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<br />I <br /> <br />I <br /> <br />I <br /> <br />::(/l <br />__/ ~:o_< <br /> <br />- 2 - <br /> <br />IN OUR OPINION, the interest on said warrants is exempt from <br /> <br />Federal income taxes under existing statutes, regulations, rulings <br />and court decisions. <br /> <br />Respectfully, , <br /> <br />~d~~ > JJ~ ,-tj;---L-.J <br /> <br />RWS :ES <br />