GEORGIA

Georgia Municipal Electric Authority

Dec 29, 2011 . . . . . . $299,470,000

Power Revenue Bonds, Taxable Series Four (book entry). $100,725,000

Dated Jan 18, 2012.

Due Jan 1, 2013 to 2028.

The bonds shall be callable in accordance with the specification.

Winning bid: BA Merrill Lynch, at 99.7350, TIC 4.2875%.

Due Amount Cpn Yield Conc Ins
1/1/13 $40,000 1.58% 1.58%
1/1/14 $40,000 1.78% 1.78%
1/1/15 $40,000 2.41% 2.41%
1/1/16 $45,000 2.76% 2.76%
1/1/17 $45,000 3.11% 3.11%
1/1/18 $16,815,000 3.27% 3.27%
1/1/19 $27,430,000 3.57% 3.57%
1/1/20 $30,230,000 3.78% 3.78%
1/1/21 $3,230,000 3.98% 3.98%
1/1/22 $3,360,000 4.18% 4.18%
1/1/23 $2,890,000 4.33% 4.33%
1/1/24 $3,015,000 4.48% 4.48%
1/1/25 $3,155,000 4.63% 4.63%
1/1/26 $3,300,000 4.78% 4.78%
1/1/27 $3,460,000 4.88% 4.88%
1/1/28 $3,630,000 4.98% 4.98%

General Power Revenue Bonds, Taxable 2012A Series (book entry). $57,980,000

Dated Jan 18, 2012.

Due Jan 1, 2013 to 2028.

The bonds shall be callable in accordance with the specification.

Winning bid: BA Merrill Lynch, at 99.7350, TIC 4.2875%.

Due Amount Cpn Yield Conc Ins
1/1/13 $45,000 1.58% 1.58%
1/1/14 $45,000 1.78% 1.78%
1/1/15 $55,000 2.41% 2.41%
1/1/16 $55,000 2.66% 2.66%
1/1/17 $55,000 3.11% 3.11%
1/1/18 $4,275,000 3.27% 3.27%
1/1/19 $4,415,000 3.57% 3.57%
1/1/20 $4,585,000 3.78% 3.78%
1/1/21 $4,755,000 3.98% 3.98%
1/1/22 $4,950,000 4.18% 4.18%
1/1/23 $5,160,000 4.33% 4.33%
1/1/24 $5,385,000 4.48% 4.48%
1/1/25 $5,630,000 4.63% 4.63%
1/1/26 $5,895,000 4.78% 4.78%
1/1/27 $6,185,000 4.88% 4.88%
1/1/28 $6,490,000 4.98% 4.98%

Project One Subordinated Bonds, Taxable Series 2012A (book entry). $59,530,000

Dated Jan 18, 2012.

Due Jan 1, 2020 to 2022.

The bonds shall be callable in accordance with the specification.

Winning bid: BA Merrill Lynch, at 99.7350, TIC 4.2875%.

Due Amount Cpn Yield Conc Ins
1/1/20 $18,515,000 4.03% 4.03%
1/1/22 $41,015,000 4.43% 4.43%

General Resolution Projects Subordinated Bonds Taxable Series 2012A (book entry). $81,235,000

Dated Jan 18, 2012.

Due Jan 1, 2018 to 2022.

The bonds shall be callable in accordance with the specification.

Winning bid: BA Merrill Lynch, at 99.7350, TIC 4.2875%.

Due Amount Cpn Yield Conc Ins
1/1/18 $4,400,000 3.52% 3.52%
1/1/19 $1,025,000 3.77% 3.77%
1/1/20 $1,480,000 4.03% 4.03%
1/1/21 $780,000 4.23% 4.23%
1/1/22 $73,550,000 4.43% 4.43%

L.O.: Orrick, Herrington & Sutcliffe, New York, NY.

F.A.: Public Financial Management, Inc., Philadelphia, PA; and Public Financial Management, Inc., Charlotte, NC.

Other bidders were:

Wells Fargo Secs, TIC 4.765%

Citigroup, TIC 5.3599%

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