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IIVVESTMElVT SEI~VlCES FACSIMILE COVER SHE~'T' ' #PAGES: s{~oiu~as ~a~~~ DATE:. January 22,1999 TO:. Bilty Wasson,lViarion Caunty, Project Manager ~-X 50 3 58~ ~S~RS Ratph Grfru, A'~arion Connty Treasnrer ~X ,503 _37~ y yo r FROM: Sandy Bullock, V~ce Pr~ident, Corporate Ssilos 612 657-89i0 faa 612 667•2534 Norwest Investment Services, Iuc. ("NlSI'~ ia u registered broker/dealer and s member af the NASD and SIPC. rTI5I ia not a bank or thrift snd is deparats firom any Notwe~t Bank af sny other afflliatod bank or thrif~. NI5I is eolely respvn~ible for its contractual obligations and commitmentv. Nondeposit iuveatment prodnct'~ offer~d by 1vISI are nnt FDIC insur~d; are not bank deposits; are not obligaHons of, or gusranteed by, any bank, and are snbject to invest~ment risks, includiag the posslble loss of prlncipat ibvested. Until orders are coaflrmed, prices and yields ere gtlbject to ehange: Hilly and kalph, I completed tho bdnd ladder for the praject fund today with final trades settling on Monday for the ?reasury Not~ purch,nses. Your weighted average y~teld came out to 4.66%. I w~s able to get a better rate oi~ tlie commsrcial paper that offset the higlier price vn the 7reasiuy Nates. Tho market continued to bo vory sh'vng at the opening and held through the close today. The yields on Trvasuries out to 5lZ001 has now dropped to 4.52% with mast of your Treasuriea boing done 4.57 to 4.62% so I am happy I did not wait any Iongor. I did not pt~rchase the two tre~sury bi11s of S OM on 2/11 and 3/11 as tho yield +~vas bolow 4 3/S that you could get in the ~epo, I did a repo today (n~t settlement of today's commercial paper trades totaling $6,830,655,44) to mature on 1l25 @4.37% -~- the short rates on repo's rolative to Fed Funds have been terrible lately - tells me there is a lot of shott term money out thore a~id ~ scar~ity of collateral around. $10,810,464.64 @4~37% (Prdj Fd)10,767,941~03 and (Debt SerFd) 42,523.61 The Treasury Notes will settIe on Mo~day, spendittg a total of $14,244,839.85 that wi11 reduce thv repa to ~565,624,79. My rocommendation is to roll tho ropo out week~y or longer if you do not need the funds ut~til your February draw af SOM. I will monitflr the matw~ing investments and call au as a follow u for re-invastmed~t if ou do not beed th~ funds -- that wa we will k ou fu11y inv0sted~ If I do aot hear from you and Trust does not have a draw reQue.st pendin~, I vyi11 roll ~nto the r o. If our r o balances be ia to build and our ro'ect is la in we can talk about addittQ ar extendin¢ the exls+;no 1~r1APr Once agait~, please sign the+ authorization on the tracla detail sheets faxing to me and I will walk theso over to the Trust Group for their records. TH~1,NK5 8iT'd 8ZL'ON ISIN WdZO:S 666T'ZZ'Ndf