Taxable Municipal Guide - Piper Jaffray

Taxable Municipal Guide 

2010-1 

Joel R. Denney, CFA 

Managing Director 

joel.r.denney@pjc.com 

612 303-6682 

This Material is a product of the Municipal 

Trading Desk and should not be construed 

as impartial research or a research report.

This Page Left Intentionally Blank

September 2010 

Table of Contents 

Overview 

Municipal Credit – Sources of Debt Repayment………………………………………………….5 

Taxable Municipal Securities – A Historical Perspective………………………..……………….5 

Build America Bonds and the Growth of the Taxable Municipal Market……………………….6 

Market Impact of Increased Taxable Municipal Issuance………………………………… …….8 

Chapter 9 – Municipal Bankruptcy………………………………………………………… …….9 

Global Rating Scale…………………………………………………………………………..…...11 

Liquidity……………………………………………………………………………………..…...12 

Liquidity Factors…………………………………………………………………………… …...13 

Guide to the Guide………………………………………………………………………… …...14 

State Summaries………………………………………………………………………………………...15 

State Rankings…………………………...……………………………………………………………...67 

Bond Tables……………………………………………….…………………………………………...87 

Source Information……………………………………………………………………………….. ...100 

Disclosures………………………………………………...…………………………………………...101 

Contact Information…………………….…………………………………………………………...102 

Piper Jaffray Taxable Municipal Guide 

3


This Page Left Intentionally Blank 

4 

Piper Jaffray Taxable Municipal Guide


Overview 

Municipal Credit – Sources of Debt Repayment 

There are two basic types of municipal securities – general obligation bonds and revenue bonds. 

General obligation bonds represent a pledge by the issuing entity to use all of its legally available 

resources, including taxing authority, to repay the principal and interest on the bonds. 

Additionally, general obligation bonds can be further divided into limited tax (LGTO) and 

unlimited tax (ULTGO). A limited tax general obligation represents a pledge by the issuing entity 

to levy taxes sufficient to meet the debt service on its obligations, but only up to a statutory limit. 

An unlimited tax general obligation requires the issuing entity to levy whatever level of taxes is 

necessary to meet its debt obligations. 

Revenue bonds are repaid from a specific source of revenue rather than the general taxing authority 

of the issuer. Revenue bonds are payable from an identified source of revenue, such as revenues 

from the operation of a specific project being financed (for example, a toll road or an airport). 

Exhibit 5 shows the breakdown of taxable issuance between revenue bonds, limited tax general 

obligation bonds and unlimited tax general obligation bonds. 

Exhibit 5 

Taxable Municipal Issuance By Revenue Source 

(January 2009‐July 2010) 

($ in U.S. Millions) 

General Obligation $67,950 42% 

Limited Tax General Obligation $5,791 4% 

Revenue $86,727 54% 

Total $160,467 100% 

Taxable Municipal Securities—A Historical Perspective 

Taxable municipal securities have traditionally been issued when tax exempt financing was not 

available for an issuer. Typically, lower interest rates of tax-exempt financing made them the most 

cost efficient form of financing for public entities. As a result, taxable municipal securities were 

very much a niche market, comprising an average of 6.8 percent of the municipal market from 1999 

through 2008, the last full year before the expansion of the market via new government-sponsored 

programs (see Exhibit 1). 


5


Exhibit 1 

Long-Term Municipal Issuance 

Par Amount (US$ mil) 

Number of Issues 

Year Total Taxable % Total Taxable % 

1999 219,508 13,782 6.3% 12,345 859 7.0% 

2000 194,634 11,858 6.1% 10,595 736 6.9% 

2001 284,679 14,740 5.2% 13,335 735 5.5% 

2002 355,530 18,880 5.3% 14,054 842 6.0% 

2003 378,551 40,091 10.6% 14,770 1,089 7.4% 

2004 356,875 23,737 6.7% 13,327 904 6.8% 

2005 406,503 25,281 6.2% 13,783 875 6.3% 

2006 383,087 28,681 7.5% 12,471 864 6.9% 

2007 424,487 28,360 6.7% 12,259 901 7.3% 

2008 386,812 23,827 6.2% 10,465 663 6.3% 

Total 3,390,664 229,236 6.8% 127,404 8,468 6.6% 

Source: Securities Data Corp. 

While the taxable municipal market was a relatively small portion of the overall municipal market, 

there were still a number of larger transactions in the taxable muni market. Currently there are 128 

taxable municipal issues (Non BAB) with outstanding principal balances of $250 million or more, 

totaling $99.4 billion. 

