EXHIBIT 1.1
STATE AND LOCAL TRUST, SERIES 1
TRUST AGREEMENT
Dated: December 5, 1996
This Trust Agreement between Sterne, Agee & Xxxxx, Inc., as Depositor,
Evaluator, and Supervisor, and The Trust Company of Sterne, Agee & Xxxxx,
Inc., as Trustee, sets forth certain provisions in full and incorporates other
provisions by reference to the document entitled "Standard Terms and
Conditions of Trust For Sterne, Agee & Xxxxx, Inc. Tax-Exempt Trust, Dated
October 23, 1996" (herein called the "Standard Terms and Conditions of
Trust"), and such provisions as are set forth in full and such provisions as
are incorporated by reference constitute a single instrument. All references
herein to Articles and Sections are to Articles and Sections of the Standard
Terms and Conditions of Trust.
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements herein
contained, the Depositor, Evaluator, Supervisor and the Trustee 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 Standard Terms and Conditions of Trust 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 Bonds defined in Section 1.01(4), listed in the Schedules
hereto, have been deposited in the Trusts under this Trust Agreement.
(b) The fractional undivided interest in and ownership of the
various Trusts represented by each Unit thereof is the amount set forth under
"Summary of Essential Financial Information_Fractional Undivided Interest in
the Trust per Unit" in the Prospectus.
(c) The First General Record Date and the amount of the second
distribution of funds from the Interest Account of the Trust shall be the
record date for the Interest Account set forth under "Distributions" on page 2
of the Prospectus and that amount set forth under "Summary of Essential
Financial Information_Initial Distribution" in the Prospectus.
(e) The First Settlement Date shall be the date set forth under
"Summary of Essential Financial Information_First Settlement Date" in the
Prospectus.
(f) The Evaluation Time for purpose of sale, purchase or redemption
of Units shall be that time set forth under "Summary of Essential Financial
Information" in the Prospectus.
(g) As set forth in Section 3.05, the Record Dates and Distribution
Dates for each Trust are those dates set forth under "Distributions" on page 2
of the Prospectus.
(h) As set forth in Section 3.15, the Supervisor's annual fee shall
be that amount set forth in "Summary of Essential Financial Information_
Supervisor's Annual Fee" in the Prospectus.
(i) As set forth in Section 4.03, the Evaluator's annual fee shall
be that amount set forth in "Summary of Essential Financial Information_
Evaluator's Annual Fee" in the Prospectus.
(j) As set forth under Section 6.04, the Trustee's annual fee shall
be that amount as set forth in "Summary of Essential Financial Information_
Trustee's Annual Fee" in the Prospectus.
2
IN WITNESS WHEREOF, Sterne, Agee & Xxxxx, Inc. and The Trust Company of
Sterne, Agee & Xxxxx, Inc., have caused this Trust Agreement to be executed by
their respective Presidents or one of their respective Vice Presidents; all as
of the day, month and year first above written.
STERNE, AGEE & XXXXX, INC.,
Depositor, Evaluator and Supervisor
By
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Title
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THE TRUST COMPANY OF STERNE, AGEE &
XXXXX, INC.,
Trustee
By
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Title
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SCHEDULE TO TRUST AGREEMENT
SECURITIES DEPOSITED
STATE AND LOCAL TRUST, SERIES 1
(Note: Incorporated herein and made a part hereof is the "Schedule of
Investments" of the Trust as set forth in the Prospectus.)
