Results of Competitive Sales

ARKANSAS

Scranton School District No. 22 of Logan County

Jul 30, 2008 . . . . . . $1,440,000

Refunding and Construction Bonds (bank qualified) (book entry).

Dated Aug 1, 2008.

Due Feb 1, 2009 to 2036.

Callable Aug 1, 2013 at par.

Winning bid: Ross Sinclaire, at 98.5936, TIC 4.4763%.

Due Amount Cpn Yield Conc Ins
2/1/11 $120,000 2.90% NRO NRO
2/1/14 $100,000 3.40% NRO NRO
2/1/17 $110,000 3.70% NRO NRO
2/1/20 $125,000 4.00% NRO NRO
2/1/23 $140,000 4.15% NRO NRO
2/1/25 $100,000 4.25% NRO NRO
2/1/27 $110,000 4.35% NRO NRO
2/1/29 $120,000 4.45% NRO NRO
2/1/31 $130,000 4.50% NRO NRO
2/1/34 $220,000 4.55% NRO NRO
2/1/36 $165,000 4.60% NRO NRO

L.O.: Friday Eldredge & Clark, Little Rock, AR.

F.A.: First Security Beardsley Public Finance, Little Rock, AR.

Other bidders were:

Crews & Associates, TIC 4.6389%

Sterne Agee, TIC 4.7139%

FTN Fin Cap Mkts, TIC 4.7585%

Morgan Keegan, TIC 4.9387%

CALIFORNIA

Tracy Joint Unified School District

Jul 30, 2008 . . . . . . $17,000,000

General Obligation Bonds, Election of 2006, Series 2008 (book entry).

Dated Aug 13, 2008.

Due Aug 1, 2011 to 2033.

Callable Aug 1, 2016 at par.

Winning bid: Hutchinson Shockey, at 101.0631, TIC 5.0051%.

Due Amount Cpn Yield Conc Ins
8/1/11 $10,000 2.75% 2.75% AGC
8/1/12 $50,000 3.00% 3.00% AGC
8/1/13 $110,000 10.00% 3.70% AGC
8/1/14 $180,000 10.00% 3.90% AGC
8/1/15 $245,000 10.00% 4.05% AGC
8/1/16 $345,000 5.50% NRO NRO AGC
8/1/17 $435,000 3.75% 3.83% AGC
8/1/18 $535,000 4.00% 4.00% AGC
8/1/19 $645,000 4.10% 4.22% AGC
8/1/20 $760,000 4.30% 4.35% AGC
8/1/21 $885,000 4.40% 4.52% AGC
8/1/23 $2,185,000 4.50% 4.68% AGC
8/1/25 $2,795,000 5.00% 4.71% AGC
8/1/27 $3,020,000 5.00% 4.83% AGC
8/1/29 $2,000,000 5.00% 5.00% AGC
8/1/33 $2,800,000 6.00% 4.50% AGC

L.O.: Jones Hall, San Francisco, CA.

F.A.: KNN Public Finance, Oakland, CA.

Other bidders were:

Citigroup, TIC 5.0986%

UBS Securities, TIC 5.2634%

Southwest Securities, TIC 5.2954%

CONNECTICUT

Connecticut Regional School District No. 10

Jul 30, 2008 . . . . . . $5,800,000

General Obligation Bond Anticipation Notes (bank qualified).

Dated Aug 12, 2008.

Due Aug 11, 2009.

Purchased $5,800,000.00 by Commerce Cap Mkts, at 2.5%, plus $56,381.80, effective rate 1.5252%.

L.O.: Day Pitney LLP, Hartford, CT.

F.A.: First Southwest Company, Glastonbury, CT.

Other bidders were:

Eastern Bank, Effective Rate 1.578%

Roosevelt & Cross, Effective Rate 1.6704%

Sovereign Securities, Effective Rate 1.7559%

Bank of America, Effective Rate 2.24%

Janney Montgomery, Effective Rate 2.2887%

IOWA

Algona (City)

Jul 30, 2008 . . . . . . $2,760,000

Electric Revenue Refunding Capital Loan Notes, Series 2008 (bank qualified) (book entry).

Dated Sep 8, 2008.

Due Dec 1, 2009 to 2014.

Non-callable.

Winning bid: GKST/Harris/BMO, at n/a, TIC 3.57%.

