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SIGNATURE BERNADETTE N. FINN
TITLE SECRETARY
February 28, 2000
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sirs:
On September 23, 1999, upon the termination of our previously engaged
accountant, the Board of Directors of Tax Exempt Proceeds Fund, Inc., engaged
Deloitte & Touche, LLP, New York, NY as the Fund's independent accountants for
the fiscal year ended June 30, 2000.
The previously engaged accountant's report on the Fund's financial statements of
the Fund during the past two fiscal years contained no adverse opinion or a
disclaimer of opinion, and were not qualified or modified as to certainty, audit
scope or accounting principles. During the two most recent fiscal years there
were no disagreements with the former accountant on any matter of accounting
principles or practices, financial statement disclosure, or audit procedure,
which disagreements, if not resolved to the satisfaction of the former
accountant, would have caused them to make reference in connection with their
opinion to the subject matter of the disagreement. The change of accountants was
recommended by the audit committee and approved by the Board of Directors.
Yours very truly,
/s/ Bernadette N. Finn
Bernadette N. Finn
Secretary, Tax Exempt Proceeds Fund, Inc.
<PAGE>
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for the Tax Exempt Proceeds
Fund, Inc. We have read their notification of change in independent accountants
made in Item 77K of Form N-SAR. We agree with the statements in the filing.
MCGLADREY & PULLEN, LLP
New York, New York
February 24, 2000
<TABLE> <S> <C>
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<LEGEND> The schedule contains summary financial information
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schedules as of the end of the most current period and is
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<CIK> 0000843078
<NAME> Tax Exempt Proceeds Fund, Inc.
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