ARIZONA Phoenix Industrial Development Authority Jul 18, 2017 $8,700,000 Variable Rate Multifamily Housing Revenue Bonds (Broadway Terrace Apartments Project), Series 2017 (Initial Mandatory Tender Date: 08/01/2018) (book entry) Dated Jul 21, 2017. Due Aug 1, 2019. First coupon Feb 1, 2018. 2019-2019 Callable Aug 1, 2018 at par. Purchased through negotiation by Red Capital Markets, Inc., as follows:

L.O.: Kutak Rock, Scottsdale, AZ.

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