INSURED MUNICIPAL SECURITIES TRUST
SERIES 21
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement dated September 7, 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 "Insured Municipal Securities
Trust, 47th Discount Series and Series 20, and Subsequent Series, Trust
Indenture and Agreement" dated June 16, 1989 as amended in part by this
Reference Trust Agreement (herein as amended or supplemented called the
"Indenture"). This Reference Trust Agreement and the Indenture, as incorporated
by reference herein, will constitute a single instrument.
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements
herein contained, 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 though 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.
C/M 11939.0001 406290.1
(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 fiscal year for the Trust shall end on June 30 of
each year.
(d) 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, December 1 and June 1 of each year for semi-annual
distributions (commencing on June 30, 1990) and December 1 of each year for
annual distributions (commencing on December 1, 1990).
(e) 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, December 15 and June 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).
(f) All Certificateholders of record on December 1, 1989 (the
"First Record Date"), regardless of the plan of 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,
semiannually or annually, depending upon the plan of distribution chosen by
each Certificateholder.
(g) The First Settlement Date shall mean September 14, 1989.
(h) The number of Units referred to in Section 2.03 is 5,000.
(i) For the purposes of Section 4.02, 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).
(j) For the purposes of Section 6.01(g), the liqui- dation
amount is hereby specified to be $2,000,000.
(k) For purposes of Section 6.04, the Trustee shall be paid
per annum $.97 per $1,000 principal amount of Bonds for that portion of the
Trust under the monthly distribution plan, $.51 per $1,000 principal amount of
Bonds for that portion of the Trust under the semi-annual distribution plan and
$.33 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
-2-
C/M 11939.0001 406290.1
[a maximum of $.80 per Unit times the number of Units on the monthly
distribution plan, $.51 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 $.33 per Unit plus $.47 of Trust expenses (to be assumed and paid by
the Trustee) times the number of Units of 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.
(l) For purposes of Section 7.05, the Depositors' maximum
annual fee is hereby specified to be $0.25 per $1,000 principal amount of Bonds
in the Trust.
(m) For purposes of this Series of Insured 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.
(n) For purposes of this Series of Insured Municipal
Securities Trust, the execution date of this Indenture shall be the date first
written 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 406290.1
BEAR, XXXXXXX & CO. INC.
Depositor
By: /s/ Xxxxx X. XxXxxxx
---------------------
Authorized Signator
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 30th 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 Signator 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.
/s/ Xxxxxx Xxxxxx
------------------
Notary Public
XXXXXX XXXXXX
NOTARY PUBLIC, State of New York
No. 00-0000000
Qualified in the County of New York
Term Expires 8/31/90
C/M 11939.0001 406290.1
GRUNTAL & CO. INCORPORATED
Depositor
By: /s/ Xxxxxx Xxxxxxx
---------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 7th day of September, 1989, before me personally
appeared Xxxxxx Xxxxxxx, to me known, who being by me duly sworn, said that he
is an Authorized Signator 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.
/s/ Xxxxxxxx X. Xxxxxx
----------------------
Notary Public
XXXXXXXX X. XXXXXX
Notary Public, State of New York
No. 00-0000000
Qualified in Nassau County
Commission Expires February 3, 0000
X/X 00000.0000 000000.0
XXXXXX XXXXXX TRUST COMPANY OF NEW YORK
Trustee
By: /s/ Xxxxxx Xxxxxxxx
----------------------------------
Assistant Vice President
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 22nd day of June, 1989, before me personally appeared
XXXXXX XXXXXXXX, to me known, who being by me duly sworn, said that he is an
Authorized Signator of United States Trust Company of New York, one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation and that he signed his name thereto by like
authority.
/s/ Xxxxxxx X. Xxxxxxx
---------------------------------------
Notary Public
XXXXXXX X. XXXXXXX
NOTARY PUBLIC, State of New York
No. 01B04950864
Qualified in Richmond County
Commission Expires 05-08-91
C/M 11939.0001 406290.1
STANDARD & POOR'S CORPORATION
Evaluator
By: /s/ Z. A. Xxxxxx
--------------------------
Vice President
SEAL
ATTEST:
/s/ Xxxxx X. Xxxxxx
---------------------
(Assistant) Secretary
C/M 11939.0001 406290.1
SCHEDULE A
INSURED MUNICIPAL SECURITIES TRUST
PORTFOLIO
SERIES 21
As of September 7, 1989
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(5) Ratings(1) Date(s)(2) Ref.-- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- ------------------- -----------
1 $ 400,000 Maricopa Az. Indus. Dev. Auth. (Mercy Hlth. AAA 7.150% 7/01/13 @ 100 S.F. $ 397,608
Sys.) Insrd. Xxx. Xxxxx Series 0000X (XXXX) 7/01/2015 7/03/99 @ 102 Ref.
2 415,000 Hillsborough Cnty, Fla. Rfndg. & Imprvmt. Utl. AAA 8.750% 12/05/04 @ 100 S.F. 459,854
Xxx. Xxxxx Series 0000 (XXXX) 12/01/2006 12/01/95 @ 102 Ref.
3 145,000 Xxxxx Cnty. Ga. Dev. Auth. Poll. Cntrl. Rev. AAA 9.250% 1/01/11 @ 100 S.F. 162,298
Bonds (Oglethorpe Pwr. Corp. Vogtle Prjt.) 1/01/2016 1/01/95 @ 102 Ref.
