Results of Negotiated Bond Sale

<< Arkansas Development Financing Authority (Little Rock), March 22 - $4,000,000 - Economic development revenue (Vinyl Building Products Inc. Project) bonds, (AMT/book entry), Series 1995G, dated April 1, 1995, due April 1, 1997 to 2004 and 2007. First coupon Oct. 1, 1995. Callable April 1, 2003 at 101, declining to par April 1, 2005.

Purchased through negotiation by Stephens Inc., as follows:

$2,655,000 Serial, as 5.20s, 5.35s, 5.45s, 5.60s, 5.70s, 5.75s, 5.80s and 5.90s.

$1,345,000 Term, due 2007, as 6.10s.

L.O.: Wright, Lindsey & Jennings, Little Rock.

Reoffered at par.

CALIFORNIA

<< Norwalk Community Facility Financing Authority, Calif., March 27 - $1,230,000 - Lease revenue bonds, Series A, dated April 1, 1995, due April 1, 2007 and 2025. First coupon Oct. 1, 1995. Callable April 1, 2002 at 102, declining to par April 1, 2004.

Purchased through negotiation by Chilton & O'Connor, Inc., as follows:

$235,000 Term, due 2007, as 6.35s.

$995,000 Term, due 2025, as 6.625s.

L.O.: Richards, Watson & Gershon, Los Angeles.

Reoffered at par.

COLORADO

<< Walsenburg, Colo., March 21 - $1,310,000 - Sales tax revenue refunding (bank qualified) bonds, Series 1995, dated March 15, 1995, due April 1, 1996 to 2006. First coupon Oct. 1, 1995. Callable April 1, 2002 at 101, declining to par April 1, 2004.

Purchased through negotiation by George K. Baum & Co., as 5.40s, 5.50s, 5.65s, 5.75s, 5.90s, 6s, 6.15s, 6.30s, 6.45s, 6.60s and 6.70s.

L.O.: Grimshaw & Harring, P.C., Denver.

Reoffered at par.

FLORIDA

<< Crossings at Fleming Island, Fla., March 14 - $24,500,000 - Infrastructure revenue (book entry) bonds, dated March 1, 1995, due May 1, 2016. First coupon Nov. 1, 1995. Callable May 1, 2005 at 102, declining to par May 1, 2009.

Purchased through negotiation by Prager McCarthy & Sealy, as 8.25s.

L.O.: Nabors, Giblin & Nickerson, P.A., Tallahassee.

Reoffered at par.

GEORGIA

<< Chatham Co., Ga. (Savannah), March 27 - $7,690,000 - Tax anticipation (bank qualified) warrants, dated April 3, 1995, due Dec. 29, 1995.

Purchased through negotiation by Wachovia Bank of Georgia, N.A., Atlanta, at 4.68%.

L.O.: King & Spalding, Atlanta.

Reoffered at 4.25.

<< Greene Co. Development Authority, Ga. (Greensboro), March 15 - $3,600,000 - Weekly adjustable rate industrial development revenue (Chipman - Union Inc. Project) bonds (Letter of Credit issued by Trust Company Bank, Atlanta) AMT, Series 1995A, dated March 15, 1995, due March 1, 2005. Callable Sept. 15, 1995 at par.

Purchased through negotiation by Trust Company Bank, Atlanta, initial rate as 4s.

L.O.: Hull, Towill, Norman & Barrett, Augusta.

Reoffered at par.

IDAHO

<< Bellevue Local Improvement Dist. No. 93-1, Idaho, March 20 - $226,902.75 - Local improvement (bank qualified) bonds, Series 1995, dated March 30, 1995, due March 30, 1996 to 1999. First coupon March 30, 1996.

Purchased through negotiation by Seattle-Northwest Securities Corp., as 4.65s, 4.90s, 5.05s and 5.15s.

L.O.: Skinner, Fawcett & Mauk, Boise.

ILLINOIS

<< Manhattan Sch. Dist. No. 114 (Will Co.), Ill., March 24 - $3,647,298.25 - Capital appreciation general obligation school (AMBAC Insured/bank qualified/book entry) bonds (AMT), Series 1995, dated April 5, 1995, due Dec. 1, 1995 to 2014. Non-callable.

