HomeMy WebLinkAboutR-1994-009 Bonds•
•
•
CITY OF YAKIMA, WASHINGTON
RESOLUTION NO 8-94-9
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A
CONTRACT FOR PURCHASE OF THE CITY'S LIMITED TAX GENERAL
OBLIGATION BONDS, SERIES 1994, IN THE AGGREGATE PRINCIPAL
AMOUNT OF $6,800,000, APPROVING THE FORM OF THE OFFICIAL
STATEMENT THEREFOR AND THE DISTRIBUTION THEREOF, AND
RATIFYING CERTAIN ACTS AND PROCEEDINGS
WHEREAS, the City Manager and Director of Finance/Budget of the City of Yakima,
Washington (the "City") have entered into negotiations for the sale of $6,800,000 aggregate
pnncipal amount of Limited Tax Levy General Obligation Bonds, Senes 1994 (the "Bonds"),
WHEREAS, such negotiations have been completed and the City Manager and Director
of Finance/Budget recommend that the City accept the offer to purchase the Bonds made by
Seattle -Northwest Secunties Corporation (the "Purchaser") which offer is set forth in the
Purchase Contract for the Bonds (the "Purchase Contract"), copies of which have been presented
at this meeting and are on file with the City;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Yakima,
Washington.
Section 1 Acceptance of Offer The Council hereby finds and determines that the
Purchase Contract is fair and reasonable and in the best interest of the City and that the Bonds
shall be sold upon the terms and conditions set forth in Purchase Contract, respectively, and upon
the basis of the representations therein set forth.
The Council further finds and determines that all conditions precedent to or concurrent
with the acceptance of the Purchase Contract by the Council have been met.
The Council hereby accepts the Purchase Contract and hereby authorizes and directs the
City Manager to execute the Purchase Contract and deliver it to the Purchaser
The Bonds shall be issued and delivered to the Purchaser upon payment of the purchase
price specified in the Purchase Contract, plus accrued interest from their date to the date of
delivery
Section 2 Execution and Delivery of the Bonds The proper officers of the City are
hereby authorized and directed to do all things necessary or proper for the printing, execution and
delivery of the Bonds to the Purchaser in accordance with the terms of the Purchase Contract, and
Ordinance No 93-108 of the Council, as well as this resolution, and for the proper application
and use of the proceeds of such sale
Section 3 Official Statement; Use of Documents. The Council represents and warrants
to the Purchasers that the Preliminary Official Statement dated January 18, 1994, is "deemed
final" by the City as of the date hereof within the meaning of paragraph 17 C.F.R. § 240 15c2-12
promulgated by the Secunties and Exchange Council ("Rule 15c2-12), except for the omission of
such information as may be permitted by Rule 15c2-12 The City Manager is authorized to
supplement or amend the Preliminary Official Statement as he, with the approval of bond counsel
to the City, deems necessary or appropnate
The Council approves and authonzes the use of such Official Statement (including any
such supplements and amendments thereto) in connection with the public offenng and sale of the
Bonds by the Purchasers and authonzes the Mayor and City Manager to execute such Official
Statement, or a certificate approving it, on behalf of the City
Section 4 Investment of Proceeds The Director of Finance/Budget of the City is
authonzed and directed to cause the proceeds of sale of the Bonds and other funds of the City to
be invested and reinvested in accordance with Ordinance No 93-108
Section 5 Ratification of Past Acts and Authonzation of Future Acts All actions and
proceedings heretofore taken by the officers, agents, attorneys and employees of the City in
connection with the issuance and sale of the Bonds are hereby ratified, approved and confirmed.
