Results of Competitive Sales

MICHIGAN

Royal Oak

Dec 11, 2008 . . . . . . $11,825,000

Capital Improvement Bonds, Series 2008 (Limited Tax General Obligation) (book entry).

Dated Dec 1, 2008.

Due Oct 1, 2009 to 2028.

Callable Oct 1, 2018 at par.

Winning bid: Robert W. Baird, at 98.0000, TIC 5.8961%.

Due Amount Cpn Yield Conc Ins
10/1/09 $430,000 4.00% 2.00% AGC
10/1/10 $440,000 4.00% 2.60% AGC
10/1/11 $460,000 4.00% 2.94% AGC
10/1/12 $475,000 4.00% 3.35% AGC
10/1/13 $500,000 4.125% 3.65% AGC
10/1/14 $520,000 4.25% 3.90% AGC
10/1/15 $550,000 4.50% 4.11% AGC
10/1/16 $455,000 5.00% 4.40% AGC
10/1/17 $480,000 5.125% 4.75% AGC
10/1/18 $510,000 5.25% 5.00% AGC
10/1/19 $530,000 5.25% 5.27% AGC
10/1/20 $560,000 5.375% 5.50% AGC
10/1/21 $600,000 5.625% 5.80% AGC
10/1/22 $630,000 5.75% 5.90% AGC
10/1/24 $1,380,000 6.00% NRO NRO AGC
10/1/26 $1,555,000 6.00% NRO NRO AGC
10/1/28 $1,750,000 6.25% NRO NRO AGC

Other managers: Stifel, Nicolaus & Co., Inc., Davenport & Company LLC, CL King & Associates, Loop Capital Markets, LLC, Charles Schwab & Co., Comerica Securities.

L.O.: Axe & Ecklund, P.C., Grosse Pointe Farms, MI.

F.A.: Raymond James & Associates, Inc., Grosse Pointe Farms, MI.

Other bidders were:

BMO Capital Markets, TIC 6.0626%

Hutchinson Shockey, TIC 6.2441%

Morgan Stanley, TIC 6.5888%

NEW JERSEY

Mantua Township

Dec 12, 2008 . . . . . . $2,983,414

Bond Anticipation Notes of 2008, Series B (bank qualified) (book entry).

Dated Dec 19, 2008.

Due Dec 18, 2009.

Purchased $2,983,410.00 by Janney Montgomery, at 3.25%, plus n/a, effective rate n/a.

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

F.A.: Municipal Official(s).

Other bidders were:

Commerce Bk/PA, Effective Rate 4.3157%

Penns Grove Borough

Dec 12, 2008 . . . . . . $210,000

Special Emergency Notes of 2008, Series A (bank qualified).

Dated Dec 19, 2008.

Due Dec 18, 2009.

Purchased $210,000.00 by First Elmer Inv Corp, at 2.99%, effective rate 2.99%.

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

F.A.: Municipal Official(s).

Other bidders were:

Fulton Financial, Effective Rate 4.0%

Penns Grove Borough

Dec 12, 2008 . . . . . . $401,300

Bond Anticipation Notes of 2008, Series B (bank qualified).

Dated Dec 19, 2008.

Due Dec 18, 2009.

Purchased $401,300.00 by First Elmer Inv Corp, at 2.99%, effective rate 2.99%.

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

F.A.: Municipal Official(s).

Other bidders were:

Fulton Financial, Effective Rate 4.0%

SOUTH CAROLINA

Rock Hill (City)

Dec 11, 2008 . . . . . . $2,700,000

General Obligation Bonds, Series 2008 (book entry).

Dated Dec 30, 2008.

Due Apr 1, 2010 to 2024.

Callable Apr 1, 2019 at par.

Winning bid: BB&T Cap Mkts, at n/a, TIC 4.3%.

Due Amount Cpn Yield Conc Ins
4/1/10 $125,000 4.30% NRO NRO
4/1/11 $130,000 4.30% NRO NRO
4/1/12 $135,000 4.30% NRO NRO
4/1/13 $145,000 4.30% NRO NRO
4/1/14 $150,000 4.30% NRO NRO
4/1/15 $160,000 4.30% NRO NRO
4/1/16 $165,000 4.30% NRO NRO
4/1/17 $175,000 4.30% NRO NRO
4/1/18 $185,000 4.30% NRO NRO
4/1/19 $195,000 4.30% NRO NRO
4/1/20 $205,000 4.30% NRO NRO
4/1/21 $215,000 4.30% NRO NRO
4/1/22 $225,000 4.30% NRO NRO
4/1/23 $240,000 4.30% NRO NRO
4/1/24 $250,000 4.30% NRO NRO

L.O.: McNair Law Firm, Greenville, SC.

F.A.: Municipal Official(s).

Other bidders were:

UBS Financial Svcs, TIC 5.2065%

Bank of America, TIC 5.27%

RBC Capital Mkts, TIC 5.27%

Banc of America, TIC 5.7834%

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Competitive sales results
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