Series 1985 (BIG)
4 60,000 Chicago Hts. Ill. Gen. Oblig. Corp. Purp. Bonds AAA 9.000% No Sinking Fund 67,619
Series 0000X (XXXX) 12/01/2006 6/01/96 @ 102 Ref.
5 400,000 Chic. Ill. Pub. Bldg. Comm. Bldg. Xxx. Xxxxx AAA 7.750% 1/01/00 @ 100 S.F. 415,200
(Chicago Bd. of Ed.) Series 1989A (Financial 1/01/2006 1/01/99 @ 102 Ref.
Guaranty)
6 270,000 Lansing Ill. Unltd. Tax Gen. Oblig. Xxx. Xxxxx AAA 8.300% No Sinking Fund 293,820
(Financial Guaranty) 12/01/2008 12/01/97 @ 102 Ref.
7 300,000 Mass. Hsg. Finc. Agncy. Rental Hsg. Rev. AAA* 7.200% 8/01/10 @ 100 S.F. 298,050
Bonds 1989 Series One (AMBAC) 8/01/2026 8/01/99 @ 102 Ref.
8 400,000 N.C. Eastern Muni. Pwr. Agncy. Pwr. Sys. Rev. AAA 4.500% 7/01/20 @ 100 S.F. 276,336
Rfndg. Bonds Series 1987A (BIG) 1/01/2024 1/01/97 @ 100 Ref.
9 400,000 Alleg. Cnty. Pa. Hosp. Dev. Auth. Hlth. Fac. AAA 7.125% 7/01/02 @ 100 S.F. 398,712
Xxx. Xxxxx (Presbyterian Univ. Hlth. Sys. Inc.) 7/01/2019 7/01/99 @ 102 Ref.
Series 0000 (XXXX Corp.)
10 250,000 Brazos River Auth. Tx. Coll. Rev. Rfndg. AAA 8.100% No Sinking Fund 265,545
Bonds Houston Lt. & Pwr. Co. Prjt. Series 5/01/2019 5/01/98 @ 102 Ref.
1988B (BIG)
11 300,000 Dallas Ft. Worth Tx. Intrnl. Arpt. Brd. Joint AAA 9.125% 11/01/06 @ 100 S.F. 339,519
Xxx. Xxxxx Series 1985 (BIG) 11/01/2015 11/01/95 @ 102.5 Ref.
12 400,000 Matagorda Cnty. Tx. Navgtn. Dstrct. No. One AAA* 7.125% No Sinking Fund 393,500
Coll. Rev. Rfndg. Bonds (Houston Ltg. & Pwr. 7/01/2019 7/01/99 @ 102 Ref.
Co. Prjt.) Series 1989C (Financial Guaranty)
13 210,000 Intermountain Pwr. Auth. Utah Spec. Oblig. AAA 7.000% 7/01/08 @ 100 S.F. 205,075
Rfdng. Bonds Fifth Crossover (Financial 7/01/2015 7/01/97 @ 102 Ref.
Guaranty)
14 400,000 Wash. Hlth. Care Facs. Auth. Xxx. Xxxxx (S.W. AAA 7.125% 10/01/08 @ 100 S.F. 393,880
Wash. Hosps. Vancouver) Series 1989 (BIG) 10/01/2019 10/01/99 @ 102 Ref.
15 400,000 Uinta Cnty. Wy. Hosp. Rev. Rfndg. Bonds (IHC AAA* 7.250% 2/15/09 @ 100 S.F. 400,000
Hosps. Inc.) Series 1989 (BIG) 2/15/2019 2/15/99 @ 102 Ref.
16 250,000 Xxxxxx Cnty, Tx. Toll Rd. Xxx. Xxxxx AAA 0.000% No Sinking Fund 28,015
(AMBAC) 8/15/2020 8/15/09 @ 46.915 Ref.
----------- -----------
$5,000,000 $4,795,031
=========== ===========
C/M 11939.0001 406290.1
INSURED MUNICIPAL SECURITIES TRUST
NEW JERSEY NAVIGATOR INSURED SERIES 1
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement dated July 26, 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 "Insured Municipal Securities
Trust, 47th Discount Series and Series 20, and Subsequent Series, Trust
Indenture and Agreement" dated June 16, 1989 as amended in part by this
Reference Trust Agreement (herein as amended or supplemented called the
"Indenture"). This Reference Trust Agreement and the Indenture, as incorporated
by reference herein, will constitute a single instrument.
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements
herein contained, 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 though 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 1/6000.
C/M 11939.0001 406290.1
(c) The fiscal year for the Trust shall end on June 30 of
each year.
(d) The term Record Date shall mean the first day of each
month (or the last business day prior thereto) commencing on December 1, 1990
for monthly distributions, December 1 and June 1 of each year for semi-annual
distributions (commencing on December 1, 1990) and December 1 of each year for
annual distributions (commencing on December 1, 1990).
(e) The term Payment Date shall mean the fifteenth day of
each month (or the last business day prior thereto) commencing on December 15,
1990 for monthly distributions, December 15 and June 15 of each year for
semi-annual distributions (commencing on December 15, 1990) and December 15 of
each year for annual distributions (commencing on December 15, 1990).
(f) All Certificateholders of record on November 1, 1990 (the
"First Record Date"), regardless of the plan of distribution selected, will
receive a distribution to be made on or shortly after November 15, 1990 (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.