-2-
FW W055. DOC 94/02/01
•
The Council further authorizes and directs all proper officers, agents, attorneys and
employees of the City to carry out or cause to be camed out all obligations of the City under the
Purchase Contract and to perform such other acts and execute such documents as they shall
consider necessary or advisable in connection with the pnntmg, execution, sale and delivery of the
Bonds and the application of the proceeds of the sale of such Bonds
Section 6 Mandatory Redemption. The Bonds matunng in 2013 shall be called for
redemption by lot (in such manner as the Bond Registrar shall determine) at par plus accrued
interest on December 1 in years and amounts as follows
Dates Amounts
2012
2013
$495,000
520,000
Notice of such intended redemption shall be given as provided in Section 6 of Ordinance
• No 93-108 of the City
Section 7 Payment Procedure Pursuant to Municipal Bond Insurance Policy As long as
the municipal bond insurance policy issued by AMBAC Indemnity Corporation ("Municipal Bond
Insurance Policy") shall be in full force and effect, the City and the Bond Registrar agree to
comply with the following provisions
(a) At least one (1) day pnor to all Interest Payment Dates the City or the Bond
Registrar will determine whether there will be insufficient funds in the Debt Service Fund to pay
the pnncipal of or interest on the Bonds on such interest payment date. If the City or the Bond
Registrar determines that there will be insufficient funds in such Account, the City or Bond
Registrar shall so notify AMBAC Indemnity Corporation ("AMBAC Indemnity") Such notice
shall specify the amount of the anticipated deficiency, the Bonds to which such deficiency is
applicable and whether such Bonds will be deficient as to pnncipal or interest, or both. If the City
or the Bond Registrar has not so notified AMBAC Indemnity at least one (1) day prior to an
Interest Payment Date, AMBAC Indemnity will make payments of principal or interest due on the
-3-
FWW055 DOC 94/02/01
•
•
•
Bonds on or before the first (1st) day next following the date on which AMBAC Indemnity shall
have received notice of nonpayment from the City or the Bond Registrar
(b) the City or the Bond Registrar shall, after giving notice to AMBAC Indemnity as
provided in (a) above, make available to AMBAC Indemnity and, at AMBAC Indenuuty's
direction, to the United States Trust Company of New York, as insurance trustee for AMBAC
Indemnity or any successor insurance trustee (the "Insurance Trustee"), the registration books of
the City maintained by the Bond Registrar, and all records relating to the Debt Service Fund
maintained under this Resolution.
(c) The City or the Bond Registrar shall provide AMBAC Indemnity and the
Insurance Trustee with a list of registered owners of Bonds entitled to receive pnncipal or interest
payments from AMBAC Indemnity under the terms of the Municipal Bond Insurance Policy, and
shall make arrangements with the Insurance Trustee (i) to mail checks or drafts to the registered
owners of Bonds entitled to receive full or partial interest payments from AMBAC Indemnity, and
(ii) to pay pnncipal upon Bonds surrendered to the Insurance Trustee by the registered owners of
Bonds entitled to receive full or partial principal payments from AMBAC Indemnity
(d) the City or the Bond Registrar shall, at the time it provides notice to AMBAC
Indemnity pursuant to (a) above, notify registered owners of Bonds entitled to receive the
payment of pnncipal or interest thereon from AMBAC Indemnity (i) as to the fact of such
entitlement, (ii) that AMBAC Indemnity will remit to them all or a part of the interest payments
next coming due upon proof of bondholder entitlement to interest payments and delivery to the
Insurance Trustee, in form satisfactory to the Insurance Trustee, of an appropnate assignment of
the registered owner's nght to payment, (iii) that should they be entitled to receive full payment of
pnncipal from AMBAC Indemnity, they must surrender their Bonds (along with an appropnate
instrument of assignment satisfactory to the Insurance Trustee to permit ownership of such Bonds
to be registered in the name of AMBAC Indemnity) for payment to the Insurance Trustee, and not
the Bond Registrar, and (iv) that should they be entitled to receive partial payment of pnncipal
-4-
FW W055. DOC 94/02)01
•
•
from AMBAC Indemmty, they must surrender their Bonds for payment thereon first to the Bond
Registrar, who shall note on such Bonds the portion of the pnncipal paid by the Bond Registrar,
and then, along with an appropriate instrument of assignment satisfactory to AMBAC Indemnity,
to the Insurance Trustee, which will then pay the unpaid portion of pnncipal.
