Results of Competitive Sales

ARKANSAS

Cutter-Morning Star School District No. 21 of Garland County

Apr 30, 2008 . . . . . . $3,210,000

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

Dated May 1, 2008.

Due Jun 1, 2009 to 2035.

Callable Jun 1, 2013 at par.

Winning bid: Sterne Agee, at 98.0356, TIC 4.1478%.

Due Amount Cpn Yield Conc Ins
6/1/13 $370,000 3.125% NRO NRO
6/1/16 $265,000 3.25% NRO NRO
6/1/19 $295,000 3.50% NRO NRO
6/1/21 $215,000 3.625% NRO NRO
6/1/23 $230,000 3.75% NRO NRO
6/1/25 $245,000 3.875% NRO NRO
6/1/27 $265,000 4.00% NRO NRO
6/1/29 $290,000 4.00% NRO NRO
6/1/32 $485,000 4.125% NRO NRO
6/1/35 $550,000 4.375% 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 4.1597%

FTN Fin Cap Mkts, TIC 4.2523%

Stephens, TIC 4.2599%

CALIFORNIA

Windsor Unifed School District

Apr 30, 2008 . . . . . . $15,225,000

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

Dated May 13, 2008.

Due Aug 1, 2009 to 2032.

Callable Aug 1, 2017 at 101.000%, declining to par Aug 1, 2019.

Winning bid: Hutchinson Shockey, at n/a, TIC 4.5876%.

Due Amount Cpn Yield Conc Ins
8/1/09 $5,000 4.00% 2.25% AGC
8/1/10 $85,000 4.00% 2.35% AGC
8/1/11 $475,000 4.00% 2.64% AGC
8/1/12 $175,000 4.00% 2.87% AGC
8/1/13 $490,000 4.00% 3.00% AGC
8/1/14 $505,000 4.00% 3.13% AGC
8/1/15 $525,000 4.00% 3.27% AGC
8/1/16 $545,000 4.00% 3.41% AGC
8/1/17 $405,000 4.00% 3.55% AGC
8/1/18 $580,000 4.00% 3.75% AGC
8/1/19 $600,000 4.00% 3.90% AGC
8/1/20 $625,000 4.00% 4.00% AGC
8/1/21 $655,000 5.00% 4.13% AGC
8/1/22 $680,000 5.00% 4.21% AGC
8/1/23 $710,000 5.00% 4.28% AGC
8/1/24 $745,000 5.00% 4.35% AGC
8/1/25 $780,000 5.00% 4.40% AGC
8/1/27 $1,670,000 5.00% 4.50% AGC
8/1/29 $1,845,000 5.00% 4.59% AGC
8/1/32 $3,125,000 5.00% 4.67% AGC

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

F.A.: Northcross, Hill & Ach, Inc., San Rafael, CA.

Other bidders were:

Morgan Stanley, TIC 4.5882%

UBS Securities, TIC 4.6094%

Wachovia Securities, TIC 4.6573%

KENTUCKY

Boone County School District Finance Corporation

Apr 29, 2008 . . . . . . $5,610,000

School Building Revenue Refunding Bonds, Series 2008 (bank qualified) (book entry).

Dated May 1, 2008.

Due Jun 1, 2009 to 2017.

Non-callable.

Winning bid: Ross Sinclaire, at 99.1682, NIC 3.2143%.

Due Amount Cpn Yield Conc Ins
6/1/09 $540,000 2.30% NRO NRO
6/1/10 $565,000 2.50% NRO NRO
6/1/11 $580,000 2.60% NRO NRO
6/1/12 $600,000 2.80% NRO NRO
6/1/13 $620,000 3.00% NRO NRO
6/1/14 $640,000 3.00% NRO NRO
6/1/15 $665,000 3.125% NRO NRO
6/1/16 $685,000 3.25% NRO NRO
6/1/17 $715,000 3.30% NRO NRO

L.O.: Taft, Stettinius & Hollister LLP, Covington, KY.

F.A.: Ross, Sinclaire & Associates, Inc., Frankfort, KY.