Due Amount Cpn Yield Conc Ins
12/1/09 $445,000 3.25% NRO NRO
12/1/10 $465,000 3.25% 2.75%
12/1/11 $485,000 3.50% 3.00%
12/1/12 $505,000 3.50% NRO NRO
12/1/13 $530,000 4.00% NRO NRO
12/1/14 $330,000 4.00% NRO NRO

L.O.: Ahlers & Cooney, P.C., Des Moines, IA.

F.A.: Public Financial Management, Inc., Des Moines, IA.

Other bidders were:

Stifel Nicolaus, TIC 3.69%

Ruan Securities, TIC 3.73%

Bankers' Bank, TIC 3.74%

Piper Jaffray, TIC 3.79%

Northland Securities, TIC 3.88%

MASSACHUSETTS

Brockton Area Transit Authority

Jul 30, 2008 . . . . . . $8,900,000

Revenue Anticipation Note (bank qualified).

Dated Aug 6, 2008.

Due Aug 6, 2009.

Purchased $8,900,000.00 by Eastern Bank, at 2.5%, plus $27,768.00, effective rate 2.188%.

L.O.: Edwards Angell Palmer & Dodge, LLP, Boston, MA.

F.A.: First Southwest Company, Boston, MA.

Other bidders were:

Janney Montgomery, Effective Rate 2.483%

TD Banknorth, N.A., Effective Rate 2.95%

Leicester (Town)

Jul 30, 2008 . . . . . . $444,353

Bond Anticipation Notes (bank qualified).

Dated Aug 15, 2008.

Due Aug 14, 2009.

Purchased $444,350.00 by Eastern Bank, at 2.4%, effective rate 2.4%.

F.A.: First Southwest Company, Boston, MA.

Other bidders were:

Bank of Western Mass, Effective Rate 2.54%

RBS Citizens, Effective Rate 2.77%

TD Banknorth, N.A., Effective Rate 2.79%

West Bridgewater (Town)

Jul 30, 2008 . . . . . . $6,975,000

General Obligation Municipal Purpose Loan of 2008 Bonds (bank qualified) (book entry).

Dated Aug 1, 2008.

Due Aug 1, 2009 to 2028.

Callable Aug 1, 2018 at par.

Winning bid: Roosevelt & Cross, at 100.0000, TIC 4.3084%.

Due Amount Cpn Yield Conc Ins
8/1/09 $460,000 5.50% NRO NRO AGC
8/1/10 $455,000 5.25% NRO NRO AGC
8/1/11 $455,000 5.125% NRO NRO AGC
8/1/12 $455,000 5.00% NRO NRO AGC
8/1/13 $405,000 3.75% NRO NRO AGC
8/1/14 $405,000 3.75% NRO NRO AGC
8/1/15 $405,000 4.00% NRO NRO AGC
8/1/16 $400,000 4.00% NRO NRO AGC
8/1/17 $400,000 4.00% NRO NRO AGC
8/1/18 $400,000 4.00% NRO NRO AGC
8/1/19 $325,000 4.00% NRO NRO AGC
8/1/20 $325,000 4.125% NRO NRO AGC
8/1/21 $325,000 4.25% NRO NRO AGC
8/1/23 $650,000 4.375% NRO NRO AGC
8/1/25 $650,000 4.50% NRO NRO AGC
8/1/28 $460,000 4.625% NRO NRO AGC

Other managers: Citigroup Global Markets, Inc., Fidelity Capital Markets Services, Webster Bank, Wachovia Securities, LLC.

L.O.: Edwards Angell Palmer & Dodge, LLP, Boston, MA.

F.A.: UniBank Fiscal Advisory Services, Inc., Whitinsville, MA.

Other bidders were:

Sterne Agee, TIC 4.3346%

FTN Fin Cap Mkts, TIC 4.4464%

MICHIGAN

Dundee Village

Jul 30, 2008 . . . . . . $585,000

$480,000 2008 Special Assessment Bonds and $105,000 2008 Village Share Bonds (Limited Tax General Obligation) (bank qualified) (book entry).

Dated Aug 19, 2008.

Due May 1, 2010 to 2024.

Callable May 1, 2017 at par.

Winning bid: Monroe Bank, at n/a, TIC 4.498%.

