Results of Competitive Sales

IOWA

West Des Moines (City)

Mar 9, 2015 . . . . . . $3,410,000

General Obligation Urban Renewal Refunding Bonds, Series 2015C (book entry).

Dated Apr 7, 2015.

Due Jun 1, 2017 to 2020.

Non-callable.

Winning bid: Hutchinson Shockey, at 102.2836, TIC 1.3309%.

Due Amount Cpn Yield Conc Ins
6/1/17 $910,000 2.00% 0.65%
6/1/18 $930,000 2.00% 1.05%
6/1/19 $955,000 2.00% 1.35%
6/1/20 $615,000 2.00% 1.55%

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

F.A.: Public Financial Management, Inc., Des Moines, IA.

Other bidders were:

Robert W. Baird, TIC 1.3885%

BMO Cap Mkts GKST, TIC 1.4051%

FirstSouthwest, TIC 1.4405%

FTN Fin Cap Mkts, TIC 1.461%

West Des Moines (City)

Mar 9, 2015 . . . . . . $21,755,000

General Obligation Urban Renewal Bonds, Series 2015A (book entry).

Dated Apr 7, 2015.

Due Jun 1, 2017 to 2029.

Callable Jun 1, 2023 at par.

Winning bid: Piper Jaffray, at 102.3273, TIC 2.5329%.

Due Amount Cpn Yield Conc Ins
6/1/17 $240,000 2.00% 0.65%
6/1/18 $435,000 2.00% 1.05%
6/1/19 $1,680,000 2.50% 1.34%
6/1/20 $1,720,000 2.50% 1.55%
6/1/21 $1,765,000 2.50% 1.72%
6/1/22 $1,810,000 2.50% 1.95%
6/1/23 $1,855,000 2.25% 2.12%
6/1/24 $1,895,000 3.00% 2.30%
6/1/25 $1,950,000 3.00% 2.40%
6/1/26 $2,010,000 3.00% 2.57%
6/1/27 $2,070,000 3.00% 2.79%
6/1/28 $2,130,000 3.00% 3.00%
6/1/29 $2,195,000 3.00% 3.10%

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

F.A.: Public Financial Management, Inc., Des Moines, IA.

Other bidders were:

Robert W. Baird, TIC 2.5756%

Hutchinson Shockey, TIC 2.5829%

Janney Montgomery, TIC 2.6289%

Merrill Lynch, TIC 2.6649%

FTN Fin Cap Mkts, TIC 2.6652%

BMO Cap Mkts GKST, TIC 2.6842%

FirstSouthwest, TIC 2.7606%

KANSAS

Clay County Unified School District No. 379

Mar 9, 2015 . . . . . . $7,600,000

General Obligation Bonds, Series 2015-A (bank qualified) (book entry).

Dated Apr 1, 2015.

Due Sep 1, 2017 to 2030.

Callable Sep 1, 2024 at par.

Winning bid: Country Club Bank, at 102.1110, TIC 2.4416%.

Due Amount Cpn Yield Conc Ins
9/1/17 $65,000 2.00% 0.75%
9/1/18 $55,000 2.00% 1.10%
9/1/19 $65,000 2.00% 1.30%
9/1/20 $600,000 2.00% 1.40%
9/1/21 $615,000 2.00% 1.60%
9/1/22 $625,000 2.00% 1.80%
9/1/23 $635,000 2.00% 1.95%
9/1/24 $650,000 2.25% 2.05%
9/1/25 $665,000 2.75% 2.15%
9/1/26 $685,000 2.75% 2.30%
9/1/27 $700,000 3.00% 2.35%
9/1/28 $725,000 3.00% 2.45%
9/1/29 $745,000 3.00% 2.60%
9/1/30 $770,000 3.00% 2.80%

L.O.: Jonathan P. Small Chartered, Topeka, KS.

F.A.: George K. Baum & Co., Kansas City, MO.

Other bidders were:

Robert W. Baird, TIC 2.5552%

SunTrust Robinson, TIC 2.5676%

FTN Fin Cap Mkts, TIC 2.589%

Commerce Bank, TIC 2.6176%

Raymond James, TIC 2.7132%

Johnson County Unified School No. 231 (Gardner-Edgerton)

Mar 9, 2015 . . . . . . $8,880,000

General Obligation Refunding Bonds Series 2015-A (bank qualified) (book entry).

Dated Mar 26, 2015.

Due Oct 1, 2015 to 2027.

Callable Oct 1, 2023 at par.

Winning bid: SunTrust Robinson, at 102.3608, TIC 2.1715%.