(e) in the event that the Bond Registrar has notice that any payment of principal of or
interest on a Bond which has become due for payment and which is made to a bondholder by or
on behalf of the City has been deemed a preferential transfer and theretofore recovered from its
registered owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in
accordance with the final, nonappealable order of a court having competent jurisdiction, the Bond
Registrar shall, at the time AMBAC Indemnity is notified pursuant to (a) above, notify all
registered owners that in the event that any registered owner's payment is so recovered, such
registered owner will be entitled to payment from AMBAC Indemnity to the extent of such
recovery if sufficient funds are not otherwise available, and the Bond Registrar shall furnish to
AMBAC Indemnity its records evidencing the payments of pnncipal of and interest on the Bonds
which have been made by the Bond Registrar and subsequently recovered from registered owners
and the dates on which such payments were made.
(f) in addition to those nghts granted AMBAC Indemnity under this resolution,
AMBAC Indemnity shall, to the extent it makes payment of principal of or interest on Bonds,
become subrogated to the nghts of the recipients of such payments m accordance with the terms
of the Municipal Bond Insurance Policy, and to evidence such subrogation (i) in the case of
subrogation as to claims for past due interest, the Bond Registrar shall note AMBAC Indemnity's
rights as subrogee on the registration books of the City maintained by the Bond Registrar upon
receipt from AMBAC Indemnity of proof of the payment of interest thereon to the registered
owners of the Bonds, and (ii) in the case of subrogation as to claims for past due pnncipal, the
Bond Registrar shall note AMBAC Indemnity's nghts as subrogee on the registration books of the
•
•
City maintained by the Bond Registrar upon surrender of the Bonds by the registered owners
thereof together with proof of the payment of principal thereof.
Section 8 Effective Date This Resolution shall be in effect from and after its adoption.
ADOPTED at a regular meeting of the Council of the City of Yakima, Washington this
01 day of February , 1994
ATTEST CITY OF YAKIMA, WASHINGTON
By
City Clerk Mayor
-6-
FWWO55.DOC 94/02/01
• •
CERTIFICATE
I, the undersigned, Clerk of the City of Yakima, Washington, and keeper of the records of
its Council (herein called the "Council"), DO HEREBY CERTIFY -
1 That the attached Resolution No R-94-9 (herein called the "Resolution") is a true
and correct copy of a resolution of the Council, as finally adopted at a regular meeting of the
Council held on the 1st day of February , 1994, and duly recorded in my office
2 That said meeting was duly convened and held in all respects in accordance with
law, and to the extent required by law, due and proper notice of such meeting was given; that a
legal quorum was present throughout the meeting and a legally sufficient number of members of
the Council voted in the proper manner for the passage of said Resolution; that all other
requirements and proceedings incident to the proper adoption of said Resolution have been fully
fulfilled, carried out and otherwise observed; and that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand this 1 day of I -c to , , 1994
City Clerk
•
Seattle
Northwest
SECURITIES CORPORATION
1420 FIFTH AVENUE
SUITE 4300
SEATTLE, WASHINGTON 98101
(206) 628-2882
February 1, 1994
Honorable Mayor and City Council
City of Yakima
129 North Second Street
Yakima, Washington 98901
Re City of Yakima, Washington
$6,800,000 Limited Tax General Obligation Bonds, 1994
Dated. February 1, 1994
Honorable Mayor and City Council
Seattle -Northwest Securities Corporation ("Purchaser") offers to purchase from the City
of Yakima ("Seller") all the above-described bonds (the "Bonds"), on the terms and based
upon the covenants, representations and warranties set forth below Appendix A, which
is incorporated into this agreement by reference, contains a brief description of the
Bonds, including principal amounts, maturities, interest rates, purchase price, and the
proposed date and place of delivery and payment (the "Closing") Other provisions of this
agreement are as follows
1 Prior to the Closing, Seller will approve a Preliminary Official Statement, and will
adopt an ordinance authorizing the Bonds. (the "Bond Ordinance") with such
changes as are requested by the Seller and its counsel. The Purchaser is
authorized by Seller to use these documents and the information. contained in
them in connection with the public offering of the Bonds and the FinalOfficial
Statement in connection with the sale and delivery of the Bonds.
