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COLONIAL MUNICIPAL INCOME TRUST
July __, 1999
Standard & Poor's Ratings Services
00 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
This letter agreement will confirm that Colonial Municipal Income Trust
(the "Trust"), in connection with the Trust's issuance of 3,600 Municipal
Auction Rate Cumulative Preferred Shares, Series F (the "Shares") on July __,
1999, hereby represents to Standard & Poor's Ratings Services ("Standard &
Poor's") that, for so long as Standard & Poor's is rating the Shares, in
calculating the Discounted Value of the Trust's portfolio, (1) Standard & Poor's
Discount Factors will be applied to futures and Inverse Floaters and (2) a
Standard & Poor's Discount Factor of 388% will be applied to Municipal
Obligations rated AAA by Standard & Poor's which are not interest bearing or do
not pay interest at least semi-annually.
Capitalized terms used herein and not defined shall have the meanings
given to such terms in the By-Laws.
COLONIAL MUNICIPAL INCOME TRUST
By: ____________________________
Name:
Title:
