Results of Competitive Sales

MICHIGAN

Les Cheneaux Community Schools

Jun 30, 2008 . . . . . . $610,000

2008 Building, Technology and Equipment Bonds (General Obligation-Unlimited Tax) (bank qualified) (book entry).

Dated Jul 14, 2008.

Due May 1, 2009 to 2013.

Non-callable.

Winning bid: Bernardi Securities, at n/a, TIC 4.1328%.

Due Amount Cpn Yield Conc Ins
5/1/09 $140,000 3.20% 3.20%
5/1/10 $155,000 3.40% 3.40%
5/1/11 $105,000 3.55% 3.55%
5/1/12 $105,000 3.70% 3.70%
5/1/13 $105,000 3.80% 3.80%

L.O.: Thrun Law Firm, P.C.,, East Lansing, MI.

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Onsted Community Schools

Jun 30, 2008 . . . . . . $1,460,000

2008 School Improvement Bonds (General Obligation - Limited Tax) (bank qualified) (book entry).

Dated Jul 15, 2008.

Due May 1, 2009 to 2023.

Callable May 1, 2018 at par.

Winning bid: Fifth Third Sec, at 98.5010, TIC 4.5693%.

Due Amount Cpn Yield Conc Ins
5/1/09 $45,000 4.00% 2.30% FSA
5/1/10 $45,000 4.00% 2.90% FSA
5/1/11 $50,000 4.00% 3.25% FSA
5/1/12 $55,000 4.00% 3.46% FSA
5/1/13 $65,000 4.00% 3.59% FSA
5/1/14 $75,000 4.125% 3.72% FSA
5/1/15 $85,000 4.125% 3.83% FSA
5/1/16 $95,000 4.125% 3.90% FSA
5/1/17 $105,000 4.25% 3.95% FSA
5/1/18 $110,000 4.25% 4.00% FSA
5/1/21 $405,000 4.25% 4.20% FSA
5/1/23 $325,000 4.75% 4.30% FSA

L.O.: Thrun Law Firm, P.C.,, East Lansing, MI.

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Other bidders were:

Ross Sinclaire, TIC 4.5845%

Comerica Securities, TIC 4.788%

MINNESOTA

Kasson-Mantorville Independent School District No. 204

Jun 30, 2008 . . . . . . $725,000

General Obligation Alternative Facilities Bonds, Series 2008A (MN School District Credit Enhancement Program) (bank qualified) (book entry).

Dated Jul 17, 2008.

Due Feb 1, 2010 to 2019.

Callable Aug 1, 2016 at par.

Winning bid: Cronin & Co., at n/a, TIC 4.0542%.

Due Amount Cpn Yield Conc Ins
2/1/10 $60,000 4.00% 2.85%
2/1/11 $65,000 4.00% 3.25%
2/1/12 $65,000 4.00% 3.50%
2/1/13 $70,000 4.00% 3.60%
2/1/14 $70,000 4.00% 3.75%
2/1/15 $75,000 4.00% 3.90%
2/1/17 $155,000 4.00% 4.00%
2/1/19 $165,000 4.10% 4.10%

L.O.: Dorsey & Whitney, Minneapolis, MN.

F.A.: Ehlers & Associates, Inc., Roseville, MN.

Other bidders were:

Northland Securities, TIC 4.1522%

Bernardi Securities, TIC 4.2075%

NEVADA

Nevada System of Higher Education

Jun 30, 2008 . . . . . . $60,500,000

Universities Revenue Bonds, Series 2008A (book entry).

Dated Jul 22, 2008.

Due Jul 1, 2009 to 2038.

Callable Jul 1, 2018 at par.

Winning bid: Piper Jaffray, at 100.1482, TIC 4.8892%.

Due Amount Cpn Yield Conc Ins
7/1/09 $1,045,000 3.00% NRO NRO
7/1/10 $925,000 4.00% NRO NRO
7/1/11 $970,000 3.50% NRO NRO
7/1/12 $1,020,000 4.00% NRO NRO
7/1/13 $1,070,000 4.00% NRO NRO
7/1/14 $1,160,000 4.00% NRO NRO
7/1/15 $1,220,000 4.00% NRO NRO
7/1/16 $1,280,000 4.25% NRO NRO
7/1/17 $1,345,000 4.25% NRO NRO
7/1/18 $1,415,000 4.25% NRO NRO
7/1/19 $1,485,000 4.25% NRO NRO
7/1/20 $1,560,000 4.375% NRO NRO
7/1/21 $1,635,000 5.00% NRO NRO
7/1/22 $1,715,000 5.00% NRO NRO
7/1/23 $1,805,000 5.00% NRO NRO
7/1/24 $1,895,000 5.00% NRO NRO
7/1/25 $1,990,000 5.00% NRO NRO
7/1/26 $2,085,000 5.00% NRO NRO
7/1/27 $2,190,000 5.00% NRO NRO
7/1/28 $2,300,000 5.00% NRO NRO
7/1/29 $2,415,000 5.00% NRO NRO
7/1/30 $2,535,000 5.00% NRO NRO
7/1/31 $2,665,000 5.00% NRO NRO
7/1/38 $22,775,000 5.00% NRO NRO

L.O.: Swendseid & Stern, Reno, NV; and Swendseid & Stern, Las Vegas, NV.