Purchased through negotiation by Northern Trust Co., as bearing no interest.

L.O.: Chapman & Cutler, Chicago.

Reoffered at 4.75, 4.90, 5.00, 5.10, 5.20, 5.30, 5.40, 5.50, 5.60, 5.70, 5.80, 5.90, 6.00, 6.10, 6.20, 6.30, 6.35, 6.40, 6.45 and 6.50.

INDIANA

<< Indiana Development Finance Authority (Indianapolis), March 24 - $1,710,000 - Revenue (North Lawrence Water Corporation) bonds, dated April 6, 1995, due Jan. 1, 1996 to 2015. First coupon July 1, 1995. Callable July 1, 2003 at 102, declining to par July 1, 2005.

Purchased through negotiation by Raffensperger, Hughes & Co., Inc. and Edward D. Jones & Co., as 4.90s, 5.20s, 5.30s, 5.40s, 5.50s, 5.60s, 5.70s, 5.80s, 5.90s, 6s, 6.10s, 6.20s, 6.30s, 6.35s, 6.40s, 6.50s and 6.55s (12- 15).

L.O.: Ice Miller Donadio & Ryan, Indianapolis.

Reoffered at par.

IOWA

<< Red Oak, Iowa, March 1 - $165,000 - General obligation capital loan (bank qualified) notes, dated March 1, 1995, due June 1, 1996 to 2008. First coupon Dec. 1, 1995. Callable June 1, 2002 at par.

Purchased through negotiation by Ruan Securities Corp., as 5.65s, 5.80s, 5.95s, 6.05s, 6.20s, 6.40s, 6.50s, 6.60s, 6.70s, 6.80s, 6.90s and 7s (07-08).

L.O.: Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Des Moines.

MICHIGAN

<< Bad Axe Economic Development Corporation, Mich., March 27 - $2,565,000 - First mortgage revenue refunding (Cal-Bax Associates Project) bonds, Series 1995A, dated March 1, 1995, due March 1, 1999, 2005 and 2015. First coupon Sept. 1, 1995. Callable March 1, 2000 at 102, declining to par March 1, 2002.

Purchased through negotiation by American Municipal Securities, Inc., as follows:

$135,000 Term, due 1999, as 7s.

$565,000 Term, due 2005, as 8s.

$1,865,000 Term, due 2015, as 9s.

L.O.: Miller, Canfield, Paddock & Stone, P.L.C., Detroit.

Reoffered at par.

MINNESOTA

<< Dassel, Minn., March 20 -$730,000 - General obligation refunding (bank qualified) bonds, Series 1995, dated April 1, 1995, due Dec. 1, 1996 to 2003. First coupon Dec. 1, 1995. Callable Dec. 1, 2001 at par.

Purchased through negotiation by Juran & Moody, Inc., as 4.70s, 4.80s, 4.90s, 5s, 5.15s, 5.25s, 5.30s and 5.40s.

L.O.: Briggs & Morgan, St. Paul.

<< Glencoe Light and Power Commission, Minn., March 21 - $2,010,000 - Electric revenue refunding bonds, Series 1995A, dated May 1, 1995, due May 1, 1996 to 2002. Callable May 1, 2000 at par.

Purchased through negotiation by Juran & Moody, Inc., as 4.75s, 4.90s, 5s, 5.10s, 5.25s, 5.35s and 5.45s.

L.O.: Holmes & Graven, Chartered, Minneapolis.

Reoffered at par.

<< Minneapolis Community Development Agency, Minn., March 21 - $6,100,000 - Weekly variable rate revenue (Arena Acquisition Project) bonds, (Letter of Credit issued by First Bank, N.A., St. Paul) book entry, Series 1995A, dated March 23, 1995, due Oct. 1, 2024. First coupon May 1, 1995. Callable May 1, 1995 at par.

Purchased through negotiation by Dain Bosworth Inc., initial rate as 4.05s.

L.O.: Gray Plant & Moody, Minneapolis.

Not reoffered.

MISSOURI

<< Lebanon Sch. Facility Incorporation (Laclede. Co.), Mo., March 24 - $2,785,000 - Leasehold revenue school building (FGIC Insured/bank qualified) bonds, Series 1995A, dated April 1, 1995, due March 1, 1996 to 2005 and 2010. First coupon Sept. 1, 1995. Callable March 1, 2002 at par.