Due Amount Cpn Yield Conc Ins
10/1/15 $345,000 3.00% 0.35%
10/1/16 $190,000 3.00% 0.45%
10/1/17 $490,000 3.00% 0.70%
10/1/18 $505,000 3.00% 1.00%
10/1/21 $315,000 3.00% 1.70%
10/1/22 $1,135,000 3.00% 1.80%
10/1/23 $1,170,000 3.00% 1.90%
10/1/24 $1,810,000 2.25% 2.00%
10/1/25 $1,245,000 2.125% 2.125%
10/1/26 $830,000 2.25% 2.25%
10/1/27 $845,000 2.375% 2.375%

Other managers: Sterne, Agee & Leach, Inc, BOSC, Inc..

L.O.: Gilmore & Bell, Kansas City, MO.

F.A.: George K. Baum & Co., Kansas City, MO.

Other bidders were:

Piper Jaffray, TIC 2.1929%

FTN Fin Cap Mkts, TIC 2.2293%

Robert W. Baird, TIC 2.2812%

Commerce Bank, TIC 2.3186%

D.A. Davidson, TIC 2.3251%

BMO Cap Mkts GKST, TIC 2.3316%

KENTUCKY

Bowling Green (City)

Mar 9, 2015 . . . . . . $9,245,000

General Obligation Refunding Bonds, Series 2015 (bank qualified) (book entry).

Dated Mar 24, 2015.

Due Dec 1, 2015 to 2032.

Callable Jun 1, 2025 at par.

Winning bid: SunTrust Robinson, at 102.8278, TIC 2.5454%.

Due Amount Cpn Yield Conc Ins
12/1/15 $60,000 3.00% 0.40%
12/1/16 $65,000 3.00% 0.50%
12/1/17 $65,000 3.00% 0.80%
12/1/18 $70,000 3.00% 1.15%
12/1/19 $70,000 3.00% 1.40%
12/1/20 $70,000 3.00% 1.60%
12/1/21 $630,000 3.00% 1.70%
12/1/22 $650,000 3.00% 1.80%
12/1/23 $665,000 3.00% 1.90%
12/1/24 $695,000 3.00% 2.00%
12/1/25 $715,000 2.25% 2.10%
12/1/26 $725,000 2.50% 2.20%
12/1/27 $750,000 2.50% 2.35%
12/1/28 $760,000 2.50% 2.50%
12/1/29 $780,000 3.00% 2.60%
12/1/30 $800,000 3.00% 2.70%
12/1/31 $825,000 3.00% 2.80%
12/1/32 $850,000 3.00% 2.90%

Other managers: BOSC, Inc., Sterne, Agee & Leach, Inc.

L.O.: Dinsmore & Shohl LLP, Covington, KY.

F.A.: Raymond James & Associates, Inc., Nashville, TN.

Other bidders were:

FTN Fin Cap Mkts, TIC 2.5637%

Piper Jaffray, TIC 2.6475%

Stifel Nicolaus, TIC 2.6614%

Janney Montgomery, TIC 2.6944%

BMO Cap Mkts GKST, TIC 2.7045%

J.J.B. Hilliard, TIC 2.8039%

Ross Sinclaire, TIC 2.866%

City Securities, TIC 2.9374%

MASSACHUSETTS

Lynn Water and Sewer Commission

Mar 9, 2015 . . . . . . $27,485,000

General Revenue Refunding Bonds, 2015 Series A (book entry).

Dated Mar 24, 2015.

Due Jun 1, 2016 to 2032.

Callable Jun 1, 2025 at par.

Winning bid: Hutchinson Shockey, at 108.7992, TIC 2.6574%.

Due Amount Cpn Yield Conc Ins
6/1/16 $2,335,000 5.00% 0.40%
6/1/17 $2,700,000 5.00% 0.75%
6/1/18 $1,570,000 5.00% 1.20%
6/1/19 $1,260,000 5.00% 1.49%
6/1/20 $1,425,000 5.00% 1.72%
6/1/21 $2,545,000 5.00% 1.90%
6/1/22 $2,670,000 5.00% 2.05%
6/1/23 $1,870,000 5.00% 2.20%
6/1/24 $265,000 5.00% 2.35%
6/1/25 $1,475,000 5.00% 2.50%
6/1/26 $1,615,000 3.00% 2.75% AGM
6/1/27 $1,410,000 3.00% 3.00% AGM
6/1/28 $1,420,000 3.00% 3.093% AGM
6/1/29 $1,485,000 3.00% 3.132% AGM
6/1/30 $1,505,000 3.10% 3.268% AGM
6/1/31 $530,000 3.10% 3.30% AGM
6/1/32 $1,405,000 3.125% 3.356% AGM

L.O.: Locke Lord LLP, Boston, MA.