(g) The First Settlement Date shall mean August 2, 1990.
(h) The number of Units referred to in Section 2.03 is 6,000.
(i) For the purposes of Section 4.02, the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee of $8, 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).
(j) For the purposes of Section 6.01(g), the liquida- tion
amount is hereby specified to be $2,400,000.
(k) For purposes of Section 6.04, the Trustee shall be paid
per annum $.98 per $1,000 principal amount of Bonds for that portion of the
Trust under the monthly distribution plan, $.52 per $1,000 principal amount of
Bonds for that portion of the Trust under the semi-annual distribution plan and
$.34 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 $.81 per
Unit times the number of Units on the monthly distribution plan, $.52 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 $.34 per Unit
-2-
C/M 11939.0001 406290.1
plus $.47 of Trust expenses (to be assumed and paid by the Trustee) times the
number of Units of 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.
(l) For purposes of Section 7.05, the Depositors' maximum
annual fee is hereby specified to be $0.25 per $1,000 principal amount of Bonds
in the Trust.
(m) For purposes of this Series of Insured 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.
(n) For purposes of this Series of Insured Municipal
Securities Trust, the execution date of this Indenture shall be the date first
written 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 406290.1
BEAR, XXXXXXX & CO. INC.
Depositor
By: /s/ Xxxxx X. XxXxxxx
-------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 26th day of July, 1990, before me personally appeared
Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signator 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.
/s/ Xxxxxx Xxxxxx
-----------------------------------
Notary Public
XXXXXX XXXXXX
NOTARY PUBLIC, State of New York
No. 00-0000000
Qualified in the County of New York
Term Expires 8/31/90
C/M 11939.0001 406290.1
GRUNTAL & CO. INCORPORATED
Depositor
By: /s/ Xxxxxx Xxxxxxx, Xx.
-------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 9th day of July, 1990, before me personally appeared
Xxxxxx Xxxxxxx, Xx., to me know, who being by me duly sworn, said that he is an
Authorized Signator of Gruntal & Co. Incorporated, one of the corporations
described in and which executed and foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
/s/ Xxxxx X. Xxxxxxxx
-----------------------------------
Notary Public
XXXXX X. XXXXXXXX
Notary Public, State of New York
No. 00-0000000
Qualified in Richmond County
Commission Expires June 20, 0000
X/X 00000.0000 000000.0
XXXXXX XXXXXX TRUST COMPANY OF NEW YORK
Trustee
By: /s/ Xxxxxx Xxxxxxxx
----------------------------------
Assistant Vice President
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 10 day of July, 1990, before me personally appeared
XXXXXX XXXXXXXX, to me know, who being by me duly sworn, said that he is an
Authorized Signator United States Trust Company of New York, one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation and that he signed his name thereto by like
authority.
/s/ Xxxxxxx X. Xxxxxxx
------------------------------------
Notary Public
XXXXXXX X. XXXXXXX
NOTARY PUBLIC, State of New York
No. 01B04950864
Qualified in Richmond County
Commission Expires 5-8-91
C/M 11939.0001 406290.1
STANDARD & POOR'S CORPORATION
Evaluator
By: /s/ Xxxxxx X. Xxxxxxx
--------------------------------
Vice President
SEAL
ATTEST:
/s/ K________ S________
------------------------
(Assistant) Secretary
C/M 11939.0001 406290.1
INSURED MUNICIPAL SECURITIES TRUST Schedule A
PORTFOLIO
NEW JERSEY NAVIGATOR INSURED SERIES 1
As of July 26, 1990
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(5) Ratings(1) Date(s)(2) Ref.-- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- ------------------- -----------
1 $ 175,000 N.J. Hlth. Care Facs. Finc. Auth. Xxx. Xxxxx AAA 6.000% 7/01/99 @ 100 S.F. $ 155,223
St. Barnabas Med. Cntr. Issue Series B (MBIA 7/01/2023 7/03/99 @ 100 Ref.
Corp.)
2 500,000 N.J. Hlth. Care Facs. Fincg. Auth. Xxx. Xxxxx AAA 7.750% 7/01/03 @ 100 S.F. 525,575
St. Clare's Riverside Med. Cntr. Issue Series D 7/01/2014 7/01/97 @ 102 Ref.
(MBIA Corp.)
3 450,000 N.J. Hlth. Care Facs. Fincg. Auth. Xxx. Xxxxx AAA 9.000% 2/01/91 @ 100 S.F. 495,896
The Mountainside Hosp. Issue (FHA Insrd. 8/01/2025 8/01/95 @ 102 Ref.
Mtg.) Series A (MBIA Corp.)
4 600,000 N.J. Hsg. & Mtg. Finc. Agncy. Home Buyer AAA 7.700% 4/01/20 @ 100 S.F. 604,362
Xxx. Xxxxx Series 1989 D (MBIA Corp.) 10/01/2029 10/01/99 @ 102 Ref.
5 105,000 Bayshore N.J. Reg. Swrg. Auth. Swr. Rev. AAA 5.750% 2/01/95 @ 100 S.F. 94,157
Bonds Series 0000 (XXXX Corp.) 2/01/2007 2/01/91 @ 102 Ref.
