Results of Competitive Sales

CALIFORNIA

Elk Grove Unified School District Community Facilities District No. 1

Nov 19, 2008 . . . . . . $5,845,000

Special Tax Bonds (Election of 1998), Series 2008, Capital Appreciation Bonds ($856,633.75 Orig. Principal Amount) (book entry).

Dated Dec 9, 2008.

Due Dec 1, 2036.

Non-callable.

Winning bid: Citigroup, at n/a, TIC 8.6971%.

Due Amount Cpn Yield Conc Ins
12/1/36 $5,845,000 0.00% 8.00% AGC

L.O.: Orrick, Herrington & Sutcliffe, San Francisco, CA.

F.A.: Stone & Youngberg LLC, San Francisco, CA.

Elk Grove Unified School District Community Facilities District No. 1

Nov 19, 2008 . . . . . . $30,575,000

Special Tax Bonds (Election of 1998), Series 2008, Current Interest Bonds (book entry).

Dated Dec 9, 2008.

Due Dec 1, 2036 to 2038.

Callable Dec 1, 2018 at par.

Winning bid: Citigroup, at 96.2000, TIC 7.0589%.

Due Amount Cpn Yield Conc Ins
12/1/38 $30,575,000 6.75% 6.75% AGC

L.O.: Orrick, Herrington & Sutcliffe, San Francisco, CA.

F.A.: Stone & Youngberg LLC, San Francisco, CA.

Other bidders were:

Stone & Youngberg, TIC 7.2242%

DELAWARE

Delaware Transportation Authority

Nov 20, 2008 . . . . . . $117,875,000

Transporation System Senior Revenue Bonds, 2008 Series B (book entry).

Dated Dec 4, 2008.

Due Jul 1, 2010 to 2029.

Callable Jul 1, 2019 at par.

Winning bid: Barclays Capital, at 102.1114, TIC 4.7223%.

Due Amount Cpn Yield Conc Ins
7/1/10 $3,740,000 4.00% NRO NRO
7/1/11 $3,890,000 4.00% NRO NRO
7/1/12 $4,045,000 4.00% NRO NRO
7/1/13 $4,205,000 4.00% 2.94%
7/1/14 $4,375,000 5.00% NRO NRO
7/1/15 $4,550,000 5.00% 3.30%
7/1/16 $4,730,000 5.00% 3.51%
7/1/17 $4,970,000 5.00% 3.73%
7/1/18 $5,215,000 5.00% NRO NRO
7/1/19 $5,480,000 5.00% 4.21%
7/1/20 $5,750,000 5.00% NRO NRO
7/1/21 $6,040,000 5.00% NRO NRO
7/1/22 $6,340,000 5.00% NRO NRO
7/1/23 $6,660,000 5.00% NRO NRO
7/1/24 $7,000,000 5.00% 4.88%
7/1/25 $7,360,000 5.00% 4.98%
7/1/26 $7,745,000 5.00% 5.05%
7/1/27 $8,150,000 5.00% 5.11%
7/1/29 $17,630,000 5.00% 5.20%

L.O.: Saul Ewing LLP, Wilmington, DE.

F.A.: Public Financial Management, Inc., Philadelphia, PA.

Other bidders were:

Merrill Lynch, TIC 4.7279%

JPMorgan, TIC 4.8377%

Citigroup, TIC 4.8503%

ILLINOIS

Downers Grove Park District

Nov 20, 2008 . . . . . . $2,000,000

General Obligation Park Bonds (Alternative Revenue Source), Series 2008 (bank qualified) (book entry).

Dated Dec 15, 2008.

Due Dec 15, 2010 to 2028.

Callable Dec 15, 2016 at par.

Winning bid: BMO Capital Markets, at n/a, TIC 4.5098%.

Due Amount Cpn Yield Conc Ins
12/15/10 $70,000 3.50% NRO NRO AGC
12/15/11 $75,000 3.375% NRO NRO AGC
12/15/12 $75,000 3.50% NRO NRO AGC
12/15/13 $80,000 3.625% NRO NRO AGC
12/15/14 $85,000 3.75% NRO NRO AGC
12/15/15 $85,000 4.00% NRO NRO AGC
12/15/16 $90,000 4.00% NRO NRO AGC
12/15/19 $290,000 4.00% NRO NRO AGC
12/15/22 $330,000 4.50% NRO NRO AGC
12/15/25 $380,000 4.50% NRO NRO AGC
12/15/28 $440,000 5.00% NRO NRO AGC

L.O.: Chapman & Cutler, Chicago, IL.

