Results of Competitive Sales

OREGON

North Clackamas Parks & Recreation District

Jan 14, 2010 . . . . . . $5,660,000

Full Faith and Credit Refunding Bonds, Series 2010 (bank qualified) (book entry).

Dated Jan 28, 2010.

Due Mar 1, 2011 to 2025.

Callable Mar 1, 2020 at par.

Winning bid: Robert W. Baird, at 101.2813, TIC 3.3878%.

Due Amount Cpn Yield Conc Ins
3/1/11 $295,000 2.00% 0.70% AGM
3/1/12 $320,000 2.00% 0.80% AGM
3/1/13 $325,000 2.00% 1.00% AGM
3/1/14 $335,000 2.00% 1.36% AGM
3/1/15 $340,000 2.50% 1.80% AGM
3/1/16 $350,000 2.75% 2.26% AGM
3/1/17 $355,000 3.00% 2.56% AGM
3/1/18 $370,000 3.00% 2.82% AGM
3/1/19 $380,000 3.50% 3.05% AGM
3/1/20 $395,000 3.50% 3.24% AGM
3/1/21 $405,000 4.00% 3.43% AGM
3/1/22 $420,000 4.00% 3.50% AGM
3/1/23 $440,000 4.00% 3.60% AGM
3/1/24 $455,000 4.00% 3.70% AGM
3/1/25 $475,000 4.00% 3.80% AGM

Other managers: CL King & Associates, Coastal Securities Corp., Davenport & Company LLC, Loop Capital Markets, LLC, Wedbush Morgan Securities, Duncan-Williams, Inc., SAMCO Capital Markets, Raymond James & Associates, Inc., Kildare Capital, Inc., Crews & Associates, Inc., Cronin & Co., Inc., UMB Bank, N.A., Ross, Sinclaire & Associates, Inc..

L.O.: K&L Gates LLP, Portland, OR.

F.A.: Western Financial Group, LLC, Lake Oswego, OR.

Other bidders were:

Fidelity Capital, TIC 3.4669%

Seattle-Northwest, TIC 3.5335%

Piper Jaffray, TIC 3.5374%

Hutchinson Shockey, TIC 3.5676%

BMO Capital Markets, TIC 3.6252%

TEXAS

Kelly Lane Water Control and Improvement District No. 1

Jan 14, 2010 . . . . . . $2,260,000

Unlimited Tax Bonds, Series 2010 (bank qualified) (book entry).

Dated Jan 1, 2010.

Due Sep 1, 2010 to 2034.

Callable Sep 1, 2014 at par.

Winning bid: FirstSouthwest, at 97.0000, NIC 5.446%.

Due Amount Cpn Yield Conc Ins
9/1/10 $40,000 4.25% 2.00%
9/1/11 $45,000 4.25% 2.50%
9/1/12 $45,000 4.25% 2.75%
9/1/13 $50,000 4.25% 3.00%
9/1/14 $50,000 4.25% 3.40%
9/1/15 $55,000 4.25% 3.625%
9/1/16 $60,000 4.25% 3.90%
9/1/17 $60,000 4.25% 4.00%
9/1/18 $65,000 4.25% 4.25%
9/1/19 $70,000 4.50% 4.50%
9/1/20 $75,000 4.65% 4.65%
9/1/21 $80,000 4.75% 4.75%
9/1/22 $85,000 4.875% 4.875%
9/1/23 $90,000 5.00% 5.00%
9/1/24 $95,000 5.10% 5.20%
9/1/26 $205,000 5.20% 5.375%
9/1/29 $350,000 5.375% 5.50%
9/1/34 $740,000 5.50% 5.625%

L.O.: Armbrust & Brown LLP, Austin, TX; and State Attorney General.

F.A.: Southwest Securities, Inc., Austin, TX.

Other bidders were:

GMS Group, NIC 5.7968%

Southwest Securities, NIC 6.0693%

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Competitive sales results
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