Negotiated Bond Sales

ALABAMA

<< Birmingham Industrial Development Board, Ala., Jan. 23 - $2,500,000 - Industrial development revenue (Southland Tube Project) bonds (Irrevocable direct-pay Letter of Credit issued by First Alabama Bank), Series 1996, dated Jan. 1, 1996, due Jan. 1, 1997 to 2006. First coupon July 1, 1996. Callable Jan. 1, 2003 at 102, declining to par Jan. 1, 2005.

Purchased through negotiation by Regions Investment Co., Inc., as 4.20s, 4.50s, 4.85s, 4.95s, 5.10s, 5.20s, 5.30s, 5.40s, 5.50s and 5.60s.

L.O.: Haskell Slaughter Young & Johnston, P.A., Birmingham.

Reofered at par.

ARIZONA

<< Arizona Health Facilities Authority (Phoenix), Jan. 19 - $11,440,000 - Assisted living facility revenue (Care Institute, Inc. - Mesa Project) bonds, Series 1996, dated Jan. 1, 1996, due Jan. 1, 2006 and 2026. First coupon July 1, 1996. Callable Jan. 1, 2006 at 103, declining to par Jan. 1, 2009.

Purchased through negotiation by A.H. Williams & Co. Inc., as 7.625s, as follows:

$1,105,000 Term, due 2006.

$10,335,000 Term, due 2026.

L.O.: Lewis & Roca LLP, Phoenix.

Reoffered at 7.625 and 8.125.

ARKANSAS

<< Marion Co. Rural Sch. Dist. No. 1, Ark. (Yellville), Feb. 13 - $604,800 - Refunding and capital improvement (bank qualified) bonds, dated April 1, 1996, due July 1, 1997 to 2011. First coupon Jan. 1, 1997. Callable July 1, 2000 at par.

Purchased through negotiation by T.J. Raney & Sons, a division of Morgan Keegan & Co. Inc., as 3.625s (97-98), 3.70s, 3.80s, 3.90s, 4s, 4.10s, 4.20s, 4.30s, 4.40s, 4.55s and 4.625s (08-11).

L.O.: Rose Law Firm, Little Rock.

IOWA

<< Marion, Iowa, Feb. 13 - $3,615,000 - Multifamily housing refunding revenue (Village Place at Marion, L.P. Project) bonds (AMT), dated Feb. 28, 1996, due Jan. 1, 1997 to 2009, 2015 and 2026. First coupon July 1, 1996. Callable Jan. 1, 2004 at 102, declining to par Jan. 1, 2006.

Purchased trough negotiation by Dougherty, Dawkins Inc., as follows:

$755,000 Serial, as 5s, 5.25s, 5.50s, 5.75s, 6s, 6.10s, 6.25s, 6.40s, 6.50s, 6.60s, 6.75s, 6.90s and 7s.

$635,000 Term, due 2015, as 7.50s.

$2,225,000 Term, due 2026, as 7.75s.

L.O: Dorsey & Whitney, Des Moines.

Reoffered at par.

KANSAS

<< Leavenworth, Kan., Feb. 13 - $900,000 - General obligation refunding (bank qualified/book entry) bonds, Series 1996-A, dated Feb. 1, 1996, due March 1, 1997 to 2007. First coupon Sept. 1, 1996. Callable March 1, 2002 at par.

Purchased through negotiation by Country Club Bank, N.A., as 3.70s, 3.80s, 3.90s, 4s, 4.10s, 4.15s, 4.25s, 4.35s, 4.40s, 4.50s and 4.65s, TIC 4.482%.

L.O.: Nichols & Wolfe, Chartered, Topeka.

Reoffered at 3.70 to 4.65.

KENTUCKY

<< Lexington-Fayette Urban Co. Government, Ky., Feb. 8 - $3,295,000 - Health care refunding and revenue (Sayre Village Project) bonds, Series 1996, dated Feb. 1, 1996, due Dec. 1, 1996 to 2001, 2006 and 2015. First coupon Dec. 1, 1996. Callable June 1, 2006 at 102, declining to par June 1, 2011.

Purchased through negotiation by Ross, Sinclaire & Associates, Inc., as follows:

$560,000 Serial, as 5.50s (96-01).

$675,000 Term, due 2006, as 6.10s.

$2,060,000 Term, due 2015, as 6.25s.

L.O.: Rubin Hays & Foley, Louisville.

Reoffered at par.