F.A.: Speer Financial, Inc., Chicago, IL.

Other bidders were:

Silverton Bank, TIC 4.6721%

KANSAS

Colby (City)

Nov 19, 2008 . . . . . . $350,000

General Obligation Temporary Notes Series 2008-2 (bank qualified) (book entry).

Dated Dec 15, 2008.

Due Mar 15, 2009.

Purchased $350,000.00 by UMB Bank, at 3.0%, effective rate 3.0%.

L.O.: Gilmore & Bell, Wichita, KS.

F.A.: Oppenheimer & Co., Inc., Wichita, KS.

MINNESOTA

Blaine (City)

Nov 20, 2008 . . . . . . $4,140,000

General Obligation Improvement Bonds, Series 2008B (book entry).

Dated Dec 15, 2008.

Due Feb 1, 2010 to 2018.

Non-callable.

Winning bid: BMO Capital Markets, at 101.7749, TIC 3.3167%.

Due Amount Cpn Yield Conc Ins
2/1/10 $550,000 4.00% 2.10%
2/1/11 $560,000 4.00% 2.30%
2/1/12 $560,000 3.375% 2.65%
2/1/13 $560,000 3.375% 2.86%
2/1/14 $390,000 3.375% 3.04%
2/1/15 $385,000 3.50% 3.22%
2/1/16 $390,000 4.00% 3.42%
2/1/17 $395,000 4.00% 3.65%
2/1/18 $350,000 4.00% 3.85%

L.O.: Briggs & Morgan, St. Paul, MN; and Briggs & Morgan, Minneapolis, MN.

F.A.: Springsted Incorporated, St. Paul, MN.

Other bidders were:

Cronin, TIC 3.4599%

RBC Capital Mkts, TIC 3.5046%

Duluth (City)

Nov 20, 2008 . . . . . . $1,600,000

General Obligation Capital Improvement Bonds, Series 2008D (book entry).

Dated Dec 9, 2008.

Due Feb 1, 2010 to 2018.

Non-callable.

Winning bid: UBS Financial Svcs, at 99.3064, TIC 3.9357%.

Due Amount Cpn Yield Conc Ins
2/1/10 $145,000 3.00% NRO NRO
2/1/11 $160,000 3.00% NRO NRO
2/1/12 $165,000 3.25% NRO NRO
2/1/13 $170,000 3.25% NRO NRO
2/1/14 $175,000 3.50% NRO NRO
2/1/15 $185,000 3.75% NRO NRO
2/1/16 $190,000 4.00% NRO NRO
2/1/17 $200,000 4.00% NRO NRO
2/1/18 $210,000 4.25% NRO NRO

L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.

F.A.: Public Financial Management, Inc., Minneapolis, MN.

Other bidders were:

Hutchinson Shockey, TIC 4.0102%

Duluth (City)

Nov 20, 2008 . . . . . . $2,025,000

General Obligation Tax Increment Refunding Bonds, Series 2008G (book entry).

Dated Dec 9, 2008.

Due Feb 1, 2010 to 2015.

Non-callable.

Winning bid: Hutchinson Shockey, at 100.8825, TIC 3.4445%.

Due Amount Cpn Yield Conc Ins
2/1/10 $305,000 3.50% 2.50%
2/1/11 $325,000 3.50% 2.75%
2/1/12 $335,000 3.50% 3.00%
2/1/13 $345,000 3.50% 3.20%
2/1/14 $350,000 3.75% 3.40%
2/1/15 $365,000 4.00% 3.60%

L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.

F.A.: Public Financial Management, Inc., Minneapolis, MN.

Other bidders were:

UBS Financial Svcs, TIC 3.5911%

Bernardi Securities, TIC 4.4317%

Duluth (City)

Nov 20, 2008 . . . . . . $2,610,000

General Obligation Equipment Certificates of Indebtedness, Series 2008E (book entry).

Dated Dec 9, 2008.

Due Feb 1, 2010 to 2014.

Non-callable.