6 100,000 Cnty. of Xxxxxx N.J. Correc. Fac. Xxx. Xxxxx AAA 7.250% 12/01/02 @ 100 S.F. 101,806
Certs. of Part. Series 0000 (XXXX Corp.) 12/01/2021 12/01/00 @ 102 Ref.
7 500,000 Xxxxxx Cnty. N.J. Certs. of Part. (Correc. Fac.) AAA 7.600% 12/01/09 @ 100 S.F. 521,760
Xxx. Xxxxx Series 1988 (MBIA Corp.) 12/01/2021 12/01/98 @ 102 Ref.
8 500,000 Xxxxx Twnshp. N.J. Bd. of Ed. Schl. Dstrct. AAA 7.000% 6/15/05 @ 100 S.F. 500,000
In The Cnty. of Glouchester N.J. Certs. of 6/15/2014 6/15/99 @ 102 Ref.
Part. Xxx. Xxxxx Lease Purch. Agreement
(MBIA Corp.)
9 500,000 Xxxxxx Cnty. N.J. Imprvmnt. Auth. Xxx. Xxxxx AAA 8.050% 2/15/04 @ 100 S.F. 540,625
(Xxxxxxxx Fire Dstrct. Prjt. Fire Dstrct. No. 9) 2/15/2015 2/15/98 @ 103 Ref.
Series 1988B (MBIA Corp.)
10 200,000 No. Jersey Dstrct. Wtr. Supl. Commsn. AAA 6.000% 11/15/10 @ 100 S.F. 177,462
Wanaque No. Prjt. Xxx. Xxxxx Series 1989A 11/15/2019 11/15/99 @ 000 Xxx.
(XXXX Corp.)
11 340,000 Ocean Cnty. N.J. Utils. Auth. Wastewtr. Rev. AAA 5.000% No Sinking Fund 268,764
Bonds Rfndg. Series 1987 (MBIA Corp.) 1/01/2014 1/01/97 @ 100 Ref.
12 500,000 Borough of Pine Hill N.J. Schl. Dstrct. Camden AAA 7.600% 6/30/03 @ 100 S.F. 520,995
Cnty. Certs. of Part. Xxx. Xxxxx Lease Purch. 12/30/2009 6/30/97 @ 101 Ref.
Agreement (MBIA Corp.)
13 250,000 Pleasantville N.J. Schl. Dstrct. Certs. of Part. AAA 7.700% 10/01/07 @ 100 S.F. 263,485
Xxx. Xxxxx (MBIA Corp.) 10/01/2013 10/01/98 @ 102 Ref.
14 175,000 Stafford N.J. Muni. Util. Auth. Ocean Cnty. AAA 7.600% 6/01/10 @ 100 S.F. 183,599
N.J. Wtr. Xxx. Xxxxx Series 0000 (XXXX 6/01/2014 6/01/98 @ 102 Ref.
Corp.)
15 305,000 Stafford N.J. Muni. Util. Auth. Ocean Cnty. AAA 7.600% 6/01/10 @ 100 S.F. 319,988
N.J. Swr. Xxx. Xxxxx Series 0000 (XXXX 6/01/2014 6/01/98 @ 102 Ref.
Corp.)
16 500,000 Xxxx Xxxxxx N.J. Reg. Hi. Schl. Dstrct. In the AAA 7.500% 9/15/01 @ 100 S.F. 520,680
Cnty. of Xxxxxx & Americal-East. Inc. Bd. of 3/15/2009 3/15/99 @ 102 Ref.
Ed. Certs. of Part. Xxx. Xxxxx (MBIA Corp.)
17 300,000 Camden Cnty. N.J. Muni. Utils. Auth. Cnty. AAA 0.000% No Sinking Fund 42,813
Agreement Swr. Rev. Cap. Apprec. Bonds 9/01/2018 Non-Callable
Series 0000X (XXXX Corp.)
---------- -----------
$6,000,000 $5,837,190
========== ===========
C/M 11939.0001 406290.1
INSURED MUNICIPAL SECURITIES TRUST
PENNSYLVANIA NAVIGATOR INSURED SERIES 1
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement dated July 26, 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 "Insured Municipal Securities
Trust, 47th Discount Series and Series 20, and Subsequent Series, Trust
Indenture and Agreement" dated June 16, 1989 as amended in part by this
Reference Trust Agreement (herein as amended or supplemented called the
"Indenture"). This Reference Trust Agreement and the Indenture, as incorporated
by reference herein, will constitute a single instrument.
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements
herein contained, 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 though 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.
C/M 11939.0001 406290.1
(b) For the purposes of the definition of the Unit in
Article I the fractional undivided interest in and ownership of
the Trust is 1/2500.
(c) The fiscal year for the Trust shall end on June 30 of
each year.
(d) The term Record Date shall mean the first day of each
month (or the last business day prior thereto) commencing on December 1, 1990
for monthly distributions, December 1 and June 1 of each year for semi-annual
distributions (commencing on December 1, 1990) and December 1 of each year for
annual distributions (commencing on December 1, 1990).
(e) The term Payment Date shall mean the fifteenth day of
each month (or the last business day prior thereto) commencing on December 15,
1990 for monthly distributions, December 15 and June 15 of each year for
semi-annual distributions (commencing on December 15, 1990) and December 15 of
each year for annual distributions (commencing on December 15, 1990).