MASSACHUSETTS

<< Massachusetts Industrial Finance Agency (Boston), Feb. 14 - $32,850,000 - Museum revenue refunding (Museum of Fine Arts, Boston- 1996 Issue) bonds, (MBIA Insured/book entry), dated Feb. 1, 1996, due Jan. 1, 1997 to 2007. First coupon July 1, 1996. Non-callable.

Purchased through negotiation by Alex. Brown & Sons, Inc., as 3.80s, 3.50s, 4s, 3.90s, 5s, 4s, 4.125s, 5.125s and 5.375s (05-07).

L.O.: Ropes & Gray, Boston.

Reoffered at 3.10, 3.50, 3.70, 3.90, 4.00, 4.10, 4.20, 4.28%, 4.38%, 4.47% and 4.56%.

MINNESOTA

<< Osseo, Minn., Feb. 1 - $2,400,000 - General obligation crossover refunding bonds of 1996, dated Feb. 1, 1996, due March 1, 2002 to 2012. First coupon Sept. 1, 1996. Callable March 1, 2004 at par.

Purchased through negotiation by Juran & Moody, Inc., as 4.40s, 4.50s, 4.60s, 4.70s, 4.80s, 4.90s, 5s, 5.10s, 5.20s, 5.30s and 5.40s.

L.O.: Briggs & Morgan, P.A., Minneapolis.

Reoffered at par.

PENNSYLVANIA

<< Central Bucks Sch. Dist. (Bucks Co.), Pa., Feb. 14 - $12,120,000 - General obligation bonds, Series of 1996, dated March 1, 1996, due Nov. 15, 1996 to 2011 and 2013. First coupon May 15, 1996. Callable May 15, 2006 at par.

Purchased through negotiation by Wheat First Butcher Singer, as follows:

$10,155,000 Serial, as 3.45s, 3.60s, 3.80s, 3.90s, 4s, 4.10s, 4.20s, 4.25s, 4.35s, 4.40s, 4.50s, 4.65s, 4.80s, 4.90s and 5s (10-11).

$1,965,000 Term, due 2013, as 5.10s.

L.O.: Pepper, Hamilton & Scheetz, Philadelphia.

Reoffered at par (96-02), 4.30, 4.40, 4.50, 4.60, 4.75, 4.90, 5.00, 5.10, 5.15 and 5.20.

TEXAS

<< Lindale, Tex., Feb. 14 - $7,510,000 - Various combination tax and utility system revenue (FSA Insured/bank qualified) obligations, Series 1996, dated Feb. 1, 1996, due Aug. 15, 1997 to 2014 and 2020. First coupon Aug. 15, 1996. Callable Aug. 15, 2005 at par.

Purchased through negotiation by Rauscher Pierce Refsnes, Inc., First Southwest Co. and Southwest Securities Inc., as follows:

$1,510,000 Refunding bonds, as follows:

$955,000 Serial, as 3.50s, 3.70s, 3.80s, 3.95s, 4.05s, 4.15s, 4.30s, 4.40s, 4.50s, 4.55s, 4.65s, 4.75s, 4.80s, 4.90s (10-11), 5.05s, 5.15s and 5.20s.

$555,000 Term, due 2020, as 5.375s.

$6,000,000 Certificates of obligation, as follows:

$3,795,000 Serial, as 5.35s (97-01), 4.15s, 4.30s, 4.40s, 4.50s, 4.55s, 4.65s, 4.75s, 4.80s, 4.90s (10-11), 5.05s, 5.15s and 5.20s.

$2,205,000 Term, due 2020, as 5.375s.

L.O.: Fulbright & Jaworski L.L.P., Houston and State Attorney General.

Reoffered at 3.50, 3.70, 3.80, 3.95, 4.05, 4.15, 4.30, 4.40, 4.50, 4.60, 4.70, 4.80, 4.85, 4.95, 5.00, 5.10, 5.20, 5.25 and 5.45.

VERMONT

<< Vermont Educational and Health Buildings Financing Agency (Montpelier), Feb. 14 - $20,260,000 - Mary Hitchcock Memorial Hospital Obligated Group revenue refunding (Central Vermont Hospital & Nursing Home Project) bonds, (AMBAC Insured/book entry), dated Jan. 1, 1996, due Nov. 15, 1996 to 2007, 2015 and 2022. First coupon May 15, 1996. Callable Nov. 15, 2006 at 102, declining to par Nov. 15, 2008.

Purchased through negotiation by Morgan Stanley & Co. Inc., as follows:

$6,000,000 Serial, as 3.50s, 3.25s, 3.625s, 3.80s, 4s (2000-01), 4.125s, 4.25s, 4.375s, 4.40s, 4.50s and 4.625s.

