Exhibit L(1)
PURCHASE AGREEMENT
Counsellors New York Municipal Bond Fund (the "Fund"), a business trust
organized under the laws of the Commonwealth of Massachusetts, and X.X. Xxxxxxx
Xxxxxx & Co., Inc. ("EMW") hereby agree as follows:
1. The Fund offers EMW and EMW hereby purchases shares of beneficial
interest of the Fund, par value $.001 per share (the "Shares"), consisting of
9,990 Shares (the "Fund Purchased Shares") of the Fund at a price of $10.00 per
Share. EMW also has purchased at $10.00 per share from the Settlor of the Fund
("Settlor Shares"; together with the Fund Purchased Shares, the "Initial
Shares").
2. EMW represents and warrants to the Fund that the Initial Shares are
being acquired for investment purposes and not for the purpose of distributing
them.
3. In the event of a redemption of any Shares purchased by EMW, the
first Shares so redeemed shall be the Initial Shares. EMW agrees that if ay
holder of the Initial Shares redeems any Initial Shares in the Fund before five
years after the date upon which the Fund commences its investment activities,
the redemption proceeds will be reduced by the amount of unamortized
organizational expenses, in the same proportion as the number of Initial Shares
being redeemed bears to the number of Initial Shares outstanding at the time of
redemption. The parties hereby acknowledge that any Shares acquired by EMW
pursuant to this Agreement other than the Initial Shares have not been acquired
to fulfill the requirements of Section 14 of the Investment Company of 1940 and,
if redeemed, their redemption proceeds will not be subject to reduction based on
the unamortized organizational expenses of the Fund
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the 1st day of March, 1987.
COUNSELLORS NEW YORK MUNICIPAL
BOND FUND
By: /s/ Xxxxxx X. Xxxxxxxx
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ATTEST:
----------------------- X.X. XXXXXXX, XXXXXX & CO., INC.
By: /s/ Xxxxxx X. Xxxxxxxx
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ATTEST:
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