EXHIBIT 13(b)
PURCHASE AGREEMENT
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Excelsior Tax-Exempt Funds, Inc. (the "Company"), a Maryland corporation,
and Edgewood Services, Inc. ("Edgewood"), a New York corporation, hereby agree
with each other as follows:
1. The Company hereby offers Edgewood and Edgewood hereby purchases
two Shares of the California Tax-Exempt Income Fund of the Company
at $10 per Share. The Company hereby acknowledges receipt from
Edgewood of funds in the total amount of $20 in full payment for
the Shares.
2. Edgewood represents and warrants to the Company that the Shares are
being acquired for investment purposes and not with a view to the
distribution thereof.
IN AGREEMENT WHEREOF, and intending to be legally bound hereby, the
parties hereto have executed this Agreement as of the 25th day of September,
1996.
EXCELSIOR TAX-EXEMPT FUNDS, INC.
By:/s/ Xxxxxx Xxxxxxxxxx
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its President
EDGEWOOD SERVICES, INC.
By:/s/ Xxxxxx X. Xxxxxxx
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its Vice President