$6,315,000 Term, due 2015, as 5s.

$7,945,000 Term, due 2022, as 5s.

L.O.: Brown & Wood, New York.

Reoffered at 3.00, 3.40, 3.75, 3.90, 4.05, 4.15, 4.25, 4.35, 4.45, 4.55, 4.65, 4.75, 2015 at 95.993 to yield 5.33% and 5.40.

WASHINGTON

<< Skagit Co. Public Hospital Dist. No. 2, Wash. (Mount Vernon), Feb. 13 - $4,085,000 - General obligation refunding (Island Hospital) bonds (AMBAC Insured/bank qualified) bonds, 1996, dated March 1, 1996, due Dec. 1, 1996 to 2010. First coupon June 1, 1996. Callable Dec. 1, 2006 at par.

Purchased through negotiation by Seattle Northwest Securities Corp., as 3.60s, 3.75s, 3.90s, 4s (99-01), 4.10s, 4.15s, 4.25s, 4.35s, 4.45s, 4.55s, 4.65s, 4.75s and 4.85s.

L.O.: Foster Pepper & Shefelman, Seattle.

Reoffered at par (96-99), 4.05, 4.10, 4.15, 4.25, 4.35, 4.45, 4.55, 4.65, 4.75, 4.85 and 4.95.

<< Skagit Co. Public Hospital Dist. No. 2, Wash. (Mount Vernon), Feb. 13 - $4,570,000 - Limited tax general obligation and refunding (bank qualified) bonds, dated March 1, 1996, due Jan. 1, 1997 to 2011. First coupon Jan. 1, 1997. Callable Jan. 1, 2006 at par.

Purchased through negotiation by Seattle Northwest Securities Corp., as 4s, 4.20s, 4.35s, 4.50s, 4.60s, 4.70s, 4.85s, 5s, 5.10s, 5.15s, 5.25s, 5.35s, 5.45s, 5.55s and 5.60s.

L.O.: Foster Pepper & Shefelman, Seattle.

Reoffered at par (97-2000), 4.65, 4.80, 4.95, 5.05, 5.15, 5.25, 5.35, 5.45, 5.55, 5.65 and 5.70.

WISCONSIN

<< Shawano-Gresham Sch. Dist. (Shawano Co.), Wis., Feb. 5 - $920,000 - General obligation refunding promissory (bank qualified/book entry) notes, dated March 15, 1996, due April 1, 1997 to 2001. First coupon April 1, 1997. Callable April 1, 2000 at par.

Purchased through negotiation by Banc One Capital Corporation, as 3.75s, 3.90s, 4s, 4.10s and 4.20s.

L.O.: Godrey & Kahn, Milwaukee.

Reoffered at par.

WYOMING

<< Uinta Co. Sch. Dist. No. 1, Wyo. (Evansville), Feb. 14 - $11,710,000 - General obligation refunding (Asset Guaranty Insured/book entry) bonds, Series 1996A, dated Feb. 15, 1996, due June 1, 1997 to 2002. First coupon June 1, 1996. Non-callable.

Purchased through negotiation by Dain Bosworth Inc., Hanifen, Imhoff, Inc. and First Security Bank, as 7s (97-99), 6.90s, 6.875s and 6.85s.

L.O.: Herschler, Freudenthal, Salzburg, Bonds & Rideout, P.C., Cheyenne and Becker Stowe Bowles & Lynch, P.C., Denver.

Reoffered at 3.80, 4.10, 4.30, 4.45, 4.50 and 4.60.

OKLAHOMA

<< Mountain Park Master Conservancy Dist., Okla., Feb. 1 - $16,200,000 - Water revenue (AMBAC Insured/book entry) bonds (Taxable), Series 1996, dated Jan. 1, 1996, due Jan. 1, 1997 to 2011, 2016 and 2026. First coupon July 1, 1996. Callable Jan. 1, 2006 at 102, declining to par Jan. 1, 2008.

Purchased through negotiation by Leo Oppenheim & Co., Inc., as follows:

$4,380,000 Serial, as 7.25s (97-07), 6.10s, 6.20s and 6.25s (10-11).

$2,710,000 Term, due 2016, as 6.80s.

$9,110,000 Term, due 2026, as 7.05s.

L.O.: Phillips McFall McCaffrey McVay & Murrah, P.C., Oklahoma City.

Reoffered at 5.10, 5.37%, 5.56%, 5.69%, 5.82%, 5.97%, 6.14%, 6.215%, 6.23%, 6.28%, 6.33%, 6.38%, 6.43%, 6.48%, 6.53%, 7.13% and 7.28%.o