(f) All Certificateholders of record on November 1, 1990 (the
"First Record Date"), regardless of the plan of distribution selected, will
receive a distribution to be made on or shortly after November 15, 1990 (the
"First Payment Date"), and thereafter distributions will be made monthly,
semiannually or annually, depending upon the plan of distribution chosen by
each Certificateholder.
(g) The First Settlement Date shall mean August 2, 1990.
(h) The number of Units referred to in Section 2.03 is 2,500.
(i) For the purposes of Section 4.02, the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee of $8, 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).
(j) For the purposes of Section 6.01(g), the liquidation
amount is hereby specified to be $1,000,000.
(k) For purposes of Section 6.04, the Trustee shall be paid
per annum $1.07 per $1,000 principal amount of Bonds for that portion of the
Trust under the monthly distribution plan, $.62 per $1,000 principal amount of
Bonds for that portion of the Trust under the semi-annual distribution plan and
$.37 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
-2-
C/M 11939.0001 406290.1
[a maximum of $.90 per Unit times the number of Units on the monthly
distribution plan, $.62 per unit plus $.28 of Trust expenses (to be assumed and
paid by the Trustee) times the number of Units on the semi-annual distribution
plan and $.37 per Unit plus $.53 of Trust expenses (to be assumed and paid by
the Trustee) times the number of Units of 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.
(l) For purposes of Section 7.05, the Depositors' maximum
annual fee is hereby specified to be $0.25 per $1,000 principal amount of Bonds
in the Trust.
(m) For purposes of this Series of Insured 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.
(n) For purposes of this Series of Insured Municipal
Securities Trust, the execution date of this Indenture shall be the date first
written 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 406290.1
BEAR, XXXXXXX & CO. INC.
Depositor
By: /s/ Xxxxx X. XxXxxxx
--------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss:
COUNTY OF NEW YORK )
On this 26th day of July, 1990, before me personally appeared
Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signator 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.
/s/ Xxxxxx Xxxxxx
------------------------------------
Notary Public
XXXXXX XXXXXX
NOTARY PUBLIC, State of New York
No. 00-0000000
Qualified in the County of New York
Term Expires 8/31/90
C/M 11939.0001 406290.1
GRUNTAL & CO. INCORPORATED
Depositor
By: /s/ Xxxxxx Xxxxxxx, Xx.
---------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 9th day of July, 1990, before me personally appeared
Xxxxxx Xxxxxxx, Xx., to me know, who being by me duly sworn, said that he is an
Authorized Signator of Gruntal & Co. Incorporated, one of the corporations
described in and which executed and foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
/s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Notary Public
XXXXX X. XXXXXXXX
Notary Public, State of New York
No. 00-0000000
Qualified in Richmond County
Commission Expires June 20, 0000
X/X 00000.0000 000000.0
XXXXXX XXXXXX TRUST COMPANY OF NEW YORK
Trustee
By: /s/ Xxxxxx Xxxxxxxx
----------------------------------
Assistant Vice President
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 10 day of July, 1990, before me personally appeared
XXXXXX XXXXXXXX, to me know, who being by me duly sworn, said that he is an
Authorized Signator United States Trust Company of New York, one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation and that he signed his name thereto by like
authority.
/s/ Xxxxxxx X. Xxxxxxx
---------------------------------------
Notary Public
XXXXXXX X. XXXXXXX
NOTARY PUBLIC, State of New York
No. 01B04950864
Qualified in Richmond County
Commission Expires 5-8-91
C/M 11939.0001 406290.1
STANDARD & POOR'S CORPORATION
Evaluator
By: /s/ Xxxxxx X. Xxxxxxx
-----------------------------------
Vice President
SEAL
ATTEST:
/s/ K________ S________
----------------------------
(Assistant) Secretary
C/M 11939.0001 406290.1
INSURED MUNICIPAL SECURITIES TRUST Schedule A
PORTFOLIO
PENNSYLVANIA NAVIGATOR INSURED SERIES 1
As of July 26, 1990
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(5) Ratings(1) Date(s)(2) Ref.-- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- ------------------- -----------
1 $ 250,000 Penn. Cnvntn. Cntr. Auth. Xxx. Xxxxx Series AAA 6.000% No Sinking Fund $ 220,485
0000X (XXXX Corp.) 9/01/2019 Non-Callable
2 250,000 Penn. Hi. Ed. Facs. Auth. Xxx. Xxxxx AAA 7.200% 7/01/10 @ 100 S.F. 250,918
(Hahnemann Xxxx. Xxxx.) Xxxxxx 0000 (XXXX 7/01/2019 7/01/99 @ 102 Ref.
Corp.)
3 250,000 Penn. Tnpke. Comm. Tnpke. Xxx. Xxxxx Series AAA 7.875% 12/01/07 @ 100 S.F. 263,333
0000X (XXXX Corp.) 12/01/2015 12/01/96 @ 102 Ref.
4 250,000 Allegheny Cnty. Penn. Hosp. Dev. Auth. Rev. AAA 8.125% 10/01/05 @ 100 S.F. 267,032
Bonds (Xxxxx-Womens Hosp.) Series 1988A 10/01/2008 10/01/97 @ 102 Ref.
(MBIA Corp.)
5 175,000 Centre Cnty. Penn. Univ. Area Joint Auth. Swr. AAA* 7.100% 9/01/11 @ 100 S.F. 175,000
Xxx. Xxxxx Series 1990 (MBIA Corp.) 9/01/2020 9/01/00 @ 101 Ref.