Other bidders were:

Wells Fargo Bk, NIC 3.3502%

Stifel Nicolaus, NIC 3.3976%

Jessamine County School District Finance Corporation

Apr 30, 2008 . . . . . . $24,700,000

School Building Revenue Bonds, Series of 2008 (book entry).

Dated May 1, 2008.

Due May 1, 2009 to 2028.

Callable May 1, 2018 at par.

Winning bid: Morgan Stanley, at 98.0041, NIC 4.3299%.

Due Amount Cpn Yield Conc Ins
5/1/09 $850,000 3.25% 2.15% FSA
5/1/10 $875,000 3.375% 2.45% FSA
5/1/11 $900,000 3.375% 2.75% FSA
5/1/12 $925,000 3.375% 2.95% FSA
5/1/13 $960,000 3.50% 3.10% FSA
5/1/14 $995,000 3.625% 3.25% FSA
5/1/15 $1,030,000 3.75% 3.43% FSA
5/1/16 $1,065,000 3.875% 3.60% FSA
5/1/17 $1,110,000 4.00% 3.75% FSA
5/1/18 $1,155,000 4.00% 3.85% FSA
5/1/19 $1,200,000 4.00% 4.00% FSA
5/1/20 $1,250,000 4.00% 4.12% FSA
5/1/21 $1,310,000 4.125% 4.20% FSA
5/1/22 $1,370,000 4.125% 4.27% FSA
5/1/23 $1,435,000 4.25% 4.33% FSA
5/1/24 $1,505,000 4.25% 4.38% FSA
5/1/25 $1,575,000 4.25% 4.43% FSA
5/1/26 $1,650,000 4.25% 4.47% FSA
5/1/27 $1,730,000 4.375% 4.51% FSA
5/1/28 $1,810,000 4.50% 4.56% FSA

L.O.: Reed & Johnson, Louisville, KY.

F.A.: Ross, Sinclaire & Associates, Inc., Frankfort, KY.

Other bidders were:

Robert W. Baird, NIC 4.3346%

Morgan Keegan, NIC 4.3973%

Kentucky Interlocal School Transportation Association

Apr 30, 2008 . . . . . . $1,680,000

Equipment Lease Certificates of Participation, Second Series of 2008 (book entry).

Dated May 1, 2008.

Due Mar 1, 2009 to 2018.

Callable Mar 1, 2013 at par.

Winning bid: Ross Sinclaire, at 99.0000, NIC 3.7359%.

Due Amount Cpn Yield Conc Ins
3/1/09 $185,000 2.40% NRO NRO
3/1/10 $180,000 2.65% NRO NRO
3/1/11 $155,000 2.90% NRO NRO
3/1/12 $160,000 3.15% NRO NRO
3/1/13 $165,000 3.30% NRO NRO
3/1/14 $170,000 3.40% NRO NRO
3/1/15 $175,000 3.60% NRO NRO
3/1/16 $175,000 3.70% NRO NRO
3/1/17 $155,000 3.80% NRO NRO
3/1/18 $160,000 4.00% NRO NRO

L.O.: Reed & Johnson, Louisville, KY.

F.A.: Ross, Sinclaire & Associates, Inc., Frankfort, KY.

MAINE

Gorham (Town)

Apr 30, 2008 . . . . . . $4,000,000

2008 General Obligation Bonds (bank qualified) (book entry).

Dated May 1, 2008.

Due May 1, 2009 to 2025.

Callable May 1, 2014 at par.

Winning bid: Wells Fargo Brkge, at n/a, TIC 3.6895%.