2. Seller, to the best of its knowledge, represents and covenants to the Purchaser
that.
(a) it has and will have at the Closing the power and authonty to enter into
and perform this agreement, to adopt the Bond Ordinance and to dehver
and sell the Bonds to the Purchaser; - _ --
(b) this agreement and the Bonds do not and will not conflict with, or
constitute or create a breach or default under, any existing law, regulation,
order or agreement to which Seller is subject,
(c) no governmental approval or authorization other than the Bond Ordinance
which has not been obtained, or will not be obtained pnor to closing, is
required in connection with the sale of the Bonds to the Purchaser;
(d) the Preliminary Official Statement with corrections, if any, noted by the
Seller and its counsel, as of its date and (except as to matters corrected or
added in the Final Official Statement) as of the Closing, is accurate and
complete in all material respects as of its date to the knowledge and behef
of the officers and employees of the Seller, after due review;
Honorable Mayor and City Council
City of Yakima
February 1, 1994
Page Two
(e) the Seller has previously provided the Purchaser with a copy of its
Preliminary Official Statement dated January 18, 1994. As of its date, the
Preliminary Official Statement has been "deemed final" by the Seller for
purposes of S.E C Rule 15c2-12(bX1); and
(f) the Seller agrees to cooperate with the Purchaser to permit the Purchaser
to deliver or cause to be delivered, within seven business days after any
final agreement to purchase, offer, or sell the securities and in sufficient
time to accompany any confirmation that requests payment from any
customer of the Purchaser, copies of a final Official Statement in sufficient
quantity to comply with paragraph (bX4) of the Securities and Exchange
Commission Rule 15c2-12 and the rules of the Municipal Securities
Rulemaking Board. The Purchaser agrees to deliver three copies of the
final Official Statement to a nationally recognized municipal securities
information repository on the business day on which the final Official
Statement is available, and in any event no later than seven business days
after the date hereof
3. The Purchaser shall have the right to cancel this agreement to purchase the
Bonds by notifying the Seller of its election to do so if, after the execution of this
Contract of Purchase and prior to the Closing -
(a) a decision by a court of the United States or the United States Tax Court
shall be rendered, or a ruling or a regulation (final, temporary, or proposed)
by or on behalf of the Treasury Department of the United States, the
Internal Revenue Service or other governmental agency shall be issued and
in the case of any such regulation, published in the Federal Register, or
legislation shall have been introduced in, enacted by or favorably reported
to either the House of Representatives or the Senate of the United States,
with respect to Federal taxation upon interest received on bonds of the type
and character of any of the Bonds which, in the reasonable judgment of the
Purchaser, materially adversely affects the marketability of the Bonds or
their sale by the Purchaser, at the contemplated public offering prices, or
(b) the United States shall have become engaged in hostilities which have
resulted in declaration of war or national emergency, or other national or
international calamity or other event shall have occurred or accelerated to
such an extent as, in the reasonable opinion of the Purchaser, to have a
materially adverse effect on the marketability of the Bonds, or
(c) there shall have occurred a general suspension of trading on the New York
Stock Exchange, or
(d) a general banking moratorium shall have been declared by United States,
New York State or Washington State authorities, or
•
•
Honorable Mayor and City Council
• City of Yakima
February 1, 1994
Page Three
•
(e) legislation shall hereafter be enacted, or actively considered for enactment,
with an effective date prior to the date of the delivery of the Bonds, or a
decision by a court of the United States shall hereafter be rendered, or a
ruling or regulation by the Securities and Exchange Commission or other
governmental agency having junsdiction of the subject matter shall
hereafter be made, the effect of which is that
(1) the Bonds are not exempt from the registration, qualification or
other requirements of the Securities Act of 1933, as amended and as
then in effect, or the Securities Exchange Act of 1934, as amended
and then in effect, or
(2) the Bond Ordinance is not exempt from the registration,
qualification or other requirements of the Trust Indenture Act of
1939, as amended and as then in effect, or
(f) a stop order, ruhng or regulation by the Securities and Exchange
Commission shall hereafter be issued or made, the effect of which is that
the issuance, offering or sale of the Bonds, as contemplated herein or m the
Final Official Statement, is in violation of any provision of the Securities
Act of 1933, as amended and as then in effect, the Secunties Exchange Act
of 1934, as amended and as then in effect, or the Trust Indenture Act of
1939, as amended and as then in effect, and which, in its reasonable
judgment, adversely affects the marketability of the Bonds or the market
pnce thereof. - -
4. The Purchaser's obligations hereunder are also subject to the-follo_anng conditions
(a) at or prior to the Closing :Seller will. deliver, make available to the
Purchaser, or have adopted.
