture and Agreement," dated July 20, 1989 (herein as amended or
supplemented called the "Indenture"), and such provisions as are set forth in
full and such provisions as are incorporated by reference constitute a single
instrument.
W I T N E S S E T H T H A T :
In consideration of the premises and of the mutual agreements
contained herein, the Depositors, the Trustee, and the Evaluator agree as
follows:
PART I
STANDARD TERMS AND
CONDITIONS OF TRUST
Subject to the provisions of Part II hereof, all the provisions
contained in the Indenture are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to
the same extent as if those said provisions had been set forth in full in this
instrument.
PART II
SPECIAL TERMS AND
CONDITIONS OF TRUST
The following special terms and conditions are hereby agreed to:
(a)The interest-bearing obligations listed in Schedule A hereto
have been deposited in trust under this Indenture.
(b) For the purposes of the definition of the Unit in Article I
the fractional undivided interest in and ownership of the Trust is 1/5,000.
(c) The term Record Date shall mean the first day of each month
(or the last business day prior thereto) commencing on
C/M 11939.0001 407424.1
May 1, 1991 for monthly distributions, June 1 and December 1 of each year for
semi-annual distributions (commencing on June 1, 1991) and December 1 of each
year for annual distributions (commencing on December 1, 1991).
(d) The term Payment Date shall mean the fifteenth day of each
month (or the last business day prior thereto) commencing on 14ay 15, 1991 for
monthly distributions, June 15 and December 15 of each year for semi-annual
distributions (commencing on June 15, 1991) and December 15 of each year for
annual distributions (commencing on December 15, 1991).
(e) All Certificateholders of record on April 1, 1991 (the
"First Record Date"), regardless of the plan of distribution selected, will
receive a distribution to be made on or shortly after April 15, 1991 (the
"First Payment Date"), and thereafter distributions will be made monthly,
semi-annually or annually, depending upon the plan of distribution chosen by
each Certificateholder.
(f) The First Settlement Date shall mean December 19, 1990.
(g) The number of Units referred to in Section 2.03 is 5,000.
(h) For the purposes of Section 4.02(a), the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee of $15,
plus a fee of $0.25 for determining the aggregate value of each issue of Bonds
in excess of 50 issues (treating separate maturities of Bonds as separate
issues).
(i) For the purposes of Section 6.01(g), the liquidation amount
is hereby specified to be $2,000,000.
(j) For the purposes of Section 6.04, the Trustee shall be paid
per annum $.96 per $1,000 principal amount of Bonds for that portion of the
Trust under the monthly distribution plan, $.50 per $1,000 principal amount of
Bonds for that portion of the Trust under the semi-annual distribution plan and
$.32 per $1,000 principal amount of Bonds for that portion of the Trust under
the annual distribution plan. During the first year after the date hereof, such
payments to the Trustee will be reduced by a portion [a maximum of $.79 per
Unit times the number of Units on the monthly distribution plan, $.50 per Unit
plus $.29 of Trust expenses (to be assumed and paid by the Trustee) times the
number of Units on the semi-annual distribution plan and $.32 per Unit plus
$.47 of Trust expenses (to be assumed and paid by the Trustee) times the number
of Units on the annual distribution plan) of the amount of interest which
accrues on any "when, as and if issued" Bonds between the first settlement date
of the Trust and the respective dates of delivery of such Bonds.
2
C/M 11939.0001 407424.1
(k) For purposes of Section 7.04, the Depositors' annual fee is
hereby specified to be $.25 per $1,000 principal amount of Bonds in the Trust.
(l) For purposes of this Series of Municipal Securities Trust,
the form of Certificate set forth in this Indenture shall be appropriately
modified to reflect the title of this Series as set forth above.
IN WITNESS WHEREOF, the parties hereto have caused this
Reference Trust Agreement to be duly executed on the date first above written.
[Signatures on separate pages]
3
C/M 11939.0001 407424.1
BEAR, XXXXXXX & CO. INC.