6 250,000 Northampton, Bucks Cnty. Penn. Muni. Auth. AAA 9.250% 12/01/01 @ 100 S.F. 277,637
Wtr. & Swr. Rev. Rfndg. Bonds Series 1985 12/01/2013 12/01/95 @ 000 Xxx.
(XXXX Corp.)
7 200,000 Philadelphia Penn. Gas Wks. Xxx. Xxxxx AAA 7.875% 7/01/08 @ 100 S.F. 210,514
Eleventh Series A (MBIA Corp.) 7/01/2017 7/01/97 @ 102 Ref.
8 250,000 Philadelphia Penn. Muni. Auth. Criminal Justice AAA 7.800% 4/01/08 @ 100 S.F. 262,600
Cntr. Rfndg. Xxx. Xxxxx Series 0000 (XXXX 4/01/2018 4/01/98 @ 102 Ref.
Corp.)
9 250,000 Philadelphia Penn. Rgnl. Port Auth. AAA* 7.150% 8/01/11 @ 100 S.F. 250,000
(Cmmnwlth. of Penn.) Cmmnwlth. Lease Rev. 8/01/2020 8/01/00 @ 100 Ref.
Bonds Series 0000 (XXXX Corp.)
10 250,000 Philadelphia Penn. Wtr. & Swr. Xxx. Xxxxx AAA 7.250% 7/01/06 @ 100 S.F. 250,000
Twelfth Series (MBIA Corp.) 7/01/2014 7/01/96 @ 101 Ref.
11 125,000 Ringgold Penn. Schl. Dstrct. Washington Cnty. AAA* 0.000% No Sinking Fund 21,525
Gen. Oblig. Rev. Rfndg. Bonds Series 1990 12/15/2015 Non-Callable
(MBIA Corp.)
------------ -------------
$2,500,000 $2,449,044
============= =============
C/M 11939.0001 406290.1
INSURED MUNICIPAL SECURITIES TRUST
NEW YORK NAVIGATOR INSURED SERIES 4
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement dated September 13, 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 "Insured Municipal Securities
Trust, 47th Discount Series and Series 20, and Subsequent Series, Trust
Indenture and Agreement" dated June 16, 1989 as amended in part by this
Reference Trust Agreement (herein as amended or supplemented called the
"Indenture"). This Reference Trust Agreement and the Indenture, as incorporated
by reference herein, will constitute a single instrument.
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements
herein contained, 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 though said provisions had been set forth in full in this
instrument.
For purposes of the references made to Section 7.04 in
Sections 3.05(d), 3.06(A)(3), 3.06(B)(3) and 7.05 of the Indenture, the
Indenture is hereby amended to delete such references made to Section 7.04 and
to substitute therefor references to Section 7.05.
C/M 11939.0001 406290.1
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 1/6000.
(c) The fiscal year for the Trust shall end on June 30 of
each year.
(d) The term Record Date shall mean the first day of each
month (or the last business day prior thereto) commencing on February 1, 1991
for monthly distributions, December 1 and June 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).
(e) The term Payment Date shall mean the fifteenth day of
each month (or the last business day prior thereto) commencing on February 15,
1991 for monthly distributions, December 15 and June 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).
(f) All Certificateholders of record on January 1, 1991 (the
"First Record Date"), regardless of the plan of distribution selected, will
receive a distribution to be made on or shortly after January 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.
(g) The First Settlement Date shall mean September 20, 1990.
(h) The number of Units referred to in Section 2.03 is 6,000.
(i) For the purposes of Section 4.02, the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee of $8, 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).
-2-
C/M 11939.0001 406290.1
(j) For the purposes of Section 6.01(g), the liquidation
amount is hereby specified to be $2,400,000.
(k) For purposes of Section 6.04, the Trustee shall be paid
per annum $1.00 per $1,000 principal amount of Bonds for that portion of the
Trust under the monthly distribution plan, $.54 per $1,000 principal amount of
Bonds for that portion of the Trust under the semi-annual distribution plan and
$.36 per $1,000 principal amount of Bonds for that portion of the Trust under
the annual distribution plan.
(l) For purposes of Section 7.05, the Depositors' maximum
annual fee is hereby specified to be $0.25 per $1,000 principal amount of Bonds
in the Trust.
(m) For purposes of this Series of Insured 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.
(n) For purposes of this Series of Insured Municipal
Securities Trust, the execution date of this Indenture shall be the date first
written 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 406290.1
BEAR, XXXXXXX & CO. INC.
Depositor
By: /s/ Xxxxx X. XxXxxxx
----------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss:
COUNTY OF NEW YORK )
On this 13th day of September, 1990, before me personally
appeared Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that
he is an Authorized Signator 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.
/s/ Xxxxxx Xxxxxx
---------------------------------------
Notary Public
XXXXXX XXXXXX
NOTARY PUBLIC, State of New York
No. 00-0000000
Qualified in the County of New York
Term Expires 8/31/92
C/M 11939.0001 406290.1
GRUNTAL & CO. INCORPORATED
Depositor
By: /s/ Xxxxxx Xxxxxxx, Xx.
-----------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 12 day of September, 1990, before me personally
appeared Xxxxxx Xxxxxxx, Xx., to me know, who being by me duly sworn, said that
he is an Authorized Signator of Gruntal & Co. Incorporated, one of the
corporations described in and which executed and foregoing instrument, and that
he signed his name thereto by authority of the Board of Directors of said
corporation.
