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EXHIBIT 13(G)
PURCHASE AGREEMENT
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Pacific Horizon California Tax-Exempt Bond Portfolio, Inc. (the "Fund"), a
Maryland corporation, and Xxxxxxxxx & Xxxxx Group, Inc. ("H&Q), a California
corporation, hereby agree with each other as follows:
1. The Fund hereby offers H&Q and H&Q hereby purchases shares of Class B
Common Stock (par value $.001 per share) of the Fund in the aggregate amount of
$50,000 at a price per share equal to the Fund's net asset value per share as
of the date of the purchase of such shares by H&Q (such shares being
hereinafter the "Purchased Shares"). H&Q hereby acknowledges receipt of one
certificate representing the Purchased Shares and the Fund hereby acknowledges
receipt from H&O of funds in the amount of $50,000 in full payment for the
Purchased Shares.
2. H&Q represents and warrants to the Fund that the Purchased Shares are
being acquired for investment purposes and not with a view to the distribution
thereof and acknowledges that the certificate for the Purchased Shares will be
legended to so reflect.
3. H&Q agrees that if any Purchased Shares are redeemed by any holder
thereof prior to the end of the period over which the costs incurred by the
Fund in connection with its organization, registration and the initial public
offering of its shares are being amortized, H&Q will pay to the Fund an amount
equal to the number resulting from multiplying the total unamortized
organizational expenses by a fraction, the numerator of which is equal to the
number of Purchased Shares redeemed and the denominator of which is equal to
the aggregate number of Purchased Shares outstanding at the time of such
redemption, to the extent that the Fund has not otherwise been paid such amount
and for so long as it is the administrative position of the Staff of the
Securities and Exchange Commission to require such reimbursement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
31st day of March, 1988.
(SEAL) PACIFIC HORIZON CALIFORNIA
TAX-EXEMPT BOND PORTFOLIO, INC.
ATTEST:
/s/ W. Xxxxx XxXxxxxx, III BY: /s/ Xxxxxx X. Xxxxxxx
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(SEAL)
ATTEST: XXXXXXXXX & XXXXX GROUP, INC.
/s/ Xxxxx Xxxxxx BY:/s/ [signature illegible]
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PHTRANS:70603_1.WP5