F.A.: JNA Consulting Group LLC, Boulder City, NV.

Other bidders were:

Morgan Stanley, TIC 4.9101%

Prager Sealy, TIC 4.9395%

Citigroup, TIC 4.9563%

Robert W. Baird, TIC 4.9962%

Hutchinson Shockey, TIC 5.035%

NEW JERSEY

South Plainfield Borough

Jun 27, 2008 . . . . . . $8,119,550

Bond Anticipation Notes (bank qualified) (book entry).

Dated Jul 3, 2008.

Due Jul 1, 2009.

Purchased $8,119,550.00 by RBC Capital Mkts, at 2.75%, plus $68,123.02, effective rate 1.9232%.

L.O.: McManimon & Scotland, Newark, NJ.

F.A.: Municipal Official(s).

NEW YORK

Red Hook Villlage

Jun 30, 2008 . . . . . . $275,000

Bond Anticipation Notes for Building Improvements 2008 (bank qualified).

Dated Jul 10, 2008.

Due Nov 28, 2008.

Purchased $275,000.00 by J.P. Morgan Chase, at 2.84%, effective rate 2.84%.

L.O.: Hawkins, Delafield & Wood, New York, NY.

F.A.: Public Finance Associates, Inc., Hopewell Junction, NY.

OHIO

Athens (City)

Jun 26, 2008 . . . . . . $1,500,000

East State Street Improvement Bond Anticipation Notes Fifith 2008 Renewal (bank qualified) (book entry).

Dated Jul 9, 2008.

Due Jul 9, 2009.

Purchased $1,500,000.00 by RBC Capital Mkts, at 2.5%, plus $5,130.00, effective rate 2.4111%.

L.O.: Peck, Shaffer & Williams, Columbus, OH.

OKLAHOMA

Creek County Independent School District No. 39 (Drumright)

Jun 26, 2008 . . . . . . $100,000

Building Bonds of 2008 (bank qualified) (book entry).

Dated Jul 1, 2008.

Due Jul 1, 2010 to 2011.

Non-callable.

Winning bid: SpiritBank, at n/a, NIC 3.37%.

Due Amount Cpn Yield Conc Ins
7/1/10 $50,000 3.25% NRO NRO
7/1/11 $50,000 3.45% NRO NRO

L.O.: Phillips McFall McCaffrey McVay & Murrah, P.C., Oklahoma City, OK; and State Attorney General.

F.A.: Stephen L. Smith Corp., Jenks, OK.

WISCONSIN

Oregon Village

Jun 30, 2008 . . . . . . $5,075,000

General Obligation Corporate Purpose Bonds (bank qualified) (book entry).

Dated Jul 17, 2008.

Due Mar 1, 2010 to 2028.

Callable Mar 1, 2017 at par.

Winning bid: Stifel Nicolaus, at 99.0008, TIC 4.3969%.

Due Amount Cpn Yield Conc Ins
3/1/10 $40,000 4.20% 3.00% FSA
3/1/11 $100,000 4.20% 3.15% FSA
3/1/12 $115,000 4.20% 3.35% FSA
3/1/13 $150,000 4.20% 3.45% FSA
3/1/14 $170,000 4.20% 3.60% FSA
3/1/15 $195,000 4.20% 3.70% FSA
3/1/16 $195,000 4.20% 3.80% FSA
3/1/17 $245,000 4.20% 3.85% FSA
3/1/18 $250,000 4.20% 3.95% FSA
3/1/19 $300,000 4.20% 4.00% FSA
3/1/20 $300,000 4.25% 4.05% FSA
3/1/22 $675,000 4.25% 4.10% FSA
3/1/24 $705,000 4.25% 4.25% FSA
3/1/26 $790,000 4.35% 4.35% FSA
3/1/28 $845,000 4.40% 4.40% FSA

L.O.: Quarles & Brady, Milwaukee, WI.

F.A.: Ehlers & Associates, Inc., Roseville, MN.

Other bidders were:

Robert W. Baird, TIC 4.4325%

Sterne Agee, TIC 4.4337%

Morgan Keegan, TIC 4.4357%

Piper Jaffray, TIC 4.446%

Griffin Kubik, TIC 4.4588%

J.P. Morgan Chase, TIC 4.4992%

Bernardi Securities, TIC 4.6393%

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Competitive sales results
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