F.A.: UniBank Fiscal Advisory Services, Inc., Whitinsville, MA.

Other bidders were:

Mesirow Financial, TIC 2.6894%

BA Merrill Lynch, TIC 2.6952%

Morgan Stanley, TIC 2.6988%

Robert W. Baird, TIC 2.7748%

Guggenheim Secs, TIC 2.7801%

Piper Jaffray, TIC 2.7957%

Janney Montgomery, TIC 2.8128%

UBS Financial Svcs, TIC 2.94%

MICHIGAN

Sault Ste. Marie Area Public Schools

Mar 9, 2015 . . . . . . $3,545,000

2015 Refunding Bonds (General Obligation- Unlimited Tax) (bank qualified) (book entry).

Dated Mar 26, 2015.

Due May 1, 2016 to 2019.

Non-callable.

Winning bid: Piper Jaffray, at 101.7747, TIC 1.3074%.

Due Amount Cpn Yield Conc Ins
5/1/16 $840,000 2.00% 0.55%
5/1/17 $885,000 2.00% 0.85%
5/1/18 $895,000 2.00% 1.25%
5/1/19 $925,000 2.00% 1.45%

L.O.: Thrun Law Firm, P.C., East Lansing, MI.

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Other bidders were:

Robert W. Baird, TIC 1.3709%

FTN Fin Cap Mkts, TIC 1.4301%

City Securities, TIC 1.4383%

J.J.B. Hilliard, TIC 1.4726%

BMO Cap Mkts GKST, TIC 1.5008%

Raymond James, TIC 1.6456%

SunTrust Robinson, TIC 1.6624%

Stockbridge Community Schools

Mar 9, 2015 . . . . . . $9,250,000

2015 Refunding Bonds (General Obligation- Unlimited Tax) (book entry).

Dated Mar 25, 2015.

Due May 1, 2016 to 2026.

Callable May 1, 2025 at par.

Winning bid: Morgan Stanley, at 102.6104, TIC 2.5245%.

Due Amount Cpn Yield Conc Ins
5/1/16 $1,000,000 3.00% 0.58%
5/1/17 $730,000 3.00% 1.00%
5/1/18 $750,000 3.00% 1.40%
5/1/19 $775,000 3.00% 1.67%
5/1/20 $795,000 3.00% 1.90%
5/1/21 $820,000 3.00% 2.10%
5/1/22 $845,000 3.00% 2.35%
5/1/23 $870,000 3.00% 2.53%
5/1/24 $895,000 3.00% 2.70%
5/1/25 $890,000 3.00% 2.83%
5/1/26 $880,000 3.00% 3.00%

Other managers: Raymond James & Associates, Inc., Jefferies LLC, FTN Financial Capital Markets, City Securities Corp., Ramirez & Co., Inc..

L.O.: Thrun Law Firm, P.C., East Lansing, MI.

F.A.: Stauder, Barch & Associates, Inc., Ann Arbor, MI.

Other bidders were:

Robert W. Baird, TIC 2.54%

Hutchinson Shockey, TIC 2.7004%

OKLAHOMA

Cherokee County Independent School District No. 6 (Keys)

Mar 9, 2015 . . . . . . $560,000

Building Bonds of 2015 (bank qualified) (book entry).

Dated May 1, 2015.

Due May 1, 2017.

Non-callable.

Winning bid: Baker Group, at n/a, NIC 0.95%.

Due Amount Cpn Yield Conc Ins
5/1/17 $560,000 0.95% 0.80%

In association with: Armstrong Bank.

L.O.: State Attorney General; and Hilborne & Weidman, Tulsa, OK.

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

Other bidders were:

BOSC, NIC 1.15%

UMB Bank, NIC 1.5%

Tulsa County Independent School District No. 9 (Union)

Mar 9, 2015 . . . . . . $27,000,000

Building Bonds of 2015 (book entry).

Dated Apr 1, 2015.

Due Apr 1, 2017 to 2020.

Non-callable.

Winning bid: Hutchinson Shockey, at 101.5988, TIC 1.5257%.

Due Amount Cpn Yield Conc Ins
4/1/17 $6,750,000 2.00% 0.75%
4/1/18 $6,750,000 2.00% 1.15%
4/1/19 $6,750,000 2.00% 1.45%
4/1/20 $6,750,000 2.00% 1.65%

L.O.: Hilborne & Weidman, Tulsa, OK; and State Attorney General.

F.A.: Municipal Finance Services, Inc., Edmond, OK.