Due Amount Cpn Yield Conc Ins
5/1/10 $40,000 4.50% NRO NRO
5/1/11 $40,000 4.50% NRO NRO
5/1/12 $40,000 4.50% NRO NRO
5/1/13 $40,000 4.50% NRO NRO
5/1/14 $40,000 4.50% NRO NRO
5/1/15 $40,000 4.50% NRO NRO
5/1/16 $35,000 4.50% NRO NRO
5/1/17 $35,000 4.50% NRO NRO
5/1/18 $35,000 4.50% NRO NRO
5/1/19 $40,000 4.50% NRO NRO
5/1/20 $40,000 4.50% NRO NRO
5/1/21 $40,000 4.50% NRO NRO
5/1/22 $40,000 4.50% NRO NRO
5/1/23 $40,000 4.50% NRO NRO
5/1/24 $40,000 4.50% NRO NRO

L.O.: Miller, Canfield, Paddock & Stone, P.L.C., Detroit, MI.

F.A.: Public Financial Management, Inc., Ann Arbor, MI.

Other bidders were:

Bernardi Securities, TIC 5.3581%

MINNESOTA

Cass Lake Independent School District No. 115

Jul 30, 2008 . . . . . . $1,420,000

General Obligation Aid Anticipation Certificates of Indebtedness, Series 2008A (MN School District Credit Enhancement Program) (bank qualified) (book entry).

Dated Aug 21, 2008.

Due Sep 21, 2009.

Purchased $1,420,000.00 by Sovereign Securities, at 3.0%, plus n/a, effective rate n/a.

L.O.: Knutson, Flynn & Deans, Mendota Heights, MN.

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

Other bidders were:

Wells Fargo Brkge, Effective Rate 2.3344%

Janney Montgomery, Effective Rate 2.3456%

Piper Jaffray, Effective Rate 2.4064%

NEVADA

Clark County

Jul 30, 2008 . . . . . . $50,570,000

General Obligation (Limited Tax) Flood Control Refunding Bonds, Series 2008 (Additionally Secured with Pledged Revenues) (book entry).

Dated Aug 20, 2008.

Due Nov 1, 2008 to 2015.

Non-callable.

Winning bid: DEPFA First Albany, at n/a, TIC 3.5293%.

Due Amount Cpn Yield Conc Ins
11/1/08 $410,000 3.00% 2.00%
11/1/10 $7,350,000 5.00% 2.53%
11/1/11 $7,725,000 5.00% 2.96%
11/1/12 $8,125,000 5.00% 3.17%
11/1/13 $8,540,000 5.00% 3.38%
11/1/14 $8,980,000 5.00% 3.54%
11/1/15 $9,440,000 5.00% 3.69%

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

F.A.: Hobbs, Ong & Associates, Inc., Las Vegas, NV; and Public Financial Management, Inc., Seattle, WA.

Other bidders were:

Robert W. Baird, TIC 3.541%

Morgan Stanley, TIC 3.5501%

Citigroup, TIC 3.661%

Lehman Brothers, TIC 3.6802%

Hutchinson Shockey, TIC 3.6833%

JPMorgan, TIC 3.6928%

Merrill Lynch, TIC 3.9067%

NEW JERSEY

Newton (Town)

Jul 30, 2008 . . . . . . $328,000

Bond Anticipation Notes (bank qualified).

Dated Aug 6, 2008.

Due Jun 25, 2009.

Purchased $328,000.00 by TD Banknorth, N.A, at 2.08%, effective rate 2.08%.

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

F.A.: Municipal Official(s).

Other bidders were:

Sussex Co. St Bk, Effective Rate 2.19%

Lakeland Bank, Effective Rate 2.55%

NEW YORK

Clinton Central School District

Jul 30, 2008 . . . . . . $291,000

School District (Serial) Bonds, 2008 (bank qualified).

Dated Aug 15, 2008.

Due Jun 15, 2009 to 2013.

Non-callable.

Winning bid: First Niagara Bank, at n/a, NIC 3.5%.

Due Amount Cpn Yield Conc Ins
6/15/09 $56,000 3.50% NRO NRO
6/15/10 $55,000 3.50% NRO NRO
6/15/11 $60,000 3.50% NRO NRO
6/15/12 $60,000 3.50% NRO NRO
6/15/13 $60,000 3.50% NRO NRO

L.O.: Trespasz & Marquardt, LLP, Syracuse, NY.

F.A.: Bernard P. Donegan, Inc., Victor, NY.

Other bidders were:

NBT Bank, NIC 3.63%

Sage Rutty, NIC 3.6462%

Roosevelt & Cross, NIC 3.6805%

J.P. Morgan Chase, NIC 3.76%

Cornwall Central School District

Jul 30, 2008 . . . . . . $3,644,594

School District (Serial) Bonds, 2008 (bank qualified) (book entry).