/s/ Xxxxx X. Xxxxxxxx
---------------------------------------
Notary Public
XXXXX X. XXXXXXXX
Notary Public, State of New York
No. 00-0000000
Qualified in Richmond County
Commission Expires June 20, 0000
X/X 00000.0000 000000.0
XXXXXX XXXXXX TRUST COMPANY OF NEW YORK
Trustee
By: /s/ Xxxxxx Xxxxxxxx
----------------------------------
Assistant Vice President
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 11th day of September, 1990, before me personally
appeared XXXXXX XXXXXXXX, to me know, who being by me duly sworn, said that he
is an Authorized Signator United States Trust Company of New York, one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation and that he signed his name thereto by like
authority.
/s/ Xxxxxxx X. Xxxxxxx
---------------------------------------
Notary Public
XXXXXXX X. XXXXXXX
NOTARY PUBLIC, State of New York
No. 01B04950864
Qualified in Richmond County
Commission Expires 5-8-91
C/M 11939.0001 406290.1
STANDARD & POOR'S CORPORATION
Evaluator
By: /s/ Xxxxxx X. Xxxxxxx
----------------------------------
Vice President
SEAL
ATTEST:
/s/ K________ S________
----------------------------------
(Assistant) Secretary
C/M 11939.0001 406290.1
INSURED MUNICIPAL SECURITIES TRUST
NEW JERSEY NAVIGATOR INSURED SERIES 2
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement dated October 25, 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 "Insured Municipal Securities
Trust, 47th Discount Series and Series 20, and Subsequent Series, Trust
Indenture and Agreement" dated June 16, 1989 as amended in part by this
Reference Trust Agreement (herein as amended or supplemented called the
"Indenture"). This Reference Trust Agreement and the Indenture, as incorporated
by reference herein, will constitute a single instrument.
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements
herein contained, 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 though said provisions had been set forth in full in this
instrument.
For purposes of the references made to Section 7.04 in
Sections 3.05(d), 3.06(A)(3), 3.06(B)(3) and 7.05 of the Indenture, the
Indenture is hereby amended to delete such references made to Section 7.04 and
to substitute therefor references to Section 7.05.
C/M 11939.0001 406290.1
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 1/6,000.
(c) The fiscal year for the Trust shall end on June 30 of
each year.
(d) The term Record Date shall mean the first day of each
month (or the last business day prior thereto) commencing on January 1, 1991
for monthly distributions, December 1 and June 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).
(e) The term Payment Date shall mean the fifteenth day of
each month (or the last business day prior thereto) commencing on January 15,
1991 for monthly distributions, December 15 and June 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).
(f) All Certificateholders of record on February 1, 1991 (the
"First Record Date"), regardless of the plan of distribution selected, will
receive a distribution to be made on or shortly after February 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.
(g) The First Settlement Date shall mean November 1, 1990.
(h) The number of Units referred to in Section 2.03 is 6,000.
(i) For the purposes of Section 4.02, the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee of $8, 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).
-2-
C/M 11939.0001 406290.1
(j) For the purposes of Section 6.01(g), the liquida- tion
amount is hereby specified to be $2,400,000.
(k) For purposes of Section 6.04, the Trustee shall be paid
per annum $.98 per $1,000 principal amount of Bonds for that portion of the
Trust under the monthly distribution plan, $.52 per $1,000 principal amount of
Bonds for that portion of the Trust under the semi-annual distribution plan and
$.34 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 $.81 per
Unit times the number of Units on the monthly distribution plan, $.52 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 $.34 per Unit plus
$.47 of Trust expenses (to be assumed and paid by the Trustee) times the number
of Units of 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.
(l) For purposes of Section 7.05, the Depositors' maximum
annual fee is hereby specified to be $0.25 per $1,000 principal amount of Bonds
in the Trust.
(m) For purposes of this Series of Insured 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.
(n) For purposes of this Series of Insured Municipal
Securities Trust, the execution date of this Indenture shall be the date first
written 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 406290.1
BEAR, XXXXXXX & CO. INC.
Depositor
By: /s/ Xxxxx X. XxXxxxx
----------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss:
COUNTY OF NEW YORK )
On this 25 day of October, 1990, before me personally
appeared Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that
he is an Authorized Signator 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.
/s/ Xxxxxxxx X. Xxxxxx
---------------------------------------
Notary Public
XXXXXXXX X. XXXXXX
Notary Public, State of New York
No. 00-0000000
Qualified in Nassau County
Commission Expires February 3, 1992
C/M 11939.0001 406290.1
GRUNTAL & CO. INCORPORATED
Depositor
By: /s/ Xxxxxx Xxxxxxx
-----------------------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 25 day of October, 1990, before me personally
appeared Xxxxxx Xxxxxxx, to me know, who being by me duly sworn, said that he
is an Authorized Signator of Gruntal & Co. Incorporated, one of the
corporations described in and which executed and foregoing instrument, and that
he signed his name thereto by authority of the Board of Directors of said
corporation.
