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INVESTM~'NT SEI~VlCES FAC5IMILE COVER SHEET #PAGES: 3(Inaludes cover) DATE:. Jannary 4,1999 TU:. Ralph Grim, Marion County Treas 503 58&5034 F'X 503 373-4401 Bflty Wgsson, Marion Connty P%~ Mgr , 543 589-3257 / FX 5Q3 588-5237 IVROM: Sandy Bullocic, Vice President, Corporato Sales G12 667-~9i0 fax 612 667-2534 Norw~st Iavestment Services, Inc. ("N15P~ is a rogistered hrolcer/dealer and a member oi the NA5D and SIPC. 1~TI6I is not a bank or thrift and is aeparate fram any ATorwest Bank of aay other ~fflliated bank or thrift. NT3I is solely rasponsible for ita contractua! obligatlons and commitments. Nondeposit investment prod~ets c-f#er'ed by NLSI are not TDIC insured; are not bank depogits; are not obligadons o~', or gi~~rante~d by, any bank, and are subject to investment ri~lc~, inclucling the passibl~ loss of principal ihvested. Ue~il orders are con#irmed, prices and yiold~ are ~dbject to chunge: ~ ' Ralph & Billy, I did a ropo taday, ~ee attacliments to this fax cover, with a inatwity of 1/5/99 in tlie event that yau want to go forward the projected Iadder tomorrow, I calle~ Billy this morning and underst~ind that he is on vacatiori tintil 1/1 S. I am envious especially sinco our weather has tdrnvd tb bittetly cold wit~ ~-40 ~ihd chills!! Based on project~c~ draw forecast from Billy of 4MM 1/10, 4XSdM each in Jan - Apri199, and 1MM monthly thereafter, I put together a laddered portfolio using U,S,Treas~iry 061igations on1y, Your ittvostment optians are; U.S. Treasuries, Govemmental Agen~ies baeked by Fuli Faith ~ Credit of US, and Commercial Paper up to 3S% of tatal $$ available, further braken down to 5% per iss~er, i.e. 370M por name, The Agencies listed in the Trust indenture are no longor issued, trade with a Iimitod secondary market. GNMA's by nature af irregular prin/interest monthly paydowr~s and longer statod maturity wil! not work. The current yield ca:v~ is FLAT. With vxpoctatYOns af lower interost ratos, It would make sense to ga ahead and lack iti your yialds vvrsus rutuiing a repo weekly or monthly, I would expect ttrat the cum3nt Fed Funds tatget rato of 4,75% will likely drop by tho ond of 1~ Qtr to 4.SQ% or 4.25%. The laddered structure will give you plenty of ~iquidity by maturity asid iypo of security. The total $$ availabl~ in the prvject fund is approxunately 21,519,000. Tho ladder is investing 21,164M. I would leave a cushios~ in a wookly repo of 3Q0-SOOM for immec~iate liquidity if needed, Pleaso roviow and tet me know yowt thoughts, The ladder can be chattgvd ta $ccommodate a different schedule. Rates are based on today'e naiarket and gre anbject to change with the market until you have directed e=ecutlon. Tha.nks, ~utd HAPPY N~W YEAR. ~iT'd 99T'ON ' ISIN Wd60:T 666T'b 'Ndf