Results of Competitive Sales

IOWA

GMG Community School District

Apr 27, 2009 . . . . . . $1,700,000

School Infrastructure Sales, Services & Use Tax Revenue Bonds, Series 2009 (bank qualified) (book entry).

Dated Jun 1, 2009.

Due Jul 1, 2010 to 2029.

Callable Jul 1, 2019 at par.

Winning bid: D.A. Davidson, at 98.8000, TIC 4.8467%.

Due Amount Cpn Yield Conc Ins
7/1/12 $160,000 3.50% NRO NRO
7/1/14 $145,000 3.50% NRO NRO
7/1/16 $155,000 3.50% NRO NRO
7/1/18 $165,000 4.00% NRO NRO
7/1/20 $165,000 4.50% NRO NRO
7/1/22 $185,000 4.75% NRO NRO
7/1/24 $185,000 5.00% NRO NRO
7/1/25 $100,000 5.00% NRO NRO
7/1/26 $105,000 5.05% NRO NRO
7/1/27 $110,000 5.10% NRO NRO
7/1/28 $110,000 5.15% NRO NRO
7/1/29 $115,000 5.20% NRO NRO

L.O.: Ahlers & Cooney, P.C., Des Moines, IA.

F.A.: Piper Jaffray & Company, Des Moines, IA.

Other bidders were:

Northland Securities, TIC 5.0228%

Piper Jaffray, TIC 5.1278%

Robert W. Baird, TIC 5.85%

Mid-Prairie Community School District

Apr 27, 2009 . . . . . . $2,645,000

General Obligation School Refunding Bonds, Series 2009 (bank qualified) (book entry).

Dated May 27, 2009.

Due Dec 1, 2009 to Jun 1, 2016.

Callable Jun 1, 2014 at par.

Winning bid: D.A. Davidson, at 99.4000, TIC 2.3333%.

Due Amount Cpn Yield Conc Ins
12/1/09 $185,000 1.80% NRO NRO
6/1/10 $170,000 1.80% NRO NRO
12/1/10 $175,000 1.80% NRO NRO
6/1/11 $180,000 1.80% NRO NRO
12/1/11 $180,000 1.80% NRO NRO
6/1/12 $180,000 1.80% NRO NRO
12/1/12 $185,000 1.80% NRO NRO
6/1/13 $185,000 2.00% NRO NRO
12/1/13 $190,000 2.00% NRO NRO
6/1/14 $205,000 2.20% NRO NRO
12/1/14 $205,000 2.20% NRO NRO
6/1/15 $205,000 2.40% NRO NRO
12/1/15 $205,000 2.40% NRO NRO
6/1/16 $195,000 2.60% NRO NRO

L.O.: Ahlers & Cooney, P.C., Des Moines, IA.

F.A.: Piper Jaffray & Company, Des Moines, IA.

Other bidders were:

UMB Bank, TIC 2.3994%

Country Club Bank, TIC 2.7478%

Robert W. Baird, TIC 3.1189%

KANSAS

Girard (City)

Apr 13, 2009 . . . . . . $630,000

General Obligation Temporary Notes, Series 2009A (bank qualified) (book entry).

Dated May 1, 2009.

Due May 1, 2010.

Callable Aug 1, 2009 at par.

Winning bid: DeWaay Fin Network, at n/a, NIC 1.24%.

Due Amount Cpn Yield Conc Ins
5/1/10 $630,000 1.00% NRO NRO

L.O.: Gilmore & Bell, Wichita, KS.

F.A.: Ranson Financial Consultants, L.L.C., Wichita, KS.

Other bidders were:

UMB Bank, NIC 1.448%

Country Club Bank, NIC 1.68%

Commerce Bank, NIC 1.95%

Cooper Malone, NIC 2.75%

Girard Natl Bk, NIC 4.45%

MICHIGAN

Saugatuck (City)

Apr 27, 2009 . . . . . . $3,570,000

City Street and Infrastructure Bonds, Series 2009 (General Obligation) (bank qualified) (book entry).

Dated May 13, 2009.

Due Nov 1, 2010 to 2028.

Callable Nov 1, 2018 at par.

Winning bid: Bernardi Securities, at 98.8000, TIC 4.3856%.

