Pittsburgh, PA (December 7, 2005) This week Nassau County, NY utilized their financial advisor's PFMauction website - a competitive auction platform created by Grant Street Group to issue $120 Million in Tax Anticipation Notes.

Pittsburgh, PA (December 7, 2005) This week Nassau County, NY utilized their financial advisor's PFMauction website - a competitive auction platform created by Grant Street Group to issue $120 Million in Tax Anticipation Notes. In separate auctions for two series of notes -- Series A and B -- bids were received during 30 minute open auctions. During the auctions, bidders were shown their bid status (i.e., "In the Money" or "Out of the Money") and were able to subsequently improve their bids based upon this real-time feedback.

As a convenience to bidders, the County permitted partial bidding - allowing bids in $1M increments with a minimum bid of $5M which allowed more underwriters, including local and regional underwriters, to compete for the Countys notes and, hence, achieve more competitive rates. The County also utilized the Two Minute Rule (TMR), which extended the auctions for an additional two minutes any time the lead changed during the final two minutes of the auctions.

During the auctions, participants were able to toggle, via a simple button, between the two Series'. The $103M Series A sale received 76 bids from 15 bidders and triggered two TMR extensions resulting in three different winning firms and a weighted average NIC of 3.2752%, while the $17M Series B sale received 12 bids from 8 bidders resulting in a weighted average NIC of 3.3204%

Since 1999, Public Financial Management has conducted 655 auctions for over $8.7 Billion to-date on its private-label auction website (www.PFMauction.com).

Pittsburgh, PA (September 15, 2005) Lexington-Fayette Urban County Government, Kentucky placed a $4 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (September 15, 2005) Lexington-Fayette Urban County Government, Kentucky placed a $4 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The four - $1 million transactions - ranged from 90 to 545 days and were "sealed" solicitations, in which eleven banks and broker-dealers submitted offers of open market securities consisting of CDs, treasuries and agencies.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (September 14, 2005) Cook County Forest Preserve District, Illinois placed a $3.2 million investment using GFOA YieldAdvantage , an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (September 14, 2005) Cook County Forest Preserve District, Illinois placed a $3.2 million investment using GFOA YieldAdvantage , an Internet auction web site offered by the Government Finance Officers Association. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The $3.2 million, 91-day, transaction was a "sealed" solicitation in which thirteen banks and broker-dealers submitted offers of agency securities, with Harris Nesbitt winning the award with a yield of 3.76%.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (July 26, 2005) Washtenaw County, Michigan placed a $5 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (July 26, 2005) Washtenaw County, Michigan placed a $5 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids easily and efficiently via the Internet and to conduct an on-line auction in which these banks bid against each other for the deposit.

Using GFOA YieldAdvantage, Washtenaw County held auctions for certificates of deposit for five different maturities ranging from 80 days to 111 days, each for $1 million. Bids for the certificates of deposit were submitted in an "open" auction where the banks bidding saw whether they were leading to win award of the Countys investment or needed to improve and resubmit their rates. A total of 10 banks submitted 122 bids for the five certificates of deposit.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (June 7, 2005) Advancing a commitment of harnessing technology to enhance efficiencies, the Cook County Treasurer's Office, Illinois, commenced use of GFOA YieldAdvantage to invest in certificates of deposit on June 7, 2005.

Pittsburgh, PA (June 7, 2005) Advancing a commitment of harnessing technology to enhance efficiencies, the Cook County Treasurer's Office, Illinois, commenced use of GFOA YieldAdvantage to invest in certificates of deposit on June 7, 2005. Using GFOA YieldAdvantage , an Internet auction offered by the Government Finance Officers Association, the Treasurer's Office invested $88.3 million in certificates of deposit, earning better yields on the CDs.

Maria Pappas, the Cook County Treasurer, said she was pleased with the results of the 30-minute electronic sale. "I believe that county taxpayers benefit because the auction is more efficient and makes it possible for more banks to compete for county deposits. We will be using this platform on a regular basis. It simplified the investment process for us and our bank partners."

Using GFOA YieldAdvantage, the Treasurer held auctions for certificates of deposit for nine different maturities ranging from seven days to 70 days and for amounts between $250,000 and $33 million. Bids for the certificates of deposit were submitted in an "open" auction where the banks bidding saw whether they were leading to win award of the Treasurer's investment or needed to improve and resubmit their rates. A total of 13 banks submitted 133 bids for the nine certificates of deposit.

The Cook County Treasurer's Office plans to repeat the success of this initial certificate of deposit placement on a weekly basis for its investment in certificates of deposit.

GFOA YieldAdvantage is a Web-based investment auction platform offered through an alliance of the Government Finance Officers Association and Grant Street Group. Through the use of GFOA YieldAdvantage, state and local governments are able to solicit bids easily and efficiently from a larger number of financial institutions via the Internet, enhancing the investment of government funds.

Pittsburgh, PA (May 31, 2005) The County of St. Clair, Michigan placed a $5.7 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (May 31, 2005) The County of St. Clair, Michigan placed a $5.7 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (May 19, 2005) The Town of Sahuarita, Arizona placed a $5 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (May 19, 2005) The Town of Sahuarita, Arizona placed a $5 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The $5 million transaction was a "sealed" solicitation in which nine broker-dealers submitted offers of agency securities, with D.A. Davidson winning the award with a yield of 3.60992%.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (May 12, 2005) Carson City, Nevada, invested $7 million in proceeds from its recent bond sale by using www.BidNV.com, an Internet auction web site developed by Grant Street Group for GIF Plan Advisors.

