Results of Competitive Sales

MASSACHUSETTS

Chatham (Town)

Jul 10, 2008 . . . . . . $713,000

Bond Anticipation Notes (book entry).

Dated Jul 25, 2008.

Due Jul 24, 2009.

Purchased $713,000.00 by Eastern Bank, at 2.25%, effective rate 2.25%.

L.O.: Edwards Angell Palmer & Dodge, LLP, Boston, MA.

F.A.: Cape Cod Five Cents Savings Bank, Orleans, MA.

Other bidders were:

TD Banknorth, N.A., Effective Rate 2.99%

Falmouth (Town)

Jul 25, 2008 . . . . . . $800,000

Bond Anticipation Notes (new money).

Dated Aug 1, 2008.

Due Jul 17, 2009.

Purchased $800,000.00 by Eastern Bank, at 2.45%, effective rate 2.45%.

F.A.: First Southwest Company, Boston, MA.

Other bidders were:

TD Banknorth, N.A., Effective Rate 3.09%

MINNESOTA

Duluth (City)

Jul 24, 2008 . . . . . . $40,635,000

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

Dated Aug 7, 2008.

Due Feb 1, 2010 to 2034.

Callable Feb 1, 2018 at par.

Winning bid: Piper Jaffray, at 99.6678, TIC 4.8219%.

Due Amount Cpn Yield Conc Ins
2/1/10 $50,000 4.00% 2.30%
2/1/11 $70,000 4.00% 2.75%
2/1/12 $100,000 4.00% 3.00%
2/1/13 $410,000 4.00% 3.20%
2/1/14 $480,000 4.00% 3.38%
2/1/15 $555,000 4.00% 3.53%
2/1/16 $635,000 4.00% 3.70%
2/1/17 $720,000 4.00% 3.86%
2/1/18 $805,000 4.00% 4.00%
2/1/19 $900,000 4.00% NRO NRO
2/1/20 $1,025,000 4.25% 4.35%
2/1/21 $1,160,000 4.50% 4.50%
2/1/22 $1,310,000 4.50% 4.57%
2/1/23 $1,470,000 4.50% NRO NRO
2/1/24 $1,640,000 4.625% 4.72%
2/1/25 $1,825,000 4.75% 4.76%
2/1/26 $2,025,000 4.75% NRO NRO
2/1/27 $2,240,000 4.75% NRO NRO
2/1/28 $2,470,000 5.00% NRO NRO
2/1/29 $2,720,000 5.00% NRO NRO
2/1/30 $2,990,000 5.00% NRO NRO
2/1/31 $3,275,000 5.00% NRO NRO
2/1/34 $11,760,000 5.00% NRO NRO

L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.

F.A.: Public Financial Management, Inc., Minneapolis, MN.

Other bidders were:

Robert W. Baird, TIC 4.8943%

UBS Securities, TIC 4.9934%

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Competitive sales results
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