  A three-band model for copper oxides in the region of parameters where the
second hole on the copper has energy close to the first hole on the oxygen is
considered. The exact solution for one hole on a ferromagnetic background of
the ordered copper spins is obtained. A general procedure for transformation of
the primary Hamiltonian to the Hamiltonian of singlet and triplet excitations
is proposed. Reduction of the singlet-triplet Hamiltonian to the single-band
Hamiltonian of the generalized t~-~J model is performed. A comparison of the
solution for the generalized t~-~J model on a ferromagnetic background with the
exact solution shows a very good agreement.
