April 27, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Rule 24f-2 Notice for
T. Rowe Price State Tax-Free Income Trust
100 East Pratt Street
Baltimore, Maryland 21202
File Number 33-6533
Gentlemen:
In accordance with the provisions of Rule 24f-2, the T. Rowe Price State
Tax-Free Income Trust hereby files its Rule 24f-2 Notice on behalf of its New
York Tax-Free Bond Fund ("New York Tax-Free Bond Fund"), New York Tax-Free
Money Fund ("New York Tax-Free Money Fund"), Maryland Tax-Free Bond Fund
("Maryland Tax-Free Bond Fund"), New Jersey Tax-Free Bond Fund ("New Jersey
Tax-Free Bond Fund"), Virginia Tax-Free Bond Fund ("Virginia Tax-Free Bond
Fund"), Maryland Short-Term Tax-Free Bond Fund ("Maryland Short-Term Tax-Free
Bond Fund"), Florida Insured Intermediate Tax-Free Fund ("Florida Insured
Intermediate Tax-Free Fund"), Georgia Tax-Free Bond Fund ("Georgia Tax-Free
Bond Fund") and Virginia Short-Term Tax-Free Bond Fund ("Virginia Short-Term
Tax-Free Bond Fund").
<PAGE>
This "Rule 24f-2 Notice" is being filed for the fiscal year ending
February 28, 1995 ("Fiscal Year") for the New York Tax-Free Bond, New York
Tax-Free Money, Maryland Tax-Free Bond, New Jersey Tax-Free Bond, Virginia
Tax-Free Bond, Maryland Short-Term Tax-Free Bond, Florida Insured Intermediate
Tax-Free and Georgia Tax-Free Bond Funds and for the fiscal year beginning
November 29, 1994 and ending February 28, 1995 ("Fiscal Year") for the
Virginia Short-Term Tax-Free Bond Fund.
1,287,171 shares of the beneficial interest of the New York Tax-Free
Money Fund, which have been registered under the Securities Act of 1933 (other
than pursuant to Rule 24f-2), remained unsold at the beginning of the Fiscal
Year.
3,123,116, 66,703,294, 14,906,957, 1,623,032, 4,057,822, 11,420,594,
3,796,282, 1,098,687 and 980,740 shares of beneficial interest of the New York
Tax-Free Bond, New York Tax-Free Money, Maryland Tax-Free Bond, New Jersey
Tax-Free Bond, Virginia Tax-Free Bond, Maryland Short-Term Tax-Free Bond,
Florida Insured Intermediate Tax-Free, Georgia Tax-Free Bond and Virginia
Short-Term Tax-Free Bond Funds, respectively, were sold during the Fiscal
Year.
All 3,123,116, 14,906,957, 1,623,032, 4,057,822, 11,420,594, 3,796,282,
1,098,687 and 980,740 shares of beneficial interest of the New York Tax-Free
Bond, Maryland Tax-Free Bond, New Jersey Tax-Free Bond, Virginia Tax-Free
Bond, Maryland Short-Term Tax-Free Bond, Florida Insured Intermediate
Tax-Free, Georgia Tax-Free Bond and Virginia Short-Term Tax-Free Bond Funds,
respectively, were sold during the Fiscal Year in reliance upon the
Declaration of the Fund of an indefinite amount of securities under Rule 24f-2
("24f-2 Declaration").
65,416,123 shares of beneficial interest of the New York Tax-Free Money
Fund were sold during the Fiscal Year in reliance upon the Declaration of the
Fund of an indefinite amount of securities under Rule 24f-2 ("24f-2
Declaration"). The shares sold in reliance upon the 24f-2 Declaration
represent the first $65,416,123 amount of shares sold during the Fiscal Year.
The difference between the shares sold during the Fiscal Year and the shares
sold in reliance upon the 24f-2 Declaration (1,287,171 shares) is being
applied against the Fund's definite share registration.
Attached to this Rule 24f-2 Notice, and made a part hereof, is an opinion
of counsel indicating that the securities, the registration of which the
Notice makes definite in number, were legally issued, fully paid, and
non-assessable.
In accordance with subsection (c) of Rule 24f-2, no registration fees are
due for the New York Tax-Free Bond, Maryland Tax-Free Bond, New Jersey
Tax-Free Bond, Virginia Tax-Free Bond and Maryland Short-Term Tax-Free Bond
Funds. The registration fees in the amounts of $1,939.21, $4,469.87, $220.60
and $1,696.83 for the New York Tax-Free Money, Florida Insured Intermediate
Tax-Free, Georgia Tax-Free Bond and Virginia Short-Term Tax-Free Bond Funds,
respectively, have been forwarded to Mellon Bank, Pittsburgh, Pennsylvania.
