Results of Competitive Sales

KENTUCKY

Lewis County School District Finance Corporation

Apr 25, 2008 . . . . . . $1,145,000

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

Dated May 1, 2008.

Due Dec 1, 2008 to 2016.

Non-callable.

Winning bid: Ross Sinclaire, at 99.0000, NIC 3.1909%.

Due Amount Cpn Yield Conc Ins
12/1/08 $125,000 2.15% NRO NRO
12/1/09 $130,000 2.30% NRO NRO
12/1/10 $140,000 2.50% NRO NRO
12/1/11 $140,000 2.60% NRO NRO
12/1/12 $140,000 2.80% NRO NRO
12/1/13 $145,000 3.00% NRO NRO
12/1/14 $145,000 3.10% NRO NRO
12/1/16 $180,000 3.30% NRO NRO

Other managers: Duncan-Williams, Inc., NatCity Investments, Inc., FTN Financial Capital Markets, Robert W. Baird & Co., Inc..

L.O.: Peck, Shaffer & Williams, Covington, KY.

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

MICHIGAN

Lansing (City)

Apr 24, 2008 . . . . . . $3,500,000

Michigan Transportation Fund Bonds, Series 2008 (Limited Tax General Obligation) (book entry).

Dated May 1, 2008.

Due May 1, 2009 to 2018.

Non-callable.

Winning bid: Fifth Third Sec, at 100.9994, TIC 3.4906%.

Due Amount Cpn Yield Conc Ins
5/1/09 $115,000 3.00% 2.20%
5/1/10 $120,000 3.25% 2.39%
5/1/11 $120,000 3.25% 2.69%
5/1/12 $395,000 3.25% 2.92%
5/1/13 $410,000 3.50% 3.05%
5/1/14 $430,000 3.50% 3.19%
5/1/15 $450,000 3.50% 3.35%
5/1/16 $465,000 3.75% 3.50%
5/1/17 $485,000 3.75% 3.65%
5/1/18 $510,000 4.00% 3.77%

L.O.: Dykema Gossett PLLC, Lansing, MI; and Dykema Gossett PLLC, Detroit, MI.

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Other bidders were:

First Trust, TIC 3.59%

UBS Securities, TIC 3.6113%

Hutchinson Shockey, TIC 3.6214%

Harris N.A., TIC 3.6409%

Wachovia Bank, TIC 3.69%

OKLAHOMA

Creek County Independent School District No. 33 (Sapulpa)

Apr 24, 2008 . . . . . . $750,000

Combined Purpose Bonds of 2008 (bank qualified) (book entry).

Dated Jun 1, 2008.

Due Jun 1, 2010 to 2013.

Non-callable.

Winning bid: American Heritage, at n/a, NIC 2.7748%.

Due Amount Cpn Yield Conc Ins
6/1/10 $185,000 2.45% NRO NRO
6/1/11 $185,000 2.65% NRO NRO
6/1/12 $185,000 2.80% NRO NRO
6/1/13 $195,000 2.95% NRO NRO

L.O.: State Attorney General.

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

Other bidders were:

Commerce Bank, NIC 3.072%

UMB Bank, NIC 3.1245%

Hughes County Independent School District No. 54 (Stuart)

Apr 24, 2008 . . . . . . $435,000

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

Dated Jul 1, 2008.

Due Jul 1, 2011 to 2014.

Non-callable.

Winning bid: UMB Bank, at n/a, NIC 3.3686%.

Due Amount Cpn Yield Conc Ins
7/1/11 $105,000 3.40% NRO NRO
7/1/12 $105,000 3.40% NRO NRO
7/1/13 $105,000 3.35% NRO NRO
7/1/14 $120,000 3.35% NRO NRO

L.O.: Phillips McFall McCaffrey McVay & Murrah, P.C., Oklahoma City, OK; and State Attorney General.

F.A.: Stephen L. Smith Corp., Jenks, OK.

Other bidders were:

Baker Group, NIC 3.5265%

Country Club Bank, NIC 3.622%

Tulsa County Independent School District No. 14 (Liberty)

Apr 25, 2008 . . . . . . $500,000

Combined Purpose Bonds of 2008 (bank qualified) (book entry).

Dated Jun 1, 2008.

Due Jun 1, 2010 to 2013.

Non-callable.

Winning bid: BOSC, at n/a, NIC 3.1143%.

Due Amount Cpn Yield Conc Ins
6/1/10 $125,000 4.125% NRO NRO
6/1/11 $125,000 2.85% NRO NRO
6/1/12 $125,000 2.95% NRO NRO
6/1/13 $125,000 3.00% NRO NRO

In association with: Citizen State Bank.

L.O.: State Attorney General.

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

Other bidders were:

Country Club Bank, NIC 3.4357%

TAXABLE ISSUES

NEW JERSEY

Mercer County

Apr 24, 2008 . . . . . . $1,900,000

Taxable Bond Anticipation Notes of 2008, Series A.

Dated May 1, 2008.

Due Apr 30, 2009.

Purchased $1,900,000.00 by East Brunswick Twp, at 3.47%, effective rate 3.47%.

L.O.: Parker, McCay, P.A., Marlton, NJ.

F.A.: Municipal Official(s).

Other bidders were:

Bank of America, Effective Rate 3.79%

Sun National Bank, Effective Rate 4.07%

Janney Montgomery, Effective Rate 4.123%

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Competitive sales results
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