(1) the Bonds, m definitive form and -duly executed, or a temporary
bond,
(2) a certificate from an authorized officer of Seller, in form and
substance acceptable to the Seller and the Purchaser, stating that
execution of the Certificate shall constitute execution of the Final
Official Statement by Seller, that the Final Official Statement
attached thereto, to the knowledge and belief of such officer, after
due review, does not contain any untrue statement of a material
fact or omit any statement or information which is necessary to
make the statements therein, in the light of the circumstances
under which made, not misleading, and that the representations of
the Seller contained in this agreement were true and correct when
made and are true and correct as of the Closing;
(3) the approving opinion of Bond Counsel dated the Closing date,
(4) issuance of a municipal bond insurance policy by AMBAC
Indemnity Corporation and assignment to the Bonds of a rating of
Aaa by Moody's Investors Service and AAA by Standard & Poor's
Corporation, and
Honorable Mayor and City Council
City of Yakima
February 1, 1994
Page Four
(5) the following documents executed by authorized officers of the
Seller.
(a) a certificate, dated the day of the Closing to the effect that no
litigation or other proceedings are pending or threatened in
any way affecting the issuance, sale or delivery of, or security
for, any of the Bonds,
(b) a certificate setting forth the facts, estimates and
circumstances in existence on the date of Closing which
establish that it is not expected that the proceeds of the
Bonds will be used in a manner that could cause the Bonds
to be "arbitrage bonds" within the meaning of Section 148 of
the Internal Revenue Code and any applicable regulations
thereunder;
(c) such additional certificates, instruments or opinions or other
evidence as the Purchaser may deem reasonably necessary
or desirable to evidence the due authorization, execution,
authentication and delivery of the Bonds, the truth and
accuracy as of the time of the Closing of the Seller's
representations and warranties, and the conformity of the
Bonds and Bond Ordinance with the terms thereof as
summarized in the Official Statement, and to cover such
other matters as it reasonably requests, and
(d) a certified copy of the Bond Ordinance
5 Seller will pay the cost of prepanng, printing and executing the Bonds, the fees
and disbursements of Bond Counsel, bond registration and rating fees and
expenses, bond insurance, the cost of printing and distributingthe Prehmary
and Final Official Statements, travel and lodging expenses of in
Seller's employees
and representatives, and other expenses of Seller
Purchaser will pay fees and disbursements of Purchaser's counsel, if any, the cost
of preparation and filing of blue sky and legal investment surveys where
necessary, Purchaser's travel expenses, and other expenses of Purchaser As a
convenience to Seller, Purchaser may from time to time, as Seller's agent, make
arrangements for certain items for which Seller is responsible hereunder, such as
printing of the Official Statement and travel or lodging arrangements for Seller's
representatives.
Purchaser also may advance for Seller's account when appropriate the cost of the
items for which Seller is responsible by making payments to third -party vendors.