Due Amount Cpn Yield Conc Ins
11/1/10 $50,000 2.00% 1.50%
11/1/11 $60,000 2.00% 1.80%
11/1/12 $75,000 2.00% 2.00%
11/1/13 $85,000 2.40% 2.40%
11/1/14 $95,000 2.70% 2.70%
11/1/15 $110,000 3.00% 3.00%
11/1/16 $125,000 3.30% 3.30%
11/1/17 $140,000 3.60% 3.60%
11/1/18 $155,000 3.85% 3.85%
11/1/19 $170,000 4.00% 4.00%
11/1/20 $190,000 4.10% 4.10%
11/1/21 $205,000 4.20% 4.20%
11/1/22 $230,000 4.30% 4.30%
11/1/24 $525,000 4.40% 4.40%
11/1/26 $625,000 4.50% 4.50%
11/1/28 $730,000 4.60% 4.60%

Other managers: Comerica Securities, Oppenheimer & Co., Inc., Raymond James & Associates, Inc., Stifel, Nicolaus & Co., Inc..

L.O.: Mika, Meyers, Beckett & Jones, P.L.C., Grand Rapids, MI.

F.A.: ACI Finance Inc., Mason, MI.

Other bidders were:

Fifth Third Sec, TIC 4.49%

Wachovia Securities, TIC 4.4903%

Robert W. Baird, TIC 4.6316%

BMO Capital Markets, TIC 4.6881%

OHIO

Reminderville Village

Apr 27, 2009 . . . . . . $780,000

Street Improvement Bond Anticipation Notes, Series 2009 (SA limited tax) (bank qualified).

Dated May 14, 2009.

Due May 14, 2010.

Purchased $780,000.00 by Sweney Cartwright, at 2.7965%, plus $27.00, effective rate 2.8%.

L.O.: Squire, Sanders & Dempsey, Cleveland, OH.

F.A.: Sudsina & Associates, Aurora, OH.

OKLAHOMA

Oklahoma County Independent School District No. 4 (Choctaw-Nicoma Park)

Apr 27, 2009 . . . . . . $4,015,000

Combined Purpose Bonds of 2009 (bank qualified) (book entry).

Dated Jun 1, 2009.

Due Jun 1, 2011 to 2014.

Non-callable.

Winning bid: UMB Bank, at n/a, NIC 2.1901%.

Due Amount Cpn Yield Conc Ins
6/1/11 $1,000,000 2.15% NRO NRO
6/1/12 $1,000,000 2.20% NRO NRO
6/1/13 $1,000,000 2.00% NRO NRO
6/1/14 $1,015,000 2.35% NRO NRO

L.O.: State Attorney General.

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

Other bidders were:

Country Club Bank, NIC 2.3934%

Baker Group, NIC 2.5068%

Hutchinson Shockey, NIC 4.8972%

PENNSYLVANIA

Pennridge School District

Apr 27, 2009 . . . . . . $15,850,000

General Obligation Bonds, Series of 2009 (bank qualified) (book entry).

Dated Jun 1, 2009.

Due Feb 15, 2010 to 2021.

Callable Aug 15, 2014 at par.

Winning bid: Robert W. Baird, at n/a, TIC 3.7782%.

Due Amount Cpn Yield Conc Ins
2/15/10 $215,000 3.00% NRO NRO FSA
2/15/11 $75,000 2.50% NRO NRO FSA
2/15/12 $75,000 2.50% NRO NRO FSA
2/15/13 $75,000 2.50% NRO NRO FSA
2/15/14 $80,000 3.00% NRO NRO FSA
2/15/15 $80,000 3.00% NRO NRO FSA
2/15/16 $80,000 3.00% NRO NRO FSA
2/15/17 $85,000 3.25% NRO NRO FSA
2/15/18 $2,845,000 3.50% NRO NRO FSA
2/15/19 $5,570,000 3.60% NRO NRO FSA
2/15/20 $5,855,000 3.75% NRO NRO FSA
2/15/21 $815,000 4.00% NRO NRO FSA

Other managers: Davenport & Company LLC, Stifel, Nicolaus & Co., Inc., Kildare Capital, Inc..

L.O.: Dinsmore & Shohl LLP, Pittsburgh, PA.

F.A.: Public Financial Management, Inc., Harrisburg, PA.

Other bidders were:

TD Securities, TIC 3.7886%

Roosevelt & Cross, TIC 3.821%

Boenning&Scattergood, TIC 3.8357%

BNY Mellon Cap Mkts, TIC 3.8703%

Pleasant Valley School District

Apr 27, 2009 . . . . . . $10,060,000

General Obligation Bonds, Series A of 2009 (bank qualified) (book entry).

Dated Jun 1, 2009.

Due Sep 1, 2009 to 2015.

Non-callable.

Winning bid: BNY Mellon Cap Mkts, at n/a, TIC 2.7975%.

