To the Board of Directors of T. Rowe Price
Summit Municipal Funds, Inc. and
Shareholders of Summit Municipal Money Market
Fund, Summit Municipal Intermediate Fund and
Summit Municipal Income Fund
In planning and performing our audit of the
financial statements of Summit Municipal Money
Market
Fund, Summit Municipal Intermediate Fund and
Summit Municipal Income Fund (hereafter
referred to
as the "Funds") for the period ended October
31, 2000, we considered their internal control,
including
control activities for safeguarding securities,
in order to determine our auditing procedures
for the
purpose of expressing our opinion on the
financial statements and to comply with the
requirements of
Form N-SAR, not to provide assurance on
internal control.
The management of the Funds is responsible for
establishing and maintaining internal control.
In
fulfilling this responsibility, estimates and
judgments by management are required to assess
the
expected benefits and related costs of
controls. Generally, controls that are
relevant to an audit pertain
to the entity's objective of preparing
financial statements for external purposes that
are fairly presented
in conformity with generally accepted
accounting principles. Those controls include
the safeguarding
of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not be
detected. Also,
projection of any evaluation of internal
control to future periods is subject to the
risk that controls may
become inadequate because of changes in
conditions or that the effectiveness of their
design and
operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal
control that
might be material weaknesses under standards
established by the American Institute of
Certified Public
Accountants. A material weakness is a
condition in which the design or operation of
one or more of
the internal control components does not reduce
to a relatively low level the risk that
misstatements
caused by error or fraud in amounts that would
be material in relation to the financial
statements being
audited may occur and not be detected within a
timely period by employees in the normal course
of
performing their assigned functions. However,
we noted no matters involving internal control
and its
operation, including controls for safeguarding
securities, that we consider to be material
weaknesses as
defined above as of October 31, 2000.
This report is intended solely for the
information and use of management and the Board
of Directors of
T. Rowe Price Summit Municipal Funds, Inc., and
the Securities and Exchange Commission and is
not
intended to be and should not be used by anyone
other then these specified parties.
PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
Baltimore, Maryland
November 17, 2000