In such cases, Seller shall pay such costs or expenses directly, upon submission of
appropnate invoices by Purchaser, or promptly reimburse Purchaser in the event
Purchaser has advanced such costs or expenses for Seller's account. It is
understood that Seller shall be pnmanly responsible for payment of all such items
and that Purchaser may agree to advance the cost of such items from time to time
solely as an accommodation to Seller and on the condition that it shall be
reimbursed in full by Seller
•
•
Honorable Mayor and City Council
City of Yakima
• February 1, 1994
Page Five
6. This agreement is intended to benefit only the parties hereto, and Seller's
representations and warranties shall survive any investigation made by or for the
Purchaser, delivery and payment for the Bonds, and the termination of this
Purchase Contract. Should the Seller fail to satisfy any of the foregoing conditions
or covenants, or if the Purchaser's obligations are terminated for any reasons
permitted under this agreement, then neither the Purchaser nor the Seller shall
have any further obligations under this Purchase Contract, except that any
expenses incurred shall be borne in accordance with Section 5
7 This offer expires on the date, and at the time, set forth on Appendix A.
Respectfully submitted,
SEATTLE -NORTHWEST SECURITIES CORPORATION
By -
John M. Rose, Vice President
•
Accepted February 1, 1994
CITY OF YAKIMA, WASHINGTON
CITY CONTRACT NO. `/ �i `
•
•
•
APPENDIX A
DESCRIPTION OF BONDS
Purchase Price. $6,856,063.30 ($100 824460 per $100), plus accrued interest
from the dated date of February 1, 1994 to date of Closing.
Denominations $5,000, or integral multiples thereof.
Form Fully registered.
Interest Payment Dates June 1 and December 1, commencing June 1, 1994
Maturity Schedule Bonds shall mature on December 1 of each year and bear
interest as follows
Due
Dec. 1
1994
1995
1996
1997
1998
1999
2000
2001
2002
Amounts
$ 165,000
220,000
230,000
240,000
255,000
270,000
280,000
300,000
310,000
Interest
Rates
5 25%
5.25
5.25
5.25
5.25
5 25
5.25
5.25
4 75
Due
Dec. 1
Interest
Amounts Rates
2003 $ 325,000 4 35%
2004 335,000 4 40
2005 355,000 4.50
2006 370,000 4 65
2007 385,000 4 80
2008 405,000 4 90
2009 425,000 510
2010 445,000 515
2011 470,000 5.20
$1,015,000 5.20% Term Bonds due December 1, 2013
(f) Optional Redemption The Bonds maturing in years 1994 through 2004,
inclusive, are not subject to redemption prior to maturity The Bonds matunng on
or after December 1, 2005, are subject to redemption at the option of the City on
and after December 1, 2004, in whole at any time, or in part on any interest
payment date (maturities to be selected by the City and by lot within a maturity
in such manner as the Bond Registrar shall determine) at a price of par plus
accrued interest, if any, to the date of redemption.
(g) Mandatory Redemption The Bonds matunng in 2013 shall be called for
redemption by lot (in such manner as the Bond Registrar shall determine) at par
plus accrued interest on December 1 in years and amounts as follows
Dates
2012
2013
Amounts
$495,000
520,000
Closing Date With definitive Bonds or a temporary Bond on or about
February 23, 1994
Offer Expires 6.00 p.m., February 1, 1994.
Bond Counsel Preston Thorgnmson Shidler Gates & Elhs.