Purchased through negotiation by Boatmen's National Bank of St. Louis, as follows:

$990,000 Serial, as 4.50s, 4.80s, 4.90s, 5s, 5.10s, 5.20s, 5.30s, 5.40s, 5.45s and 5.50s.

$1,795,000 Term, due 2010, as 5.65s.

L.O.: The Stolar Partnership, St. Louis.

Not reoffered.

<< Lebanon Sch. Facility Incorporation (Laclede. Co.), Mo., March 24 - $2,210,000 - Refunding (FGIC Insured/bank qualified) bonds, Series 1995B, dated April 1, 1995, due March 1, 1996 to 2003. First coupon Sept. 1, 1995. Callable March 1, 2002 at par.

Purchased through negotiation by Boatmen's National Bank of St. Louis, as 4.50s, 4.80s, 4.90s, 5s, 5.10s, 5.20s, 5.30s, 5.40s.

L.O.: The Stolar Partnership, St. Louis.

Not reoffered.

NEW YORK

<< New York State Urban Development Corporation (Albany), March 23 - $21,595,000 - Project revenue (Higher Education Applied Technology Grant) bonds (MBIA Insured/book entry), Series 1995, dated March 15, 1995, due April 1, 1996 to 2010 and 2015. First coupon Oct. 1, 1995. Callable April 1, 2005 at 102, declining to par April 1, 2007.

Purchased through negotiation by Citicorp Securities, Inc., Artemis Capital Group, Inc., WR Lazard, Laidlaw & Mead Inc. and Prudential Securities Inc., as follows:

$13,845,000 Serial, as 4.50s, 4.60s, 4.80s, 5s (99-2000), 5.10s, 5.20s, 5.30s, 5.40s (04-05), 5.50s, 5.60s, 5.75s, 5.90s and 6s.

$7,750,000 Term, due 2015, as 5.75s.

L.O.: State Attorney General.

Reoffered at 4.40, 4.60, 4.80, 5.00, 5.10, 5.20, 5.30, 5.40, 5.45, 5.50, 5.65, 5.75, 5.85, 5.95, 6.05 and 2015 at 95.875 to yield 6.11%.

<< Oneida Co., N.Y. (Utica), March 24 - $5,313,000 - Bond anticipation notes, dated March 31, 1995, due May 17, 1995.

Purchased through negotiation by First Albany Corp., at 4.70%.

L.O.: Willkie Farr & Gallagher, New York.

Reoffered at 4.50.

NORTH DAKOTA

<< Mercer Co., N.D. (Stanton), March 28 - $3,300,000 - Solid waste disposal revenue (United Power Association Project) bonds, Pooled Series 1995 A (Unconditionally guaranteed by National Rural Utilities Cooperative Finance Corporation), dated March 1, 1995, due March 1, 2020. First coupon Sept. 1, 1995. Putable Sept. 1, 1995 at par.

Purchased through negotiation by Lehman Brothers, initial rate as 4.35s.

L.O.: Chapman & Cutler, Chicago.

Reoffered at par.

OHIO

<< Baltimore, Ohio, March 21 - $20,000 - Bond anticipation water system improvement limited tax general obligation (bank qualified) notes, dated March 31, 1995, due March 29, 1996.

Purchased through negotiation by Huntington Capital Corp., at 5.25%.

L.O.: Peck, Shaffer & Williams, Cincinnati.

<< Talawanda Local Sch. Dist., Ohio, March 27 - $2,500,000 - Bond anticipation (bank qualified) notes, Series 1995, dated April 6, 1995, due April 4, 1996. Non-callable.

Purchased through negotiation by Seasongood & Mayer, at 5.37%.

L.O.: Peck, Shaffer & Williams, Cincinnati.

Not reoffered.

PENNSYLVANIA

<< Pennsylvania Economic Development Financing Authority (Harrisburg), March 17 - $129,000,000 - Recycling revenue (Ponderosa Fibres Project) bonds (book entry), Series 1995 A, dated March 1, 1995, due Jan. 1, 2022. First coupon July 1, 1995. Callable Jan. 1, 2005 at 102, declining to par Jan. 1, 2007.