Dated Aug 1, 2008.

Due Apr 1, 2010 to 2023.

Callable Apr 1, 2018 at par.

Winning bid: DEPFA First Albany, at n/a, TIC 4.073%.

Due Amount Cpn Yield Conc Ins
4/1/10 $194,594 4.00% 2.36%
4/1/11 $205,000 4.00% 2.83%
4/1/12 $215,000 4.00% NRO NRO
4/1/13 $220,000 4.00% NRO NRO
4/1/14 $230,000 4.00% 3.42%
4/1/15 $240,000 4.00% 3.57%
4/1/16 $250,000 4.00% 3.73%
4/1/17 $260,000 4.00% 3.84%
4/1/18 $275,000 4.00% NRO NRO
4/1/19 $285,000 4.10% NRO NRO
4/1/20 $300,000 4.25% NRO NRO
4/1/21 $310,000 4.35% NRO NRO
4/1/22 $325,000 4.45% NRO NRO
4/1/23 $335,000 4.55% NRO NRO

Other managers: Wachovia Securities, LLC.

L.O.: Orrick, Herrington & Sutcliffe, New York, NY.

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

Other bidders were:

Roosevelt & Cross, TIC 4.1377%

GKST/Harris/BMO, TIC 4.1398%

FTN Fin Cap Mkts, TIC 4.2037%

PNC Capital Markets, TIC 4.3026%

Commerce Cap Mkts, TIC 4.5464%

New Rochelle City School District

Jul 30, 2008 . . . . . . $13,500,000

Tax Anticipation Notes, 2008 (book entry).

Dated Aug 7, 2008.

Due Dec 5, 2008.

Purchased $13,500,000.00 by Commerce Cap Mkts, at 2.0%, plus $10,192.50, effective rate 1.7697%.

L.O.: Orrick, Herrington & Sutcliffe, New York, NY.

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

Other bidders were:

DEPFA First Albany, Effective Rate 1.7736%

Roosevelt & Cross, Effective Rate 2.1911%

Janney Montgomery, Effective Rate 2.3549%

OKLAHOMA

Carter County Independent School District #32 (Lone Grove)

Jul 15, 2008 . . . . . . $1,275,000

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

Dated Aug 1, 2008.

Due Aug 1, 2010 to 2012.

Non-callable.

Winning bid: BOSC, at n/a, NIC 2.8231%.

Due Amount Cpn Yield Conc Ins
8/1/10 $400,000 3.45% 2.40%
8/1/11 $400,000 2.60% 2.60%
8/1/12 $475,000 2.70% 2.70%

In association with: American National Bank.

In association with: Citizens Bank of Edmond.

L.O.: Hilborne & Weidman, Tulsa, OK; and State Attorney General.

F.A.: The Vernon Group, LLC, Ardmore, OK.

Other bidders were:

Country Club Bank, NIC 2.9897%

UMB Bank, NIC 3.2238%

BancFirst, NIC 3.5%

Baker Group, NIC 3.5128%

RHODE ISLAND

Cumberland (Town)

Jul 29, 2008 . . . . . . $4,000,000

General Obligation Revenue Anticipation Notes, Series 2 (book entry).

Dated Aug 5, 2008.

Due Jun 30, 2009.

Purchased $4,000,000.00 by Banc of America, at 2.5%, plus $25,171.00, effective rate 1.803%.

L.O.: Moses Afonso Jackvony Ltd., Providence, RI.

F.A.: First Southwest Company, Lincoln, RI.

Other bidders were:

Eastern Bank, Effective Rate 2.098%

Janney Montgomery, Effective Rate 3.1185%

Cumberland (Town)

Jul 29, 2008 . . . . . . $5,500,000

General Obligation Tax Anticipation Notes, Series 1 (book entry).

Dated Aug 5, 2008.

Due Jun 30, 2009.

Purchased $5,500,000.00 by Banc of America, at 2.5%, plus $34,771.00, effective rate 1.7977%.

L.O.: Moses Afonso Jackvony Ltd., Providence, RI.

F.A.: First Southwest Company, Lincoln, RI.

Other bidders were:

Eastern Bank, Effective Rate 2.048%

Janney Montgomery, Effective Rate 2.9732%

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Competitive sales results
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