For Information Purposes Only -
Net Interest Cost. 4.991460% (including all insurance costs)
City of Yakima
Limited Tax General Obligation Bonds 1994
Bond Sale Results
February 1, 1994
B. Market Conditions
7.00
6.50
Rates 6.00
(%)
5.50
5.00
Weekly Bond Buyer Index
General Obligation Bond Interest Rate Trends
,
1 4 1 1 1 4 4 1 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1$ 1 1 1 1 1 1
12/30/92 2/25/93 4/22/93 6/17/93 8/12/93
12.00
11.00
10.00
Rates 9.00
(%) 8.00
7.00
6.00
5.00
10/7/93
12/2/93 1/27/94
Bond Buyer Index
General Obligation Bond Interest Rate Trends
I
1
Jan -84 Jan -85 Jan -86 Jan -87 Jan -88
1
1
I
1
1
1
I
1
Jan -89 Jan -90 Jan -91 Jan -92 Jan -93 Jan -94
February 1, 1994
City of Yakima
Limited Tax General Obligation Bonds 1994
Bond Sale Results
Bond Sale Goals
1) Achieve annual debt service not to exceed $560,000
2) Maximize revenue for capital projects
Bond Sale Results
Price Par
Debt Service
1994 (Net) $427,416
Maximum $552,670
1995-2013 average $547,812
Net Interest Cost 4.99%
Estimated proceeds $6,800,223
City of Yakima, Washington
$6,800,000 Limited Tax General Obligation Bonds, 1994
Final Bond Pricing including insurance costs
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
6/ 1/94
12/ 1/94
6/ 1/95
12/ 1/95
6/ 1/96
12/ 1/96
6/ 1/97
12/ 1/97
6/ 1/98
12/ 1/98
6/ 1/99
12/ 1/99
6/ 1/ 0
12/1/0
6/1/1
12/1/1
6/ 1/ 2
12/1/2
6/ 1/ 3
12/1/3
6/1/4
12/1/4
6/ 1/ 5
12/1/5
6/ 1/ 6
12/1/6
6/ 1/ 7
12/ 1/ 7
6/1/8
12/1/8
6/1/9
12/1/9
6/ 1/10
12/ 1/10
6/ 1/11
12/ 1/11
6/ 1/12
12/ 1/12
6/ 1/13
12/ 1/13
ACCRUED
165,000.00
220,000.00
230,000.00
240,000.00
255,000.00
270,000.00
280,000.00
300,000.00
310,000.00
325,000.00
335,000.00
355,000.00
370,000.00
385,000.00
405,000.00
425,000.00
445,000.00
470,000.00
495,000.00
520,000.00
6,800,000.00
6,800,000.00
5.250000
5.250000
5.250000
5.250000
5.250000
5.250000
5.250000
5.250000
4.750000
4.350000
4.400000
4.500000
4.650000
4.800000
4.900000
5.100000
5.150000
5.200000
5.200000
5.200000
113,273.33
169,910.00
165,578.75
165,578.75
159,803.75
159,803.75
153,766.25
153,766.25
147,466.25
147,466.25
140,772.50
140,772.50
133,685.00
133,685.00
126,335.00
126,335.00
118,460.00
118,460.00
111,097.50
111,097.50
104,028.75
104,028.75
96,658.75
96,658.75
88,671.25
88,671.25
80,068.75
80,068.75
70,828.75
70,828.75
60,906.25
60,906.25
50,068.75
50,068.75
38,610.00
38,610.00
26,390.00
26,390.00
13,520.00
13,520.00
113,273.33
334,910.00
165,578.75
385,578.75
159,803.75
389,803.75
153,766.25
393,766.25
147,466.25
402,466.25
140,772.50
410,772.50
133,685.00
413,685.00
126,335.00
426,335.00
118,460.00
428,460.00
111,097.50
436,097.50
104,028.75
439,028.75
96,658.75
451,658.75
88,671.25
458,671.25
80,068.75
465,068.75
70,828.75
475,828.75
60,906.25
485,906.25
50,068.75
495,068.75
38,610.00
508,610.00
26,390.00
521,390.00
13,520.00
533,520.00
4,056,615.83 10,856,615.83
20,766.78 20,766.78
4,035,849.05 10,835,849.05
Dated 2/ 1/94 with Delivery of 2/23/94
Bond Years 81,266.667
Average Coupon 4.991734
Average Life 11.950980
N I C % 4.991460 % Using 100.0032775
T I C % 4.982261 % From Delivery Date
PREPARED BY SEATTLE NORTHWEST SECURITIES
448,183.33
551,157.50
549,607.50
547,532.50
549,932.50
551,545.00
547,370.00
552,670.00
546,920.00
547,195.00
543,057.50
548,317.50
547,342.50
545,137.50
546,657.50
546,812.50
545,137.50
547,220.00
547,780.00
547,040.00
RUNDATE: 02-01-1994 @ 07:51:14 FILENAME: YAKIMA KEY: 94LTGO