Winning bid: Hutchinson Shockey, at 101.9348, TIC 3.5005%.

Due Amount Cpn Yield Conc Ins
2/1/10 $480,000 4.00% 2.50%
2/1/11 $505,000 4.00% 2.90%
2/1/12 $525,000 4.00% 3.10%
2/1/13 $540,000 4.25% 3.30%
2/1/14 $560,000 4.25% 3.50%

L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.

F.A.: Public Financial Management, Inc., Minneapolis, MN.

Other bidders were:

UBS Financial Svcs, TIC 3.5677%

Duluth (City)

Nov 20, 2008 . . . . . . $3,135,000

General Obligation Street Improvement Refunding Bonds, Series 2008F (book entry).

Dated Dec 9, 2008.

Due Feb 1, 2010 to 2015.

Non-callable.

Winning bid: Hutchinson Shockey, at 100.8827, TIC 3.4447%.

Due Amount Cpn Yield Conc Ins
2/1/10 $480,000 3.50% 2.50%
2/1/11 $505,000 3.50% 2.75%
2/1/12 $515,000 3.50% 3.00%
2/1/13 $525,000 3.50% 3.20%
2/1/14 $545,000 3.75% 3.40%
2/1/15 $565,000 4.00% 3.60%

L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.

F.A.: Public Financial Management, Inc., Minneapolis, MN.

Other bidders were:

UBS Financial Svcs, TIC 3.6996%

Bernardi Securities, TIC 4.4318%

NEW JERSEY

Jackson Township

Nov 20, 2008 . . . . . . $19,841,000

General Obligation Bonds Series 2008 Consisting of $16,102,000 General Improvement Bonds (Capital), Series 2008A and $3,739,000 General Improvement Bonds (Open Space), Series 2008B (book entry).

Dated Dec 4, 2008.

Due Dec 1, 2009 to 2028.

Callable Dec 1, 2018 at par.

Winning bid: UBS Financial Svcs, at n/a, NIC 4.0407%.

Due Amount Cpn Yield Conc Ins
12/1/09 $175,000 3.50% 1.50%
12/1/10 $175,000 3.50% 2.00%
12/1/11 $185,000 3.50% 2.25%
12/1/12 $1,205,000 3.50% 2.57%
12/1/13 $1,270,000 3.75% 2.76%
12/1/14 $1,360,000 3.75% 3.00%
12/1/15 $2,050,000 3.75% 3.20%
12/1/16 $2,125,000 3.75% 3.40%
12/1/17 $2,150,000 3.75% 3.62%
12/1/18 $2,215,000 4.00% 3.85%
12/1/19 $2,260,000 4.00% 4.05%
12/1/20 $2,367,000 4.125% 4.25%
12/1/21 $245,000 4.25% 4.38%
12/1/22 $255,000 4.375% 4.47%
12/1/23 $270,000 4.50% 4.55%
12/1/24 $280,000 4.50% 4.63%
12/1/25 $295,000 4.625% 4.72%
12/1/26 $305,000 4.75% 4.80%
12/1/27 $320,000 4.75% 4.85%
12/1/28 $334,000 4.75% 4.90%

Other managers: Roosevelt & Cross, Inc., Ramirez & Co., Inc., Fidelity Capital Markets Services, Lebenthal & Co., Inc., Wachovia Securities, LLC, DEPFA First Albany Securities LLC, CL King & Associates.

L.O.: Dilworth Paxson, Wall, NJ.

F.A.: Phoenix Advisors, LLC, Bordentown, NJ.

Other bidders were:

Morgan Stanley, NIC 4.0588%

Commerce Cap Mkts, NIC 4.1602%

NEW MEXICO

Los Alamos Public Schools

Nov 20, 2008 . . . . . . $3,000,000

General Obligation School Building Bonds, Series 2008 (bank qualified) (book entry).

Dated Dec 23, 2008.

Due Aug 1, 2009 to 2020.

Callable Aug 1, 2017 at par.

Winning bid: Kious & Co, at n/a, TIC 3.58%.

Due Amount Cpn Yield Conc Ins
8/1/09 $205,000 3.00% 1.85%
8/1/10 $175,000 3.00% 2.00%
8/1/11 $200,000 3.00% 2.50%
8/1/12 $200,000 3.00% 2.75%
8/1/13 $200,000 3.00% 3.00%
8/1/14 $200,000 3.05% 3.10%
8/1/15 $200,000 3.25% 3.25%
8/1/16 $300,000 3.45% 3.45%
8/1/17 $300,000 3.65% 3.65%
8/1/18 $400,000 3.80% 3.80%
8/1/19 $400,000 3.90% 3.90%
8/1/20 $220,000 4.00% 4.00%

L.O.: Modrall, Sperling, Roehl, Harris & Sisk, Albuquerque, NM; and State Attorney General.

F.A.: RBC Capital Markets, Albuquerque, NM.

Other bidders were:

Morgan Keegan, TIC 3.6405%

Stifel Nicolaus, TIC 3.7329%

NEW YORK

Cazenovia Central School District

Nov 20, 2008 . . . . . . $365,740

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

Dated Nov 15, 2008.

Due Nov 15, 2009 to 2013.

Non-callable.

Winning bid: Sage Rutty, at n/a, NIC 4.4444%.

Due Amount Cpn Yield Conc Ins
11/15/09 $55,740 4.20% NRO NRO
11/15/10 $70,000 4.375% NRO NRO
11/15/11 $80,000 4.375% NRO NRO
11/15/12 $80,000 4.50% NRO NRO
11/15/13 $80,000 4.50% NRO NRO

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

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

Other bidders were:

Roosevelt & Cross, NIC 4.6817%

Fulton (City)

Nov 20, 2008 . . . . . . $1,189,000

Bond Anticipation Notes, 2008 (bank qualified).

Dated Dec 4, 2008.

Due Dec 4, 2009.

Purchased $1,189,000.00 by HSBC Bank, at 2.77%, effective rate 2.77%.

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

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

Other bidders were:

J.P. Morgan Chase, Effective Rate 2.79%

KeyBank NY, Effective Rate 3.35%

Islip (Town)

Nov 20, 2008 . . . . . . $15,015,000

Public Improvement Serial Bonds - 2008 (book entry).

Dated Dec 1, 2008.

Due Dec 1, 2010 to 2023.

Callable Dec 1, 2017 at par.

Winning bid: Commerce Cap Mkts, at n/a, NIC 4.0997%.

Due Amount Cpn Yield Conc Ins
12/1/10 $795,000 3.00% NRO NRO
12/1/11 $830,000 3.00% 2.36%
12/1/12 $865,000 3.50% NRO NRO
12/1/13 $905,000 3.50% NRO NRO
12/1/14 $945,000 3.50% NRO NRO
12/1/15 $990,000 4.00% NRO NRO
12/1/16 $1,030,000 4.00% NRO NRO
12/1/17 $1,080,000 4.00% 3.70%
12/1/18 $1,130,000 4.00% 3.93%
12/1/19 $1,180,000 4.00% 4.16%
12/1/20 $1,230,000 4.25% 4.35%
12/1/21 $1,285,000 4.50% 4.50%
12/1/22 $1,345,000 4.50% 4.58%
12/1/23 $1,405,000 4.50% 4.65%

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

F.A.: New York Municipal Advisors Corp. (NYMAC), Syosset, NY.

Other bidders were:

Roosevelt & Cross, NIC 4.1245%

Morgan Stanley, NIC 4.1529%

DEPFA First Albany, NIC 4.1654%

BMO Capital Markets, NIC 4.2375%

Kiryas Joel Village

Nov 20, 2008 . . . . . . $1,285,000

Bond Anticipation Notes for Women's Services Center - 2008 Series D (bank qualified).

Dated Dec 2, 2008.

Due Dec 2, 2009.

Purchased $1,285,000.00 by J.P. Morgan Chase, at 3.92%, effective rate 3.92%.

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

F.A.: Capital Markets Advisors, LLC, Great Neck, NY.

Norwich (City)

Nov 20, 2008 . . . . . . $4,497,000

Bond Anticipation Notes, 2008 (bank qualified).

Dated Dec 2, 2008.

Due Dec 2, 2009.

Purchased $4,497,000.00 by NBT Bank, at 2.87%, effective rate 2.87%.

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

F.A.: Municipal Solutions, Inc, Canandaigua, NY.

