Results of Competitive Sales

NEW YORK

Alfred Almond Central School District

Jul 2, 2009 . . . . . . $6,177,922

Bond Anticipation Notes, 2009 (New Issue/Renewals) (bank qualified).

Dated Jul 15, 2009.

Due Jul 15, 2010.

Purchased $6,177,920.00 by J.P. Morgan Chase, at 1.72%, effective rate 1.72%.

L.O.: O'Hara, O'Connell & Ciotoli, Fayetteville, NY.

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

Other bidders were:

Janney Montgomery, Effective Rate 2.5%

Oppenheimer, Effective Rate 2.832%

Roosevelt & Cross, Effective Rate 2.8734%

Jefferies, Effective Rate 3.065%

East Williston Union Free School District

Jul 2, 2009 . . . . . . $2,725,000

School District Serial Bonds - 2009 (bank qualified) (book entry).

Dated Jul 15, 2009.

Due Jul 15, 2011 to 2029.

Callable Jul 15, 2019 at par.

Winning bid: Roosevelt & Cross, at n/a, NIC 4.008%.

Due Amount Cpn Yield Conc Ins
7/15/11 $100,000 3.00% NRO NRO
7/15/12 $105,000 3.00% NRO NRO
7/15/13 $110,000 3.00% NRO NRO
7/15/14 $115,000 3.00% NRO NRO
7/15/15 $120,000 3.00% NRO NRO
7/15/16 $120,000 3.00% NRO NRO
7/15/17 $125,000 4.00% NRO NRO
7/15/18 $130,000 4.00% NRO NRO
7/15/19 $135,000 4.00% NRO NRO
7/15/20 $140,000 4.00% NRO NRO
7/15/21 $145,000 4.00% NRO NRO
7/15/22 $150,000 4.00% NRO NRO
7/15/23 $155,000 4.00% NRO NRO
7/15/24 $160,000 4.00% NRO NRO
7/15/25 $170,000 4.125% NRO NRO
7/15/26 $175,000 4.125% NRO NRO
7/15/27 $180,000 4.25% NRO NRO
7/15/28 $190,000 4.25% NRO NRO
7/15/29 $200,000 4.25% NRO NRO

Other managers: UBS Financial Services, Inc., Fidelity Capital Markets, Ramirez & Co., Inc., Stifel, Nicolaus & Co., Inc., CL King & Associates, Janney Montgomery Scott, Inc..

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

F.A.: Liberty Capital Services LLC, East Williston, NY.

Other bidders were:

Robert W. Baird, NIC 4.123%

East Williston Union Free School District

Jul 2, 2009 . . . . . . $4,500,000

Tax Anticipation Notes for 2009-2010 Taxes (bank qualified) (book entry).

Dated Jul 15, 2009.

Due Jun 29, 2010.

Purchased $4,500,000.00 by Jefferies, at 1.5%, plus $38,881.00, effective rate 0.5958%.

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

F.A.: Liberty Capital Services LLC, East Williston, NY.

Other bidders were:

Roosevelt & Cross, Effective Rate 0.5978%

State Bank of LI, Effective Rate 0.7486%

Oppenheimer, Effective Rate 1.3217%

J.P. Morgan Chase, Effective Rate 1.39%

TD Securities, Effective Rate 1.4448%

J.P. Morgan Chase, Effective Rate 1.49%

Janney Montgomery, Effective Rate 1.5237%

J.P. Morgan Chase, Effective Rate 1.57%

Flushing Comm Bk, Effective Rate 2.0%

Lyndonville Central School District

Jul 2, 2009 . . . . . . $6,000,000

Bond Anticipation Notes, 2009 (bank qualified).

Dated Jul 9, 2009.

Due Jul 8, 2010.

Purchased $3,000,000.00 by J.P. Morgan Chase, at 2.01%, effective rate 2.01%.

Purchased $3,000,000.00 by First Niagara Bank, at 2.0%, effective rate 2.0%.

L.O.: Hodgson, Russ LLP, Buffalo, NY.

F.A.: Municipal Solutions, Inc and Allardice & Associates, LeRoy, NY.

Other bidders were:

First Niagara Bank, Effective Rate 2.25%

Janney Montgomery, Effective Rate 2.4993%

Oppenheimer, Effective Rate 2.8319%

Roosevelt & Cross, Effective Rate 2.8733%

Jefferies, Effective Rate 3.0647%

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Competitive sales results
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