Pittsburgh, PA (May 12, 2005) Carson City, Nevada, invested $7 million in proceeds from its recent bond sale by using www.BidNV.com, an Internet auction web site developed by Grant Street Group for GIF Plan Advisors.

"The process was intuitive and the returns exceeded our expectations," said Al Kramer, treasurer of Carson City, Nevada. The solicitation was done on an "all-or-none" basis in which an award is made to the firm offering the best overall rate of return for a portfolio of four U.S. Agency securities ranging from 9 to 19-month terms. The City received offers from eight banks and broker-dealers, with Wells Fargo winning the award with an aggregate yield of 3.75668%.

Pittsburgh, PA (April 20, 2005) Davenport Community School District, Iowa placed a $15 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (April 20, 2005) Davenport Community School District, Iowa placed a $15 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids easily and efficiently from a larger number of banks via the Internet and to conduct an on-line auction in which these banks bid against each other for the deposit. Davenport CSD was interested in investing $10 million in a 71 day CD and another $5 million in a 100 day CD. They received a total of 18 bids from 3 banks.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (April 18, 2005) The City of Raleigh, North Carolina, placed a $191 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (April 18, 2005) The City of Raleigh, North Carolina, placed a $191 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The laddered portfolio transaction was a "sealed" solicitation in which banks and broker-dealers submitted quotes for 36 individual maturities ranging from one to 39 months. The laddered portfolio permitted offers of open market securities consisting of treasury, agency and commercial paper.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (April 14, 2005) The City of Durham, North Carolina, placed a $2 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (April 14, 2005) The City of Durham, North Carolina, placed a $2 million investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The $2 million transaction was a "sealed" solicitation in which nine broker-dealers submitted offers for a 473 day agency security.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (April 7, 2005) East Brunswick Board of Education, New Jersey, placed a $76 million investment using YieldAuction, an Internet auction web site developed by Grant Street Group, a fixed income Internet auction house and parent of MuniAuction.

Pittsburgh, PA (April 7, 2005) East Brunswick Board of Education, New Jersey, placed a $76 million investment using YieldAuction, an Internet auction web site developed by Grant Street Group, a fixed income Internet auction house and parent of MuniAuction. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the YieldAuction web site, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The $76 million transaction was a "sealed" solicitation consisting of a 395-day $51 million maturity and a 325-day $25 million maturity. Nine broker-dealers submitted a total of 19 offers of agency and treasury securities.

Pittsburgh, PA (February 3, 2005) The City of Clarksville, Tennessee placed a $500,000 investment using GFOA YieldAdvantage, an Internet auction web site offered by the Government Finance Officers Association.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

Pittsburgh, PA (February 1, 2005) The City of Brookings, SD placed a $400,000 investment using GFOA YieldAdvantage, a new Internet auction web site offered by the Government Finance Officers Association.

Pittsburgh, PA (February 1, 2005) The City of Brookings, SD placed a $400,000 investment using GFOA YieldAdvantage, a new Internet auction web site offered by the Government Finance Officers Association. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the GFOA YieldAdvantage web site, state and local governments are able to solicit bids easily and efficiently from a larger number of banks via the Internet and to conduct an on-line auction in which these banks bid against each other for the deposit. The City of Brookings was interested in investing $100,000 in the following four durations; 6-month, 1-year, 18-month and 2-year. They received a total of 18 bids from 6 banks.

In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage web site (www.gfoayield.com).

The Bond Buyer - Letter to the Editor

January 25, 2005

GIC bid rigging in the municipal market is no revelation. With huge sums of money involved and an archaic system of phone or fax bids, is it any wonder that the integrity of the bidding process is consistently undermined?

The Bond Buyer - Letter to the Editor

January 25, 2005

GIC bid rigging in the municipal market is no revelation. With huge sums of money involved and an archaic system of phone or fax bids, is it any wonder that the integrity of the bidding process is consistently undermined?

It is incumbent on issuers and bond counsels to become more closely involved in the bidding process, or these back room deals will continue to pervade the GIC market. A bidding agent who receives undisclosed payments or makes false certifications defrauds not only the federal government but also the government officials who hired them.

The IRS' recently proposed rules establishing higher standards for tax-exempt bond opinions is a step in the right direction. The proposed rules would prevent bond counsel from blindly accepting certifications from third parties to conclude that safe harbor requirements were met in soliciting GIC bids.

But the ultimate solution to this apparently widespread problem is not stricter regulations or enforcement; it's technology. This particular segment of the municipal market has been slow to seize the use of technology. Technology is now available that allows electronic bids to be submitted in an open auction, giving GIC providers the opportunity to see their rank relative to competing bidders and, with this knowledge, the ability to improve the rate they are willing to pay for the funds.

Internet technology and the open auction format ensures that the GIC is awarded in an arm's length transaction, all bidders have an equal opportunity to bid, and no one receives a "last look." Also, equally important, the process is transparent. The issuer and bond counsel witness all bidding activity as it takes place and receive a permanent record of the auction activity.

The stakes are high. Bid rigging not only endangers a bonds' tax-exempt status, it also compromises the integrity of the municipal market. A near foolproof solution to this problem is to invite all eligible investment providers to compete in an open auction using Internet technology.

Sincerely,

Dan Veres
Chief Operating Officer
Grant Street Group