Other bidders were:

Janney Montgomery, Effective Rate 3.722%

DEPFA First Albany, Effective Rate 4.308%

Oneida City School District

Nov 20, 2008 . . . . . . $379,000

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

Dated Dec 4, 2008.

Due Nov 15, 2009 to 2013.

Non-callable.

Winning bid: J.P. Morgan Chase, at n/a, NIC 3.8%.

Due Amount Cpn Yield Conc Ins
11/15/09 $69,000 3.80% NRO NRO
11/15/10 $75,000 3.80% NRO NRO
11/15/11 $75,000 3.80% NRO NRO
11/15/12 $80,000 3.80% NRO NRO
11/15/13 $80,000 3.80% NRO NRO

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

F.A.: Fiscal Advisors & Marketing, Inc., Syracuse, NY.

Other bidders were:

First Niagara Bank, NIC 4.25%

Sage Rutty, NIC 4.8047%

Roosevelt & Cross, NIC 4.8221%

Webster (Town)

Nov 20, 2008 . . . . . . $1,160,000

Bond Anticipation Notes, 2008 (Renewals) (bank qualified).

Dated Dec 4, 2008.

Due Dec 3, 2009.

Purchased $1,160,000.00 by HSBC Bank, at 2.39%, effective rate 2.39%.

L.O.: Harris, Beach LLP, New York, NY.

F.A.: Municipal Solutions, Inc, Canandaigua, NY.

Other bidders were:

J.P. Morgan Chase, Effective Rate 2.51%

M & T Bank, Effective Rate 2.55%

First Niagara Bank, Effective Rate 2.95%

West Irondequoit Central School District

Nov 20, 2008 . . . . . . $3,304,503

Bond Anticipation Notes, 2008 (bank qualified).

Dated Dec 4, 2008.

Due Jun 29, 2009.

Purchased $3,304,500.00 by J.P. Morgan Chase, at 2.33%, effective rate 2.33%.

L.O.: Timothy R. McGill, Esq., Fairport, NY.

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

Other bidders were:

HSBC Bank, Effective Rate 2.42%

Janney Montgomery, Effective Rate 2.6955%

First Niagara Bank, Effective Rate 3.25%

TEXAS

Harris County Municipal Utility District No. 344

Nov 20, 2008 . . . . . . $4,265,000

Unlimited Tax Bonds, Series 2008 (bank qualified) (book entry).

Dated Dec 1, 2008.

Due Sep 1, 2009 to 2030.

Callable Sep 1, 2018 at par.

Winning bid: SAMCO Cap Mkts, at 97.0000, NIC 5.8995%.

Due Amount Cpn Yield Conc Ins
9/1/09 $95,000 5.75% NRO NRO AGC
9/1/10 $110,000 5.75% NRO NRO AGC
9/1/11 $115,000 5.75% NRO NRO AGC
9/1/12 $125,000 5.75% NRO NRO AGC
9/1/13 $130,000 5.75% NRO NRO AGC
9/1/14 $135,000 5.75% NRO NRO AGC
9/1/15 $145,000 5.75% NRO NRO AGC
9/1/16 $150,000 5.75% NRO NRO AGC
9/1/17 $160,000 5.75% NRO NRO AGC
9/1/18 $170,000 5.00% NRO NRO AGC
9/1/19 $180,000 5.00% NRO NRO AGC
9/1/20 $190,000 5.25% NRO NRO AGC
9/1/21 $200,000 5.30% NRO NRO AGC
9/1/25 $910,000 5.80% NRO NRO AGC
9/1/30 $1,450,000 5.75% NRO NRO AGC

Other managers: Crews & Associates, Inc., Morgan Stanley & Co., Inc..

L.O.: Schwartz, Page & Harding, Houston, TX; and State Attorney General.

F.A.: RBC Capital Markets, Houston, TX.

Other bidders were:

Vining-Sparks IBG, NIC 6.0922%

Sterne Agee, NIC 6.376%

WISCONSIN

Phelps School District

Nov 19, 2008 . . . . . . $200,000

Tax and Revenue Anticipation Promissory Notes (bank qualified) (book entry).

Dated Nov 26, 2008.

Due Oct 30, 2009.

Purchased $200,000.00 by Robert W. Baird, at 4.75%, effective rate 4.75%.

L.O.: Godfrey & Kahn, Milwaukee, WI.

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Competitive sales results
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