Harbor Bancorp & Subsidiaries - Page 45

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          statutorily required result of this choice is that the interest             
          on the Bonds is not exempt from Federal taxation.                           


                                             Decisions will be entered                
                                        for respondent.                               

               Reviewed by the Court.                                                 

               HAMBLEN, CHABOT, GERBER, WRIGHT, PARR, WELLS, WHALEN,                  
          COLVIN, BEGHE, CHIECHI, LARO, FOLEY, and VASQUEZ, JJ., agree with           
          this majority opinion.                                                      
               SWIFT, J., concurs in the result only.                                 

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