/s/ Xxxxx X. Xxxxx
---------------------------------------
Notary Public
XXXXX X. XXXXX
NOTARY PUBLIC, STATE OF NEW YORK
NO. __1-4946714
QUALIFIED IN NEW YORK COUNTY
COMMISSION EXPIRES 0-0-0__
X/X 00000.0000 000000.0
XXXXXX XXXXXX TRUST COMPANY OF NEW YORK
Trustee
By: /s/ Xxxxxx Xxxxxxxx
-----------------------------------
Assistant Vice President
STATE OF NEW YORK )
:ss.:
COUNTY OF NEW YORK )
On this 16th day of October, 1990, before me personally
appeared XXXXXX XXXXXXXX, to me know, who being by me duly sworn, said that he
is an Authorized Signator United States Trust Company of New York, one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation and that he signed his name thereto by like
authority.
/s/ Xxxxxxx X. Xxxxxxx
---------------------------------------
Notary Public
XXXXXXX X. XXXXXXX
NOTARY PUBLIC, State of New York
No. 01B04950864
Qualified in Richmond County
Commission Expires 5-8-91
C/M 11939.0001 406290.1
STANDARD & POOR'S CORPORATION
Evaluator
By: /s/ Z. A. Xxxxxx
----------------------------------
Vice President
SEAL
ATTEST:
/s/ K________ S________
------------------------------------
(Assistant) Secretary
C/M 11939.0001 406290.1
SCHEDULE A
INSURED MUNICIPAL SECURITIES TRUST
PORTFOLIO
NEW JERSEY NAVIGATOR INSURED SERIES 2
As of October 25, 1990
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(4) Ratings(1) Date(s)(5) Ref.-- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- ------------------- -----------
1 $ 500,000 N.J. Hlth. Care Facs. Fincg. Auth. Xxx. Xxxxx AAA 6.500% 7/01/10 @ 100 S.F. $ 459,800
Bayshore Cmmnty. Hosp. Issue Series 1989A 7/01/2015 7/01/99 @ 102 Ref.
(MBIA Corp.)
2 775,000 N.J. Hsg. & Mtg. Finc. Agncy. Home Buyer AAA 7.950% 4/01/11 @ 100 S.F. 784,688
Xxx. Xxxxx Series 1990F (AMT) (MBIA Corp.) 4/01/2025 10/01/00 @ 102 Ref.
3 600,000 Port. Auth. of N.Y. & N.J. Cnsldtd. Xxx. Xxxxx AAA 7.000% 9/01/11 @ 100 S.F. 577,440
Sixty-fifth Series (MBIA Corp.) 9/01/2024 11/01/96 @ 102 Ref.
4 300,000 N.J. Tnpke. Auth. Tnpke. Xxx. Xxxxx Bi-Modal AAA 7.200% 1/01/94 @ 100 S.F. 298,182
Multi-Term Format Series 1985 Mode A Bonds 1/01/2018 1/01/93 @ 103 Ref.
(MBIA Corp.)
5 600,000 Atlantic Cnty. N.J. Imprvmt. Auth. Pub. Facs. AAA 7.400% 3/01/07 @ 100 S.F. 606,390
Lease Rental Rev. Rfndg. Bonds (Atlantic Cnty. 3/01/2012 3/01/96 @ 103 Ref.
Prjts.) Series 0000X (XXXX Corp.)
6 600,000 Atlantic Cnty. N.J. Imprvmt. Auth. Convntn. AAA 7.400% 7/01/11 @ 100 S.F. 601,476
Cntr. Xxx. Xxxxx Series 1985 (MBIA Corp.) 7/01/2016 6/01/95 @ 102 Ref.
7 600,000 Xxxxxx Cnty. N.J. Certs. of Part. (Correc. Fac.) AAA 7.600% 12/01/09 @ 100 S.F. 614,790
Xxx. Xxxxx Series 1988 (MBIA Corp.) 12/01/2021 12/01/98 @ 102 Ref.
8 600,000 Xxxxxx Cnty. N.J. Imprvmt. Auth. Xxx. Xxxxx AAA 6.000% 12/15/10 @ 100 S.F. 516,822
(Rgnl. Xxxxxx Xxxx.) Xxxxxx 0000 (XXXX Corp.) 12/15/2015 12/15/99 @ 100 Ref.
9 225,000 Xxxxxx Cnty. N.J. Twnshp. of No. Bergen AAA 7.625% 12/15/07 @ 100 S.F. 231,342
Muni. Utils. Auth. Swr. Xxx. Xxxxx Series 1989 12/15/2019 12/15/97 @ 000 Xxx.
(XXXX Corp.)
10 500,000 Pleasantville N.J. Schl. Dstrct. Certs. of Part. AAA 7.700% 10/01/07 @ 100 S.F. 517,490
Xxx. Xxxxx (MBIA Corp.) 10/01/2013 01/01/98 @ 102 Ref.
11 500,000 Sussex Cnty. N.J. Muni. Utils. Auth. Solid AAA 7.875% 12/01/07 @ 100 S.F. 523,875
Waste Xxx. Xxxxx Series A (MBIA Corp.) 12/01/2013 12/01/98 @ 102 Ref.
12 200,000 Camden Cnty. N.J. Muni. Utils. Auth. Cnty. AAA 0.000% No Sinking Fund 26,346
Agreement Swr. Rev. Cap. Apprec. Bonds 9/01/2019 Non-Callable
Series 0000X (XXXX Corp.)
---------- -----------
$6,000,000 $5,758,641
========== ===========
C/M 11939.0001 406290.1