Due Amount Cpn Yield Conc Ins
5/1/09 $240,000 3.00% NRO NRO
5/1/10 $235,000 3.00% NRO NRO
5/1/11 $235,000 3.00% NRO NRO
5/1/12 $235,000 3.00% NRO NRO
5/1/13 $235,000 3.00% NRO NRO
5/1/14 $235,000 3.50% NRO NRO
5/1/15 $235,000 3.50% 3.25%
5/1/16 $235,000 3.50% 3.35%
5/1/17 $235,000 3.50% 3.45%
5/1/18 $235,000 3.75% 3.55%
5/1/19 $235,000 3.75% 3.65%
5/1/20 $235,000 3.75% 3.70%
5/1/21 $235,000 3.75% 3.75%
5/1/22 $235,000 4.00% 3.80%
5/1/23 $235,000 4.00% 3.85%
5/1/24 $235,000 4.00% 3.90%
5/1/25 $235,000 4.00% 3.95%

L.O.: Jensen Baird Gardner & Henry, Portland, ME.

F.A.: Gorham Savings Bank, Portland, ME.

Other bidders were:

Stifel Nicolaus, TIC 3.6968%

Commerce Cap Mkts, TIC 3.7219%

Eastern Bk Cap Mkts, TIC 3.751%

Roosevelt & Cross, TIC 3.7659%

NEW JERSEY

Montville Township

Apr 30, 2008 . . . . . . $9,703,000

$2,112,000 General Improvement Bonds; $1,621,000 Open Space Bonds and $5,970,000 Sewer Utility Bonds (bank qualified) (book entry).

Dated May 15, 2008.

Due May 15, 2009 to 2023.

Callable May 15, 2017 at par.

Winning bid: Southwest Securities, at n/a, TIC 3.4894%.

Due Amount Cpn Yield Conc Ins
5/15/09 $405,000 n/a NRO NRO
5/15/10 $640,000 3.25% 2.25%
5/15/11 $650,000 3.25% 2.51%
5/15/12 $660,000 3.25% 2.75%
5/15/13 $670,000 3.25% 2.90%
5/15/14 $720,000 5.00% 3.00%
5/15/15 $745,000 5.00% 3.10%
5/15/16 $800,000 5.00% 3.28%
5/15/17 $810,000 5.00% 3.40%
5/15/18 $807,000 3.50% 3.55%
5/15/19 $560,000 3.50% 3.60%
5/15/20 $560,000 3.50% 3.65%
5/15/21 $560,000 3.50% 3.70%
5/15/22 $560,000 3.50% 3.75%
5/15/23 $556,000 3.625% 3.80%

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

F.A.: Lerch, Vinci & Higgins, Fair Lawn, NJ.

Other bidders were:

Commerce Cap Mkts, TIC 3.5008%

Roosevelt & Cross, TIC 3.5407%

RBC Capital Mkts, TIC 3.5501%

Wachovia Securities, TIC 3.7661%

Upper Freehold (Township)

Apr 30, 2008 . . . . . . $4,750,000

Bond Anticipation Notes (bank qualified).

Dated May 8, 2008.

Due Aug 29, 2008.

Purchased $4,750,000.00 by RBC Capital Mkts, at 2.5%, plus $5,866.00, effective rate 2.0995%.

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

F.A.: Municipal Official(s).

Other bidders were:

J.P. Morgan Chase, Effective Rate 2.16%

Bank of America, Effective Rate 2.21%

Commerce Cap Mkts, Effective Rate 2.6235%

Janney Montgomery, Effective Rate 2.9286%

NEW MEXICO

Santa Fe (City)

Apr 30, 2008 . . . . . . $20,000,000

General Obligation Bonds, Series 2008 (book entry).

Dated Jun 10, 2008.

Due Aug 1, 2009 to 2027.

Callable Aug 1, 2018 at par.

Winning bid: Morgan Stanley, at 100.8000, TIC 4.1759%.

Due Amount Cpn Yield Conc Ins
8/1/09 $600,000 5.00% 2.25%
8/1/10 $750,000 4.00% 2.50%
8/1/11 $775,000 3.75% 2.60%
8/1/12 $805,000 3.75% 2.85%
8/1/13 $835,000 4.00% 3.00%
8/1/14 $865,000 4.00% 3.20%
8/1/15 $900,000 4.00% 3.40%
8/1/16 $935,000 4.00% 3.50%
8/1/17 $970,000 4.00% 3.60%
8/1/18 $1,015,000 4.00% 3.80%
8/1/19 $1,060,000 5.00% NRO NRO
8/1/20 $1,105,000 4.10% 4.10%
8/1/21 $1,155,000 4.20% 4.20%
8/1/22 $1,210,000 4.25% 4.25%
8/1/23 $1,270,000 4.25% 4.33%
8/1/24 $1,335,000 4.25% 4.37%
8/1/25 $1,400,000 4.375% 4.42%
8/1/26 $1,470,000 4.40% 4.45%
8/1/27 $1,545,000 4.50% 4.50%

L.O.: Modrall, Sperling, Roehl, Harris & Sisk, Albuquerque, NM.

F.A.: First Southwest Company, Dallas, TX.

Other bidders were:

Hutchinson Shockey, TIC 4.1855%

Morgan Keegan, TIC 4.1986%

Piper Jaffray, TIC 4.2023%

Prager Sealy, TIC 4.2116%

Robert W. Baird, TIC 4.2198%

Harris N.A., TIC 4.2239%

RBC Capital Mkts, TIC 4.3217%

Southwest Securities, TIC 4.3406%

NEW YORK

Freeport Village

Apr 30, 2008 . . . . . . $6,100,000

Various Purposes Bond Anticipation Notes, 2008 Series A (book entry).

Dated May 15, 2008.

Due May 15, 2009.

Purchased $6,100,000.00 by Bank of America, at 2.09%, effective rate 2.09%.

L.O.: Nixon Peabody LLP, Jericho, NY; and Nixon Peabody LLP, New York, NY.

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

Other bidders were:

Flushing Comm Bk, Effective Rate 2.1%

Janney Montgomery, Effective Rate 2.2334%

JPMorgan, Effective Rate 2.27%

Commerce Cap Mkts, Effective Rate 2.75%

Freeport Village

Apr 30, 2008 . . . . . . $23,693,927

Various Purpose Serial Bonds, 2008 Series A (book entry).

Dated May 1, 2008.

Due May 1, 2009 to 2025.

Callable May 1, 2018 at par.

Winning bid: Wachovia Securities, at n/a, NIC 4.0849%.

Due Amount Cpn Yield Conc Ins
5/1/09 $448,927 3.75% NRO NRO AGC
5/1/10 $1,025,000 3.75% NRO NRO AGC
5/1/11 $1,065,000 3.75% NRO NRO AGC
5/1/12 $1,105,000 4.00% NRO NRO AGC
5/1/13 $1,150,000 4.00% NRO NRO AGC
5/1/14 $1,200,000 4.00% NRO NRO AGC
5/1/15 $1,250,000 4.00% NRO NRO AGC
5/1/16 $1,310,000 4.00% NRO NRO AGC
5/1/17 $1,370,000 4.00% NRO NRO AGC
5/1/18 $1,435,000 4.00% NRO NRO AGC
5/1/19 $1,505,000 4.00% NRO NRO AGC
5/1/20 $1,585,000 4.00% NRO NRO AGC
5/1/21 $1,665,000 4.00% NRO NRO AGC
5/1/22 $1,750,000 4.10% NRO NRO AGC
5/1/23 $1,845,000 4.125% NRO NRO AGC
5/1/24 $1,940,000 4.25% NRO NRO AGC
5/1/25 $2,045,000 4.25% NRO NRO AGC

Other managers: DEPFA First Albany Securities LLC, J.P. Morgan Securities Inc..

L.O.: Nixon Peabody LLP, New York, NY; and Nixon Peabody LLP, Jericho, NY.

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

Other bidders were:

UBS Securities, NIC 4.1045%

Merrill Lynch, NIC 4.1936%

Harris N.A., NIC 4.2207%

Commerce Cap Mkts, NIC 4.2862%

Geneseo Central School District

Apr 30, 2008 . . . . . . $2,200,000

Bond Anticipation Notes, 2008 (bank qualified).

Dated May 9, 2008.

Due May 8, 2009.

Purchased $2,200,000.00 by Five Star Bnk, at 2.14%, effective rate 2.14%.

L.O.: Harris Beach PLLC, Rochester, NY.

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

Other bidders were:

J.P. Morgan Chase, Effective Rate 2.24%

Janney Montgomery, Effective Rate 2.502%

Oneonta (City)

Apr 30, 2008 . . . . . . $1,986,000

Public Improvement (Serial) Bonds, 2008 (bank qualified) (book entry).

Dated May 15, 2008.

Due May 15, 2009 to 2028.

Callable May 15, 2017 at par.

Winning bid: Roosevelt & Cross, at n/a, NIC 4.1221%.

Due Amount Cpn Yield Conc Ins
5/15/09 $66,000 4.00% NRO NRO FSA
5/15/10 $70,000 4.00% NRO NRO FSA
5/15/11 $70,000 4.00% NRO NRO FSA
5/15/12 $75,000 4.10% NRO NRO FSA
5/15/13 $75,000 4.10% NRO NRO FSA
5/15/14 $80,000 4.125% NRO NRO FSA
5/15/15 $85,000 4.125% NRO NRO FSA
5/15/16 $85,000 4.125% NRO NRO FSA
5/15/17 $90,000 4.125% NRO NRO FSA
5/15/18 $95,000 4.125% NRO NRO FSA
5/15/19 $100,000 4.125% NRO NRO FSA
5/15/20 $105,000 4.125% NRO NRO FSA
5/15/21 $105,000 4.125% NRO NRO FSA
5/15/22 $110,000 4.125% NRO NRO FSA
5/15/23 $115,000 4.125% NRO NRO FSA
5/15/24 $120,000 4.125% NRO NRO FSA
5/15/25 $125,000 4.125% NRO NRO FSA
5/15/26 $130,000 4.125% NRO NRO FSA
5/15/27 $140,000 4.125% NRO NRO FSA
5/15/28 $145,000 4.125% NRO NRO FSA

Other managers: Citigroup Global Markets, Inc., UBS Securities, LLC, Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc..

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

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

Other bidders were:

Wachovia Securities, NIC 4.2309%

Steuben County

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

Public Improvement (Serial) Bonds, 2008 (bank qualified) (book entry).

Dated May 15, 2008.

Due Feb 15, 2009 to 2013.

Non-callable.

Winning bid: Bank of America, at n/a, NIC 2.74%.

Due Amount Cpn Yield Conc Ins
2/15/09 $1,160,000 2.74% NRO NRO
2/15/10 $1,160,000 2.74% NRO NRO
2/15/11 $1,160,000 2.74% NRO NRO
2/15/12 $1,160,000 2.74% NRO NRO
2/15/13 $1,160,000 2.74% NRO NRO

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

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

Other bidders were:

Roosevelt & Cross, NIC 2.9106%

Wells Fargo Brkge, NIC 2.9971%

Commerce Cap Mkts, NIC 3.0015%

DEPFA First Albany, NIC 3.0256%

Stephens, NIC 3.1575%

Yorktown Central School District

Apr 30, 2008 . . . . . . $1,900,000

Bond Anticipation Notes - 2008 (book entry).

Dated May 7, 2008.

Due Oct 2, 2008.

Purchased $1,900,000.00 by Janney Montgomery, at 3.0%, plus n/a, effective rate n/a.

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

F.A.: Management Advisory Group of NY, Inc., Catskill, NY.

Other bidders were:

Roosevelt & Cross, Effective Rate 4.25%

OKLAHOMA

Major County Independent School District No 1 (Ringwood)

Apr 30, 2008 . . . . . . $1,075,000

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

Dated Jun 1, 2008.

Due Jun 1, 2010 to 2013.

Non-callable.

Winning bid: FTN Fin Cap Mkts, at n/a, NIC 2.6628%.

Due Amount Cpn Yield Conc Ins
6/1/10 $250,000 2.50% NRO NRO
6/1/11 $275,000 2.50% NRO NRO
6/1/12 $275,000 2.75% NRO NRO
6/1/13 $275,000 2.75% NRO NRO

In association with: Cleo State Bank.