The fee computations are based upon the actual aggregate sale price for which
such securities were sold during the Fiscal Year, reduced by the difference
between:
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(1) The actual aggregate redemption price of the shares
redeemed by the Fund during the Fiscal Year, and
(2) The actual aggregate redemption price of such
redeemed shares previously applied by the Fund
pursuant to Rule 24e-2(a) in filings made pursuant
to Section 24(e)(1) of the Investment Company Act of
1940.
New York New York
Tax-Free Tax-Free
Bond Money
Aggregate Sale Price for
Shares Sold During Fiscal
Year in Reliance Upon
the 24f-2 Declaration $31,799,193 $65,416,123
Reduced by the Difference Between
(1) Aggregate Redemption Price
of Shares Redeemed During
the Fiscal Year
$42,811,156 $59,792,447
and,
(2) Aggregate Redemption Price
of Redeemed Shares Previously
Applied by Fund Pursuant to
Rule 24e-2(a) Filings Made
Pursuant to Section 24(e)(1)
of Investment Company Act
of 1940 $ - 0 - $ - 0 -
Equals ($11,011,963) $ 5,623,676
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(1) The actual aggregate redemption price of the shares
redeemed by the Fund during the Fiscal Year, and
(2) The actual aggregate redemption price of such
redeemed shares previously applied by the Fund
pursuant to Rule 24e-2(a) in filings made pursuant
to Section 24(e)(1) of the Investment Company Act of
1940.
Maryland New Jersey
Tax-Free Tax-Free
Bond Bond
Aggregate Sale Price for
Shares Sold During Fiscal
Year in Reliance Upon
the 24f-2 Declaration
$147,960,333 $17,025,703
Reduced by the Difference Between
(1) Aggregate Redemption Price
of Shares Redeemed During
the Fiscal Year
$237,716,733 $21,248,853
and,
(2) Aggregate Redemption Price
of Redeemed Shares Previously
Applied by Fund Pursuant to
Rule 24e-2(a) Filings Made
Pursuant to Section 24(e)(1)
of Investment Company Act
of 1940 $ - 0 - $ - 0 -
Equals ($ 89,756,400) ($ 4,223,150)
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(1) The actual aggregate redemption price of the shares
redeemed by the Fund during the Fiscal Year, and
(2) The actual aggregate redemption price of such
redeemed shares previously applied by the Fund
pursuant to Rule 24e-2(a) in filings made pursuant
to Section 24(e)(1) of the Investment Company Act of
1940.
Virginia Maryland
Tax-Free Short-Term
Bond Tax-Free
Bond
Aggregate Sale Price for
Shares Sold During Fiscal
Year in Reliance Upon
the 24f-2 Declaration
$42,140,186 $57,414,925
Reduced by the Difference Between
(1) Aggregate Redemption Price
of Shares Redeemed During
the Fiscal Year
$54,976,562 $60,139,624
and,
(2) Aggregate Redemption Price
of Redeemed Shares Previously
Applied by Fund Pursuant to
Rule 24e-2(a) Filings Made
Pursuant to Section 24(e)(1)
of Investment Company Act
of 1940 $ - 0 - $ - 0 -
Equals ($12,836,376) ($ 2,724,699)
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(1) The actual aggregate redemption price of the shares
redeemed by the Fund during the Fiscal Year, and
(2) The actual aggregate redemption price of such
redeemed shares previously applied by the Fund
pursuant to Rule 24e-2(a) in filings made pursuant
to Section 24(e)(1) of the Investment Company Act of
1940.
Florida
Ins. Int. Georgia
Tax-Free Tax-Free
Fund Bond Fund
Aggregate Sale Price for
Shares Sold During Fiscal
Year in Reliance Upon
the 24f-2 Declaration $37,591,661 $10,667,949
Reduced by the Difference Between
(1) Aggregate Redemption Price
of Shares Redeemed During
the Fiscal Year
$24,629,129 $10,028,205
and,
(2) Aggregate Redemption Price
of Redeemed Shares Previously
Applied by Fund Pursuant to
Rule 24e-2(a) Filings Made
Pursuant to Section 24(e)(1)
of Investment Company Act
of 1940 $ - 0 - $ - 0 -
Equals $12,962,532 $ 639,744
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(1) The actual aggregate redemption price of the shares
redeemed by the Fund during the Fiscal Year, and
(2) The actual aggregate redemption price of such
redeemed shares previously applied by the Fund
pursuant to Rule 24e-2(a) in filings made pursuant
to Section 24(e)(1) of the Investment Company Act of
1940.
Virginia
Short-Term
Tax-Free
Bond Fund
Aggregate Sale Price for
Shares Sold During Fiscal
Year in Reliance Upon
the 24f-2 Declaration $ 4,920,784
Reduced by the Difference Between
(1) Aggregate Redemption Price
of Shares Redeemed During
the Fiscal Year
$ - 0 -
and,
(2) Aggregate Redemption Price
of Redeemed Shares Previously
Applied by Fund Pursuant to
Rule 24e-2(a) Filings Made
Pursuant to Section 24(e)(1)
of Investment Company Act
of 1940 $ - 0 -
Equals $ 4,920,784
Any questions regarding the matter should be addressed to
Henry H. Hopkins, Esquire at the above address.
Very truly yours,
/s/ CARMEN F. DEYESU
April 27, 1995
T. Rowe Price State Tax-Free Income Trust
100 East Pratt Street
Baltimore, Maryland 21202
Dear Sirs:
T. Rowe Price State Tax-Free Income Trust, an unincorporated business
trust organized under the laws of the Commonwealth of Massachusetts (the
"Fund"), is filing with the Securities and Exchange Commission a Rule 24f-2
Notice on behalf of its Sub-funds, New York Tax-Free Bond Fund ("New York Bond
Fund"), New York Tax-Free Money Fund ("New York Money Fund"), Maryland Tax-
Free Bond Fund ("Maryland Bond Fund"), New Jersey Tax-Free Bond Fund ("New
Jersey Bond Fund"), Virginia Tax-Free Bond Fund ("Virginia Bond Fund"),
Maryland Short-Term Tax-Free Bond Fund ("Maryland Short-Term Bond Fund"),
Florida Insured Intermediate Tax-Free Fund ("Florida Intermediate Fund"),
Georgia Tax-Free Bond Fund ("Georgia Bond Fund") and Virginia Short-Term Tax-
Free Bond Fund ("Virginia Short-Term Bond Fund") containing the information
specified in paragraph (b)(1) of Rule 24f-2 under the Investment Company Act
of 1940 (the "Rule"). The effect of the Rule 24f-2 Notice, when accompanied
by this Opinion and by the filing fee, if any, payable as prescribed by
paragraph (c) of the Rule will be to make definite the number of shares sold
by the New York Bond Fund, the New York Money Fund, the Maryland Bond Fund,
the New Jersey Bond Fund, the Virginia Bond Fund, the Maryland Short-Term Bond
Fund, the Florida Intermediate Fund and the Georgia Bond Fund during the
fiscal year ended February 28, 1995 and the Virginia Short-Term Bond Fund
during the fiscal period beginning November 29, 1994 and ending February 28,
1995 in reliance upon the Rule, if any (the "Rule 24f-2 Shares").
We have, as counsel, participated in various proceedings relating to the
Fund and to the Rule 24f-2 Shares. We have examined copies, either certified
or otherwise proven to our satisfaction to be genuine, of its Master Fund
Agreement, as currently in effect, and a certificate dated April 7, 1995
issued by the Secretary of State of the Commonwealth of Massachusetts
certifying to the existence and good standing of the Trust. We have also
reviewed the Registration Statement on Form N-1A and the form of the Rule 24f-
2 Notice being filed by the Fund. We are generally familiar with the business
affairs of the Fund.
The Fund has advised us that the Rule 24f-2 Shares were sold in the
manner contemplated by the prospectus of the Fund that was current and
effective under the Securities Act of 1933 at the time of sale, and that the
Rule 24f-2 Shares were sold for a consideration not less than the net asset
value thereof as required by the Investment Company Act of 1940.
Based upon the foregoing, it is our opinion that:
1. The Fund has been duly organized and is legally existing under the
laws of the Commonwealth of Massachusetts.
2. The Fund is authorized to issue an unlimited number of shares.
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3. The Rule 24f-2 Shares were legally issued and are fully paid and
non-assessable. However, we note that, as set forth in the Registration
Statement, shareholders of the Fund might, under certain circumstances, be
liable for transactions effected by the Trust.
We hereby consent to the filing of this Opinion with the Securities and
Exchange Commission together with the Rule 24f-2 Notice of the Trust, and to
the filing of this Opinion under the securities law of any state.
We are members of the Bar of the State of New York and do not hold
ourselves out as being conversant with the laws of any jurisdiction other than
those of the United States of America and the State of New York. We note that
we are not licensed to practice law in the Commonwealth of Massachusetts, and
to the extent that any opinion expressed herein involves the law of
Massachusetts, such opinion should be understood to be based solely upon our
review of the documents referred to above, the published statutes of that
Commonwealth and, where applicable, published cases, rules or regulations of
regulatory bodies of that Commonwealth.
Very truly yours,
Shereff, Friedman, Hoffman & Goodman