A.  Bidder:  J. C. Bradford & Co. and Associape



Aggregate
Principal
  Amount
  Sought

  $ 75,000
  $ 80,000
  $ 80,000
  $ 85,000
  $ 90,000
  $ 95,000
  $105,000
  $110,000
  $115,000
  $125,000
  $135,000
  $145,000
  $155,000
  $165,000
  $180,000
  $200,000
  $210,000
  $225,000
  $250,000
  $265,000



Interest
   Rate
Offered (%)

  5.00
  5.25
  5.50
  5.60
  5.75
  6.00
  6.10
  6.25
  6.40
  6.50
  6.60
  6.70
  6.80
  6.90
  7.00
  7.00
  7.00
  7.00
  7 . 00
  7.00



   Net
Interest
Cost = 2,586,356.67

           6.97209%



B. Bidder:



Merrill Lynch Capital Markets and Associates



Interest       Net
   Rate      Interest
Offered (%) Cost = 2,592,410.20



4.75
5.00
5.25
5.50
5.75
6.00
6.25
6.50
6.60
6.70
6.80
6.80
6.90
6.90
6.90
6.90
7.00
7 . 00
7.00
7.00



6.988413%



  Bonds
Maturing
  May 1,

  1987
  1988
  1989
  1990
  1991
  1992
  1993
  1994
  1995
  1996
  1997
  1998
  1999
  2000
  2001
  2002
  2003
  2004
  2005
  2006



  Bonds
Maturing
May 1,



1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006



Aggregate
Principal
  Amount
  Sought



$ 75,000
$ 80,000
$ 80,000
$ 85,000
$ 90,000
$ 95, 000
$105, 000
$110,000
$115, 000
$125,000
$135,000
$145,000
$155,000
$165, 000
$180,000
$200,000
$210, 000
$225,000
$250,000
$265,000



2