Other bidders were:

Morgan Stanley, TIC 1.5383%

Robert W. Baird, TIC 1.5559%

PENNSYLVANIA

Governor Mifflin School District

Mar 9, 2015 . . . . . . $9,950,000

General Obligation Bonds, Series of 2015 (bank qualified) (book entry).

Dated Apr 21, 2015.

Due Mar 15, 2016 to 2024.

Callable Sep 15, 2020 at par.

Winning bid: Janney Montgomery, at n/a, TIC 2.2173%.

Due Amount Cpn Yield Conc Ins
3/15/16 $205,000 0.50% 0.50%
3/15/17 $5,000 1.00% 1.00%
3/15/18 $160,000 4.00% 1.11%
3/15/19 $165,000 4.00% 1.45%
3/15/20 $175,000 4.00% 1.65%
3/15/21 $1,040,000 2.00% 1.85%
3/15/22 $3,540,000 2.00% 2.03%
3/15/23 $3,590,000 2.20% 2.20%
3/15/24 $1,070,000 2.35% 2.35%

L.O.: Stevens & Lee, Reading, PA.

F.A.: Concord Public Financial Advisors, Inc., Wyomissing, PA.

Other bidders were:

FTN Fin Cap Mkts, TIC 2.2232%

UBS Financial Svcs, TIC 2.2324%

SunTrust Robinson, TIC 2.2664%

Robert W. Baird, TIC 2.277%

Morgan Stanley, TIC 2.6367%

TEXAS

Austwell-Tivoli Independent School District

Mar 9, 2015 . . . . . . $9,255,000

Unlimited Tax School Building Bonds, Series 2015 (bank qualified) (book entry).

Dated Apr 1, 2015.

Due Feb 15, 2016 to 2040.

Callable Feb 15, 2024 at par.

Winning bid: BOSC, at 105.2544, TIC 2.9694%.

Due Amount Cpn Yield Conc Ins
2/15/16 $215,000 5.00% 0.45% PSF
2/15/17 $230,000 5.00% 0.70% PSF
2/15/18 $240,000 5.00% 1.00% PSF
2/15/19 $250,000 5.00% 1.16% PSF
2/15/20 $265,000 5.00% 1.36% PSF
2/15/21 $280,000 5.00% 1.55% PSF
2/15/22 $295,000 5.00% 1.77% PSF
2/15/23 $310,000 5.00% 1.94% PSF
2/15/24 $325,000 5.00% 2.00% PSF
2/15/25 $335,000 3.00% 2.10% PSF
2/15/26 $345,000 3.00% 2.20% PSF
2/15/27 $355,000 3.00% 2.30% PSF
2/15/28 $370,000 3.00% 2.40% PSF
2/15/29 $380,000 3.00% 2.50% PSF
2/15/30 $390,000 3.00% 2.60% PSF
2/15/31 $405,000 3.00% 2.70% PSF
2/15/32 $415,000 3.00% 2.80% PSF
2/15/33 $430,000 3.00% 2.90% PSF
2/15/34 $440,000 3.00% 3.00% PSF
2/15/35 $455,000 3.25% 3.10% PSF
2/15/36 $470,000 3.50% 3.20% PSF
2/15/37 $485,000 3.50% 3.30% PSF
2/15/40 $1,570,000 3.50% 3.40% PSF

Other managers: Sterne, Agee & Leach, Inc, SunTrust Robinson Humphrey.

L.O.: Andrews Kurth LLP, Houston, TX; and State Attorney General.

F.A.: U.S. Capital Advisors LLC, Houston, TX.

Other bidders were:

Vining-Sparks IBG, TIC 3.0182%

Stifel Nicolaus, TIC 3.0186%

Southwest Securities, TIC 3.0618%

FirstSouthwest, TIC 3.065%

Robert W. Baird, TIC 3.1005%

Raymond James, TIC 3.1053%

FTN Fin Cap Mkts, TIC 3.1066%

Fort Bend County Municipal Utility District No. 143

Mar 9, 2015 . . . . . . $2,690,000

Unlimited Tax Bonds Series 2015 (bank qualified) (book entry).

Dated Apr 1, 2015.

Due Sep 1, 2016 to 2039.

Callable Sep 1, 2022 at par.

Winning bid: RBC Capital Mkts, at 98.5000, NIC 3.3652%.

Due Amount Cpn Yield Conc Ins
9/1/16 $115,000 2.00% 0.70% MAC
9/1/17 $115,000 2.00% 1.00% MAC
9/1/18 $115,000 2.00% 1.25% MAC
9/1/19 $115,000 2.00% 1.50% MAC
9/1/20 $115,000 2.00% 1.75% MAC
9/1/21 $115,000 2.00% 2.00% MAC
9/1/22 $115,000 3.00% 2.25% MAC
9/1/23 $115,000 3.00% 2.50% MAC
9/1/24 $115,000 3.00% 2.75% MAC
9/1/25 $115,000 3.00% 3.00% MAC
9/1/26 $110,000 3.00% 3.05% MAC
9/1/27 $110,000 3.00% 3.10% MAC
9/1/29 $220,000 3.125% 3.20% MAC
9/1/31 $220,000 3.25% 3.40% MAC
9/1/33 $220,000 3.375% 3.50% MAC
9/1/35 $220,000 3.50% 3.60% MAC
9/1/39 $440,000 3.625% 3.75% MAC

L.O.: Allen Boone Humphries Robinson LLP, Houston, TX; and State Attorney General.

F.A.: FirstSouthwest, Houston, TX.

Other bidders were:

Raymond James, NIC 3.4521%

FMSbonds, NIC 3.4884%

SAMCO Cap Mkts, NIC 3.5003%

BOSC, NIC 3.555%

WISCONSIN

Pittsville School District

Mar 9, 2015 . . . . . . $2,415,000

General Obligation Refunding Bonds, Series 2015 (bank qualified) (book entry).

Dated Apr 1, 2015.

Due Mar 1, 2016 to 2030.

Callable Mar 1, 2023 at par.

Winning bid: Robert W. Baird, at 101.3416, TIC 2.8147%.

Due Amount Cpn Yield Conc Ins
3/1/16 $130,000 3.00% 0.60%
3/1/17 $135,000 3.00% 0.80%
3/1/18 $140,000 3.00% 1.05%
3/1/19 $140,000 3.00% 1.30%
3/1/20 $145,000 3.00% 1.45%
3/1/21 $150,000 3.00% 1.65%
3/1/22 $155,000 3.00% 1.85%
3/1/23 $160,000 3.00% 2.00%
3/1/24 $165,000 3.00% 2.15%
3/1/25 $170,000 3.00% 2.30%
3/1/26 $175,000 3.00% 2.50%
3/1/27 $180,000 3.00% 2.65%
3/1/28 $185,000 3.00% 2.80%
3/1/29 $190,000 3.00% 3.00%
3/1/30 $195,000 3.00% 3.05%

Other managers: CL King & Associates, Loop Capital Markets, LLC, Cronin & Co., Inc., WNJ Capital, Coastal Securities Corp., Crews & Associates, Inc., Vining-Sparks IBG, Limited Partnership, Davenport & Company LLC, CastleOak Securities, L.P., Duncan-Williams, Inc., Ross, Sinclaire & Associates LLC, Dougherty & Company LLC, Oppenheimer & Co., Inc., R. Seelaus & Co., Inc., SumRidge Partners, LLC, Central States Capital Markets, LLC, Sierra Pacific Securities, Northland Securities, Inc., Alamo Capital, Country Club Bank.

L.O.: Quarles & Brady, Milwaukee, WI.

F.A.: PMA Securities, Inc., Milwaukee, WI; and PMA Securities, Inc, Naperville, IL.

Other bidders were:

BOSC, TIC 2.9384%

Bernardi Securities, TIC 2.9466%

TAXABLE ISSUES

IOWA

West Des Moines (City)

Mar 9, 2015 . . . . . . $12,715,000

Taxable General Obligation Urban Renewal Bonds, Series 2015B (book entry).

Dated Apr 7, 2015.

Due Jun 1, 2017 to 2025.

Callable Jun 1, 2023 at par.

Winning bid: Piper Jaffray, at 99.7052, TIC 2.4819%.

Due Amount Cpn Yield Conc Ins
6/1/17 $875,000 2.00% 1.00%
6/1/18 $1,025,000 2.00% 1.40%
6/1/19 $1,445,000 2.00% 1.70%
6/1/20 $1,475,000 2.00% 1.95%
6/1/21 $1,505,000 2.20% 2.20%
6/1/22 $1,540,000 2.35% 2.35%
6/1/23 $1,575,000 2.55% 2.55%
6/1/24 $1,615,000 2.70% 2.70%
6/1/25 $1,660,000 2.80% 2.80%

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

F.A.: Public Financial Management, Inc., Des Moines, IA.

Other bidders were:

BOSC, TIC 2.5037%

BMO Cap Mkts GKST, TIC 2.5503%

Raymond James, TIC 2.5612%

Fifth Third Secs, TIC 2.5791%

Robert W. Baird, TIC 2.6148%

Hutchinson Shockey, TIC 2.8045%

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