Purchased through negotiation by Lazard Freres & Co. and Donaldson, Lufkin & Jenrette Securities Corp., as 9.25s.

L.O.: Ballard Spahr Andrews & Ingersoll, Philadelphia.

WASHINGTON

<< Bainbridge Island Local Improvement Dist. No. 15, Wash., March 20 - $208,831.34 - Local improvement (bank qualified) bonds, dated April 1, 1995, due April 1, 2012. First coupon April 1, 1996. Callable April 1, 1996 at par.

Purchased through negotiation by Pacific Crest Securities, coupon rate not available.

L.O.: Foster Pepper & Shefelman, Seattle.

<< Clark Co., Wash. (Vancouver), March 28 - $9,100,000 - Sewer revenue (MBIA Insured) bonds, dated March 15, 1995, due Dec. 1, 1996 to 2010 and 2015. First coupon Dec. 1, 1995. Callable Dec. 1, 2005 at par.

Purchased through negotiation by Piper Jaffray Inc., as follows:

$5,820,000 Serial, as 4.60s, 4.80s, 4.90s, 5s, 5.10s, 5.20s, 5.30s, 5.40s, 5.45s, 5.55s (05-06), 5.65s, 5.75s, 5.85s and 5.90s.

$3,280,000 Term, due 2015, as 6.10s.

L.O.: Foster Pepper & Shefelman, Seattle.

Reoffered at par (96-05), 5.70, 5.80, 5.90, 5.95, 6.10 and 6.20.

<< Vancouver Sch. Dist. No. 37 (Clark Co.), Wash., March 27 - $50,000,000 - General obligation bonds, dated April 1, 1995, due Dec. 1, 2000 to 2009 and 2011 to 2014. First coupon Dec. 1, 1995. Callable Dec. 1, 2005 at par. 2006 non-callable.

Purchased through negotiation by Seattle-Northwest Securities Corp., as 5s, 5.10s, 5.20s, 5.30s, 5.35s, 7s (05-06), 5.60s, 5.70s, 5.75s, 6s (11- 12), 6.05s and 5.75s.

L.O.: Preston Gates & Ellis, Seattle.

Reoffered at par (2000-04), 5.50, 5.55, 5.65, 5.75, 5.85, 6.00 (11), 2012 at 99.75 to yield 6.022%, not reoffered (13) and 6.05.

CALIFORNIA

<< Norwalk Community Facility Financing Authority, Calif., March 27 - $8,005,000 - Lease revenue (Taxable) bonds, Series B, dated April 1, 1995, due April 1, 2010 and 2025. First coupon Oct. 1, 1995. Callable April 1, 2002 at 102, declining to par April 1, 2004.

Purchased through negotiation by Chilton & O'Connor, Inc., as follows:

$1,685,000 Term, due 2010, as 8.75s.

$6,320,000 Term, due 2025, as 9.10s.

L.O.: Richards, Watson & Gershon, Los Angeles.

Reoffered at par.

MICHIGAN

<< Bad Axe Economic Devlopment Corporation, Mich., March 27 - $80,000 - First mortgage revenue refunding (Cal-Bax Associates Project) bonds (Taxable), Series 1995B, dated March 1, 1995, due March 1, 1996 to 1997. First coupon Sept. 1, 1995.

Purchased through negotiation by American Municipal Securities, Inc., as 9.75s and 10s.

L.O.: Miller, Canfield, Paddock & Stone, P.L.C., Detroit.

PENNSYLVANIA

<< Pennsylvania Economic Development Financing Authority (Harrisburg), March 17 - $23,400,000 - Convertible recycling revenue (Taxable) bonds (Ponderosa Fibres Project) book entry, Series 1995 B, dated March 1, 1995, due Jan. 1, 2012. First coupon July 1, 1995. Callable Jan. 1, 2005 at 102, declining to par Jan. 1, 2007.

Purchased through negotiation by Lazard Freres & Co., Donaldson, Lufkin & Jenrette Securities Corp. and Lehman Brothers, as 10.375s.

L.O.: Ballard Spahr Andrews & Ingersoll, Philadelphia