Depositor
By
Authorized Signatory
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 30th day of August, 1990, before me personally appeared
Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signatory of Bear, Xxxxxxx & Co. Inc., one of the corporations
described in and which executed the foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
Notary Public
Municipal Securities Trust,
Series 49
C/M 11939.0001 407424.1
GRUNTAL & CO., INCORPORATED
Depositor
By
Authorized Signatory
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 22nd day of August, 1990, before me personally appeared
Xxxxxx Xxxxxxx to me known, who being by me duly sworn, said that he is an
Authorized Signatory of Gruntal & Co., Incorporated, one of the corporations
described in and which executed the foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
Notary Public
Municipal Securities Trust,
Series 49
C/M 11939.0001 407424.1
UNITED STATES TRUST COMPANY OF NEW YORK
Trustee
By
Assistant Vice President
(SEAL)
ATTEST:
Assistant Secretary
Municipal Securities Trust,
Series 49
C/M 11939.0001 407424.1
STANDARD & POOR'S CORPORATION
Evaluator
By
Vice President
(SEAL)
ATTEST:
Vice President
Municipal Securities Trust,
Series 49
C/M 11939.0001 407424.1
SCHEDULE A
MUNICIPAL SECURITIES TRUST
PORTFOLIO
SERIES 49
As of December 12, 1990
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/
Portfolio Principal Title of Bonds Maturity
No. Amount Contracted for(5) Ratings(1) Date(s)(2)
--- ------ ----------------- ---------- ----------
1. $ 500,000(4) Alaska State Hsg. Insrd. Mtg. Prgm. Bonds Aa* 7.800%
1990 First Series 7/01/2030
2. 400,000 Tampa Fla. Cap. Imprvmt. Prog. Xxx. Xxxxx AA- 8.375%
Series 1988B 10/01/2018
3. 400,000 S.W. Ill. Dev. Auth. Hosp. Xxx. Xxxxx (St. A+ 8.000%
Xxxxxxxxx Med. Cntr.) Series 1990 6/01/2010
4. 300,000 Mass. Hlth. & Ed. Facs. Auth. Xxx. Xxxxx A 8.000%
Brockton Hosp. Issue Series B 7/01/2007
5. 200,000 Mass. Wtr. Res. Auth. Gen. Xxx. Xxxxx 1990 A* 7.500%
Series A 4/01/2016
6. 400,000 Boston Mass. Boston City Hosp. (FHA Insrd. AA 7.625%
Mtg.) Xxx. Xxxxx Series A 2/15/2021
7. 500,000 Mich. State Hsg. Dev. Auth. Rental Hsg. Rev. A+ 7.550%
Bonds 1990 Series B 4/01/2023
8. 250,000 Dorm. Auth. of the State of N.Y. City Univ. A* 7.875%
Sys. Cnsldtd. Second Gen. Resolution Rev. 7/01/2017
Bonds Series 1990 F
9. 250,000 Metro. Trans. Auth. N.Y. Trans. Facs. 1987 A* 7.500%
Serv. Cntrct. Bonds Series 3 7/01/2016
10. 250,000 N.Y. State Urb. Dev. Corp. Prjt. Xxx. Xxxxx A* 7.800%
(Clarkson Cntr. for Advanced Materials 1/01/2020
Processing Loan) Series 1990
11. 300,000 Battery Park City Auth. N.Y. Xxx. Xxxxx Series A* 6.500%
1990 5/01/2020
12. 500,000 Tulsa Ok. Muni. Arpt. Indus. Dev. Xxx. Xxxxx- A- 9.500%
American Airlines 6/01/2020
13. 500,000 Brazos River Auth. Tx. Colltzd. Rev. Rfndg. A- 8.250%
Bonds (Houston Ltg. & Pwr. Co. Prjt.) Series 5/15/2015
1988B
14. 250,000 Ill. Hsg. Dev. Auth. Multi-Fam. Hsg. Rev. A+ 0.000%
Bonds 1983 Series A 7/01/2025
$5,000,000
=============
Redemption Feature
Portfolio S.F.-- Sinking Fund Cost of Bonds
No. Ref.-- Refunding(2) to Trust(3)
--- ------------------- -----------
1. 12/01/15 @ 100 S.F. $ 503,750
12/01/00 @ 102 Ref.
2. 10/01/03 @ 100 S.F. 421,528
10/01/98 @ 100 Ref.
3. 6/01/03 @ 100 S.F. 415,192
6/01/00 @ 103 Ref.
4. 7/01/03 @ 100 S.F. 300,000
7/01/97 @ 102 Ref.
5. 4/01/15 @ 100 S.F. 200,000
4/01/00 @ 102 Ref.
6. 2/15/11 @ 100 S.F. 402,000
8/15/00 @ 102 Ref.
7. 4/01/11 @ 100 S.F. 501,900
4/01/01 @ 102 Ref.
8. 7/01/08 @ 100 S.F. 249,290
7/01/00 @ 102 Ref.
9. 7/01/09 @ 100 S.F. 239,070
7/01/00 @ 102 Ref.
10. 1/01/04 @ 100 S.F. 247,148
1/01/01 @ 102 Ref.
11. 5/01/16 @ 100 S.F. 259,833
5/01/99 @ 100 Ref.
12. No Sinking Fund 547,785
12/01/95 @ 102 Ref.
13. No Sinking Fund 534,060
5/01/98 @ 102 Ref.
14. 7/01/06 @ 13.676 S.F. 10,115
Non-Callable
$4,831,671
=============
A-13
C/M 11939.0001 407424.1