L.O.: State Attorney General.

F.A.: Stephen H. McDonald & Associates, Inc., Norman, OK.

Other bidders were:

First Bankers' Banc, NIC 3.1775%

BOSC, NIC 3.3207%

Country Club Bank, NIC 3.4922%

Pontotoc County Independent School District No. 9 (Vanoss)

Apr 30, 2008 . . . . . . $525,000

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

Dated Jun 1, 2008.

Due Jun 1, 2010 to 2013.

Non-callable.

Winning bid: BancFirst, at n/a, NIC 3.1873%.

Due Amount Cpn Yield Conc Ins
6/1/10 $130,000 3.00% NRO NRO
6/1/11 $130,000 3.10% NRO NRO
6/1/12 $130,000 3.20% NRO NRO
6/1/13 $135,000 3.30% NRO NRO

L.O.: State Attorney General.

F.A.: Stephen H. McDonald & Associates, Inc., Norman, OK.

Other bidders were:

UMB Bank, NIC 3.2247%

First Bankers' Banc, NIC 3.2732%

BOSC, NIC 3.3364%

PENNSYLVANIA

State Public School Building Authority

Apr 30, 2008 . . . . . . $22,040,000

College Revenue Bonds, Series of 2008 (book entry).

Dated Jun 1, 2008.

Due Jun 15, 2008 to 2027.

Callable Dec 15, 2016 at par.

Winning bid: Boenning&Scattergood, at n/a, TIC 4.2265%.

Due Amount Cpn Yield Conc Ins
6/15/08 $2,415,000 3.50% 2.00% FSA
6/15/09 $1,720,000 3.50% 2.28% FSA
6/15/10 $1,765,000 3.25% 2.48% FSA
6/15/11 $1,810,000 3.25% 2.80% FSA
6/15/12 $1,860,000 3.00% 3.00% FSA
6/15/13 $630,000 3.25% 3.13% FSA
6/15/14 $650,000 3.25% 3.27% FSA
6/15/15 $670,000 4.00% 3.41% FSA
6/15/16 $690,000 3.50% 3.56% FSA
6/15/17 $720,000 3.60% 3.68% FSA
6/15/18 $745,000 3.70% 3.81% FSA
6/15/19 $775,000 3.90% 3.98% FSA
6/15/20 $810,000 4.00% 4.06% FSA
6/15/21 $845,000 4.00% 4.15% FSA
6/15/22 $885,000 4.125% 4.24% FSA
6/15/23 $925,000 4.20% 4.32% FSA
6/15/24 $960,000 4.30% 4.40% FSA
6/15/25 $1,005,000 4.35% 4.45% FSA
6/15/26 $1,055,000 4.40% 4.50% FSA
6/15/27 $1,105,000 4.45% 4.55% FSA

Other managers: Robert W. Baird & Co., Inc., Griffin, Kubik, Stephens & Thompson, Inc., Fidelity Capital Markets, KeyBanc Capital Markets, Davenport & Company LLC, Stifel, Nicolaus & Co., Inc., Coastal Securities Corp., Kildare Capital, Inc., Harris N.A., Loop Capital Markets, LLC, Vining-Sparks IBG, Limited Partnership, Charles Schwab & Co..

L.O.: Grogan, Graffam, P.C., Pittsburgh, PA.

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

Other bidders were:

UBS Securities, TIC 4.2326%

Commerce Cap Mkts, TIC 4.2389%

Merrill Lynch, TIC 4.3099%

Mellon Financial, TIC 4.3227%

Hutchinson Shockey, TIC 4.3556%

Janney Montgomery, TIC 4.3649%

TEXAS

Grand Oaks Municipal Utility District

Apr 29, 2008 . . . . . . $2,015,000

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

Dated May 1, 2008.

Due Sep 1, 2009 to 2033.

Callable Sep 1, 2017 at par.

