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EXHIBIT 13(H)
PURCHASE AGREEMENT
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Pacific Horizon Tax-Exempt Funds, Inc. (the "Fund"), a Maryland corporation,
and The Dreyfus Corporation ("Dreyfus"), a New York corporation, hereby agree
with each other as follows:
1. The Fund hereby offers Dreyfus and Dreyfus hereby purchases 50,000
shares of Class A Common Stock (par value $.001 per share) of the Fund at a
price of $1.00 per share and 4,000 shares of Class B Common Stock (par value
$.001 per share) of the Fund at a price of $12.50 per share (such shares being
hereinafter sometimes collectively known as "Initial Shares"). Dreyfus hereby
acknowledges receipt of one certificate representing 50,000 shares of the
Fund's Class A Common Stock and one certificate representing 4,000 shares of
the Fund's Class B Common Stock, and the Fund hereby acknowledges receipt from
Dreyfus of funds in the amount of $100,000 in full payment for the Initial
Shares.
2. Dreyfus represents and warrants to the Fund that the Initial Shares are
being acquired for investment purposes and not with a view to the distribution
thereof and acknowledges that the certificates for the Initial Shares will be
legended to so reflect.
3. Dreyfus agrees that if any Initial Shares of any Class are redeemed by
any holder thereof prior to the end of the period over which the costs incurred
by the Fund in connection with its organization, registration and the initial
public offering of its shares and allocated to such Class are being amortized,
Dreyfus will pay to the Fund an amount equal to the number resulting from
multiplying the total unamortized organizational expenses allocated to such
Class by a fraction, the numerator of which is equal to the number of Initial
Shares of such Class redeemed and the denominator of which is equal to the
aggregate number of Initial Shares of such Class outstanding at the time of
such redemption, to the extent that the Fund has not otherwise been paid such
amount and for so long as it is the administrative position of the Staff of the
Securities and Exchange Commission to require such reimbursement.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the 21st day of March 1984.
(SEAL)
ATTEST: PACIFIC HORIZON TAX-EXEMPT
FUNDS, INC.
/s/ Xxxxxx X. Xxxxxx BY:/s/ W. Xxxxx XxXxxxxx, III
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Xxxxxx X. Xxxxxx W. Xxxxx XxXxxxxx, III
Assistant Secretary Secretary
(SEAL)
ATTEST: THE DREYFUS CORPORATION
/s/ Xxxxxxxxx Xxxxxxx BY:/s/ Xxxxxx X. Xxxxxxx
Xxxxxxxxx Xxxxxxx Xxxxxx X. Xxxxxxx
Assistant Secretary Vice President and
General Counsel
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