represents a spread of less than one/lOOth of one percent. He then
provided the following information:

Principal amount of bond sale
Final maturity
Cumulative savings on this sale
Present value of savings
4.61 of the refunded bonds

Year of 2011

Mr. Hardymon also informed the members of the Committee of the total
savings to-date from bond refinancing:

Average annual savings of debt service
Up-to-date cumulative savings
Present value
Annual savings

$178, 837.00
Over $9.7 million
Over $7.1 million

      Mr. Hardymon's motion was seconded by Mr. Sturgill and passed.
(See PR 1 at the end of the Minutes.)

       C.    Meeting-Adjourned

       There being no further business to come before the Executive
Committee, the meeting adjourned at 12:13 p.m.

                                       Respectfully submitted?

                                       Lois C. Weinberg
                                       Board of Trustees

(PR 1 which follows is an official part of the Minutes of the meeting.)