Due Amount Cpn Yield Conc Ins
9/1/09 $5,000 2.00% 1.00% AGC
9/1/10 $5,000 2.00% 1.20% AGC
9/1/11 $105,000 2.00% 1.70% AGC
9/1/12 $150,000 2.50% 1.85% AGC
9/1/13 $245,000 2.50% 2.05% AGC
9/1/14 $5,235,000 3.00% 2.50% AGC
9/1/15 $4,315,000 3.00% 2.65% AGC

L.O.: Rhoads & Sinon, Harrisburg, PA.

F.A.: Robert W. Baird & Co., Inc., Exton, PA.

Other bidders were:

UBS Financial Svcs, TIC 2.8018%

TD Securities, TIC 3.0036%

Boenning&Scattergood, TIC 3.1078%

Hutchinson Shockey, TIC 3.4005%

State College Area School District

Apr 27, 2009 . . . . . . $9,995,000

General Obligation Bonds, Series of 2009 (bank qualified) (book entry).

Dated Jun 1, 2009.

Due Mar 1, 2010 to 2022.

Callable Sep 1, 2014 at par.

Winning bid: BNY Mellon Cap Mkts, at n/a, TIC 3.514%.

Due Amount Cpn Yield Conc Ins
3/1/10 $60,000 2.00% 1.20% AGC
3/1/11 $435,000 2.00% 1.70% AGC
3/1/12 $445,000 2.50% 1.85% AGC
3/1/13 $450,000 2.50% 2.05% AGC
3/1/14 $495,000 2.40% 2.45% AGC
3/1/15 $1,065,000 2.60% 2.65% AGC
3/1/16 $1,095,000 3.00% 3.03% AGC
3/1/17 $1,125,000 3.20% 3.25% AGC
3/1/18 $1,170,000 3.50% 3.55% AGC
3/1/19 $1,215,000 3.60% 3.60% AGC
3/1/20 $1,265,000 3.75% 3.80% AGC
3/1/21 $575,000 4.00% 3.999% AGC
3/1/22 $600,000 4.00% 4.03% AGC

L.O.: Rhoads & Sinon, Harrisburg, PA.

F.A.: Public Financial Management, Inc., Harrisburg, PA.

Other bidders were:

UBS Financial Svcs, TIC 3.5144%

TD Securities, TIC 3.5468%

Robert W. Baird, TIC 3.5725%

Boenning&Scattergood, TIC 3.5806%

TEXAS

Harris County Municipal Utility District No. 1

Apr 27, 2009 . . . . . . $8,300,000

Unlimited Tax Bonds, Series 2009 (bank qualified) (book entry).

Dated May 1, 2009.

Due Sep 1, 2010 to 2029.

Callable Sep 1, 2018 at par.

Winning bid: First Southwest, at 97.0011, NIC 4.7765%.

Due Amount Cpn Yield Conc Ins
9/1/10 $215,000 5.00% 1.40% AGC
9/1/11 $230,000 5.00% 2.00% AGC
9/1/12 $245,000 5.00% 2.25% AGC
9/1/13 $260,000 5.00% 2.33% AGC
9/1/14 $275,000 5.25% 2.75% AGC
9/1/15 $295,000 5.00% 3.00% AGC
9/1/16 $310,000 5.00% 3.26% AGC
9/1/17 $330,000 5.00% 3.45% AGC
9/1/18 $355,000 5.00% 3.65% AGC
9/1/19 $375,000 4.00% 3.83% AGC
9/1/20 $400,000 4.00% 3.93% AGC
9/1/21 $425,000 4.00% 4.00% AGC
9/1/22 $455,000 4.10% 4.10% AGC
9/1/23 $485,000 4.20% 4.20% AGC
9/1/24 $515,000 4.30% 4.30% AGC
9/1/25 $550,000 4.35% 4.45% AGC
9/1/26 $585,000 4.50% 4.60% AGC
9/1/27 $625,000 4.65% 4.75% AGC
9/1/28 $665,000 4.80% 4.90% AGC
9/1/29 $705,000 4.90% 5.00% AGC

L.O.: Smith, Murdaugh, Little & Bonham, Houston, TX; and State Attorney General.

F.A.: RBC Capital Markets, Houston, TX.

Other bidders were:

SAMCO Cap Mkts, NIC 5.0212%

RBC Capital Mkts, NIC 5.0697%

Sterne Agee, NIC 5.4979%

WASHINGTON

King County

Apr 27, 2009 . . . . . . $35,100,000

Limited Tax General Obligation Bonds, 2009, Series B (book entry).

Dated May 12, 2009.

Due Jun 1, 2010 to 2029.

Callable Jun 1, 2019 at par.

Winning bid: Hutchinson Shockey, at 106.1327, TIC 3.9103%.