Winning bid: First Southwest, at 97.0000, NIC 5.5275%.

Due Amount Cpn Yield Conc Ins
9/1/09 $40,000 3.50% 3.50%
9/1/10 $40,000 3.75% 3.75%
9/1/11 $40,000 4.00% 4.00%
9/1/12 $45,000 4.15% 4.15%
9/1/13 $45,000 4.30% 4.30%
9/1/14 $50,000 4.45% 4.45%
9/1/15 $55,000 4.60% 4.60%
9/1/16 $55,000 4.75% 4.75%
9/1/17 $60,000 4.90% 4.90%
9/1/20 $195,000 5.00% 5.00%
9/1/25 $425,000 5.25% 5.25%
9/1/33 $965,000 5.50% 5.50%

L.O.: Allen Boone Humphries LLP, Houston, TX; and State Attorney General.

F.A.: First Southwest Company, Houston, TX.

Other bidders were:

GMS Group, NIC 5.8421%

Valley Ranch Municipal Utility District No. 1

Apr 30, 2008 . . . . . . $2,650,000

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

Dated May 1, 2008.

Due Sep 1, 2009 to 2033.

Callable Sep 1, 2017 at par.

Winning bid: GMS Group, at 97.0000, NIC 5.4305%.

Due Amount Cpn Yield Conc Ins
9/1/09 $50,000 3.75% NRO NRO
9/1/10 $50,000 4.00% NRO NRO
9/1/11 $55,000 4.00% NRO NRO
9/1/12 $60,000 4.20% NRO NRO
9/1/13 $60,000 4.35% NRO NRO
9/1/14 $65,000 4.50% NRO NRO
9/1/15 $70,000 4.65% NRO NRO
9/1/16 $75,000 4.80% NRO NRO
9/1/21 $425,000 5.00% NRO NRO
9/1/26 $580,000 5.15% NRO NRO
9/1/33 $1,160,000 5.40% NRO NRO

L.O.: Allen Boone Humphries Robinson LLP, Houston, TX; and State Attorney General.

F.A.: First Southwest Company, Houston, TX.

Other bidders were:

First Southwest, NIC 5.4896%

VIRGINIA

Virginia Public School Authority

Apr 30, 2008 . . . . . . $56,475,000

School Educational Technology Notes, Series VIII (book entry).

Dated May 22, 2008.

Due Apr 15, 2009 to 2013.

Non-callable.

Winning bid: Lehman Brothers, at 105.6570, TIC 2.88%.

Due Amount Cpn Yield Conc Ins
4/15/09 $10,935,000 4.00% NRO NRO
4/15/10 $11,205,000 5.00% 2.40%
4/15/11 $10,890,000 5.00% 2.70%
4/15/12 $11,435,000 5.00% 2.93%
4/15/13 $12,010,000 5.00% 3.05%

L.O.: Sidley Austin LLP, New York, NY.

F.A.: BB&T Capital Markets, Richmond, VA.

Other bidders were:

Wachovia Bank, TIC 2.9176%

Banc of America, TIC 2.9503%

Citigroup, TIC 2.9567%

Davenport & Co., TIC 2.9755%

Merrill Lynch, TIC 2.9771%

Morgan Keegan, TIC 2.9911%

TAXABLE ISSUES

MICHIGAN

Kent County

Apr 30, 2008 . . . . . . $34,000,000

General Obligation Limited Tax Notes, Series 2008 (Priced to Par Call) (book entry).

Dated May 9, 2008.

Due Mar 1, 2011.

Callable Mar 1, 2009 at par.

Winning bid: Raymond James, at 100.0029, TIC 4.5011%.

Due Amount Cpn Yield Conc Ins
3/1/11 $34,000,000 4.50% 4.25%

L.O.: Dickinson Wright PLLC, Detroit, MI.

F.A.: Raymond James & Associates, Inc., Grosse Pointe Farms, MI.

Other bidders were:

Morgan Keegan, TIC 4.6274%

Janney Montgomery, TIC 4.9927%

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Competitive sales results
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