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/I ~ J ~nrv~srn~~Nr ~ s~R vrcEs F'ACSIMILE COV~R S~I~ET ~ #PAGES; 8(Inaludos cover) T~:. Jan~tary 22, 1999 TO: Billy Wasson, Mariot~ County, ProjecY NIan~iger ~X 54 3 58~-S~RS Ralph Grim, Mar~on Caunty Treasurer ~'X SU3 -373-y yo ~ I`ROM: Sandy Bullock, Vice Prosidcnt, Carporate 5Ales G12 GG7-8914 fax 612 6G7-Z534 Norwest Invostment Services, Inc. ("N~151") ie a regi5tered brnker/dealer ~nd a member of the NASD and SIPC. NISI is not a bunk or thrift and is separate from aDy Norwest $ank of any othor aftiliated bank or thrift, 1VISI is solely responsi~~e for its contractual obligations and commitments. Nondeposit investmeat products offered by NISI are aot FDIC insured; are not bank doposit~s; flre not of~li~ations o#; vr guaranteed by, uny bank, and are stlbject ta investment risks, including the passlble loss ot' principal invested. Unt7i ord~rs are confirmed, priees t~nd yields are gubject to chunge: Billy and Ralph, I comploted the bond ladder far th~ praject fund today witli final trades sottling on Monday for the Treasury No~e purchasos, Your weighted average y~eld came out to 4.66%. I was aUle to get a better rate ou tho commercial paper that offset t~o highcr prioe on the Trensury Notes. Tlia market coutinued to bo very ~trvng at tlse ogening and held through tlie close today. Tho yiolds on Treasurias out to 5/2001 has now droppvd to 4.52% with most of your Troasuties being donv 4.57 to 4,b2% so I Fun happy I did not wait any longer. I did not purchaso tho two treasury bills of SOM on 2/11 ahd 3/11 as the yield was below 4 3/8 that you could got in tho repo. I did a repo today (net settloment of today's oomrnercial paper trades totalifig $6,880,655.44) to mature ou 1/25 @4,37% --- the short rates on repo's rol~tlve to Fed Fuiids l~avo been terrible lately - te11s mo thoro is a lot of short tenn monoy out there atid r~ ~carcity af collatetal around, $10,810i46~,64 @4,37~/0 (Proj Fd) 30,76?,941.d3 and (Dobt Sor Fd) 42,523,61 The Treasury Notos will s~ttle on Mouday, spending a tot~i of ~10,244,839.85 t1~at will roduce tho repo to $5G5,G24,79, My recommendation is to roll the repo outi weekly or longer if you do not need the funds until yo~r F~bru~uy draw of SOIvL I tivill monitor the maturin investments and call you as a follow up fvr re-investment if vou do not need tlie funds - tliat wav wv will kvc~u vou fully invost~d. If I do uot hear frainyouu and Trust does not have a draw roquost pond3n~, I will roll iilto tho ro~o. If your repo balances bcgin to biiild and your project is lagging, we cart talk about addin~ vr eact~nding tlie oxisting ladder. ~nce agait~ pleaso sign the autliorizntion on tho trade ~etail sheets faxiiig to me and I wi11 walk these over ta thv Trust Group for their rocords, THANTtS ~iT'd L>>'ON ISIN Wd6S:b 666T'ZZ'NdC