Due Amount Cpn Yield Conc Ins
6/1/10 $825,000 3.00% NRO NRO
6/1/11 $1,885,000 2.00% 1.22%
6/1/12 $945,000 2.00% NRO NRO
6/1/13 $1,995,000 2.25% NRO NRO
6/1/14 $1,060,000 2.50% NRO NRO
6/1/15 $2,120,000 2.75% 2.27%
6/1/16 $1,185,000 3.00% NRO NRO
6/1/17 $2,255,000 5.00% NRO NRO
6/1/18 $1,335,000 3.25% 2.93%
6/1/19 $2,405,000 5.00% 3.14%
6/1/20 $1,020,000 5.00% 3.37%
6/1/21 $2,105,000 5.00% NRO NRO
6/1/22 $1,185,000 5.00% 3.68%
6/1/23 $2,270,000 5.00% NRO NRO
6/1/24 $1,360,000 4.00% 4.18%
6/1/25 $2,440,000 5.125% 4.02%
6/1/26 $1,535,000 5.125% 4.14%
6/1/27 $2,625,000 5.00% 4.28%
6/1/29 $4,550,000 5.00% 4.45%

L.O.: Gottlieb Fisher PLLC, Seattle, WA.

F.A.: Seattle-Northwest Securities Corp., Seattle, WA.

Other bidders were:

Morgan Stanley, TIC 3.9288%

Piper Jaffray, TIC 3.9302%

Robert W. Baird, TIC 3.9343%

BB&T Cap Mkts, TIC 3.9495%

Merrill Lynch, TIC 3.9666%

UBS Financial Svcs, TIC 3.9702%

TAXABLE ISSUES

MINNESOTA

Centennial Independent School District No. 12

Apr 27, 2009 . . . . . . $11,015,000

General Obligation Taxable OPEB Bonds, Series 2009A (MN SD Credit Enhancement Program) (book entry).

Dated May 1, 2009.

Due Feb 1, 2018 to 2030.

Callable Feb 1, 2019 at par.

Winning bid: Stifel Nicolaus, at 98.7041, TIC 5.7801%.

Due Amount Cpn Yield Conc Ins
2/1/18 $205,000 4.75% 4.50%
2/1/19 $220,000 4.75% 4.60%
2/1/20 $225,000 4.90% 4.90%
2/1/21 $180,000 5.00% 5.00%
2/1/22 $180,000 5.15% 5.15%
2/1/23 $210,000 5.30% 5.30%
2/1/24 $1,180,000 5.45% 5.45%
2/1/25 $1,245,000 5.75% 5.60%
2/1/26 $1,310,000 5.75% 5.70%
2/1/27 $1,385,000 5.60% 5.75%
2/1/28 $1,465,000 5.75% 5.80%
2/1/29 $1,555,000 5.80% NRO NRO
2/1/30 $1,655,000 5.85% NRO NRO

L.O.: Knutson, Flynn & Deans, Mendota Heights, MN.

F.A.: Springsted Incorporated, St. Paul, MN.

Other bidders were:

BMO Capital Markets, TIC 5.846%

Morgan Keegan, TIC 5.8741%

Wells Fargo Brkge, TIC 5.891%

Piper Jaffray, TIC 5.8984%

Hutchinson Shockey, TIC 5.9099%

Virginia Independent School District No. 706

Apr 27, 2009 . . . . . . $7,800,000

General Obligation Taxable OPEB Bonds, Series 2009A (Minnesota School District Credit Enhancement Program) (book entry).

Dated May 15, 2009.

Due Feb 1, 2015 to 2030.

Callable Feb 1, 2019 at par.

Winning bid: BMO Capital Markets, at 98.7000, TIC 5.6585%.

Due Amount Cpn Yield Conc Ins
2/1/15 $25,000 5.00% NRO NRO
2/1/16 $65,000 5.00% NRO NRO
2/1/17 $120,000 5.00% NRO NRO
2/1/18 $270,000 5.00% NRO NRO
2/1/19 $340,000 5.00% NRO NRO
2/1/20 $415,000 5.00% NRO NRO
2/1/21 $495,000 5.00% NRO NRO
2/1/22 $535,000 5.125% NRO NRO
2/1/23 $560,000 5.25% NRO NRO
2/1/24 $595,000 5.375% NRO NRO
2/1/25 $630,000 5.50% NRO NRO
2/1/26 $665,000 5.50% NRO NRO
2/1/27 $705,000 5.625% NRO NRO
2/1/28 $745,000 5.75% NRO NRO
2/1/30 $1,635,000 6.00% NRO NRO

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

F.A.: Springsted Incorporated, St. Paul, MN.

Other bidders were:

Northland Securities, TIC 5.8198%

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Competitive sales results
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