Build America Bonds and the Growth of the Taxable Municipal Market 

During the credit crisis that began in 2008, the municipal market was hit particularly hard. Bond 

insurers, who collectively insured 52 percent of total municipal issuance in 2007, were downgraded 

multiple times, with several of the insurers forced to exit the market due to the deterioration of 

their financial position. As a result, demand for bond insurance dropped dramatically, as only 22 

percent of municipal issues were insured in 2008. 

Yields on municipal bonds increased significantly in 2008 as the credit crisis unfolded, making 

financing more expensive for municipal issuers. As a benchmark indicator, Exhibit 2 shows the 

rates on a 30-year triple-A rated municipal debt through 2008, expressed as a percentage of the 30- 

year Treasury. 

6 



Exhibit 2 

250% 

30 Yr AAA GO % of Treasury 

200% 

150% 

100% 

50% 

0% 

Jan‐00 Jan‐01 Jan‐02 Jan‐03 Jan‐04 Jan‐05 Jan‐06 Jan‐07 Jan‐08 

As part of the American Reinvestment and Recovery Act (ARRA) that was passed in February 

2009, four new or expanded categories of municipal securities were authorized. 

The most popular of the securities has been the Build America Bonds (BABs). Build America Bonds 

can be used to finance capital expenditures, and can be issued by a wide range of governmental 

entities, including water and sewer projects, public utility spending, public universities, 

governmental housing projects and transportation (private activity bonds are excluded). Interest on 

BABs is federally taxable to the investor, and the issuer receives a direct subsidy from the federal 

government equal to 35 percent of the interest payment. 

The remaining three categories of bonds were authorized as tax credit bonds, where investors 

would receive a tax credit that can be used to offset taxable income. These bonds include Qualified 

School Construction Bonds (QSCBs), Qualified Zone Academy Bonds (QZABs), and Recovery 

Zone Bonds (Recovery Zone Economic Development Bonds-RZEDBs, and Recovery Zone 

Facilities Bonds-RZFBs). The tax credit securities attracted a very limited buyer base, which 

resulted in higher yields than comparable securities paying cash interest. As part of the Jobs bill of 

2010, Congress allowed these three programs to issue BAB-style securities with a direct subsidy 

paid to the issuer. The subsidy for recovery zone bonds is 45 percent of the interest payable while 

the subsidy for QSCBs and QZABs is 100 percent of the interest, subject to some U.S. Treasury 

limits. 

The effect of this change from tax credit to direct subsidy taxable municipal securities can be seen 

in looking at the brief history of Qualified School Construction Bonds. The ARRA authorized a 


7


maximum issuance of $22 billion QSCBs for 2009 and $22 billion for 2010. From the bill’s passage 

in February 2009 through March 2010, when QSCBs became eligible for the direct subsidy option, 

there were $3.2 billion QSCBs issued. From April 2010 through August 2010, there have been $5.7 

billion QSCBs issued. 

The BAB authorization currently is set to expire at the end of 2010, unless extended by Congress. 

There have been several proposals to extend the Build America Bond program at lower subsidy 

rates, but none of these proposals has made it through Congress. 

Market Impact of Increased Taxable Municipal Issuance 

As shown earlier, the tax-exempt municipal market was hit hard by the credit crisis. Additionally, 

as can be seen by Exhibit 3, the yield premium required on tax-exempt securities over corporate 

bonds has been in place for a number of years. Over the period from 2000 through 2008 the average 

yield premium of AA-rated tax-exempt municipal securities over AA-rated industrial corporate 

bonds is 75 basis points on a taxable equivalent basis. 

Exhibit 3 

250.00 

AA GO‐ Industrial Corp Spread (2000‐08) 

200.00 

150.00 

100.00 

50.00 

74.26 

0.00 

Jan‐00 Jan‐01 Jan‐02 Jan‐03 Jan‐04 Jan‐05 Jan‐06 Jan‐07 Jan‐08 

AA GO vs AA Industrials ‐ Taxable Equivalent Spreads 

Average 

Interestingly, as Exhibit 4 shows, from January 2009 through August 2010 the average yield 

premium has declined to less than 25 basis points. Although there are a number of factors that 

could have reduced the yield premium on tax-exempt securities, we believe a major factor is the 

competitive forces of the expanded taxable municipal issuance. Taxable municipals, by virtue of 

their being an investment alternative for traditional corporate investors while at the same time 

being a financing alternative for municipalities, have become a critical link between the corporate 

and municipal markets. As such the advent of Build America Bonds has helped bring efficiencies to 

the municipal market and in so doing has significantly reduced the financing costs for municipal 

issuers. 

8 



Exhibit 4 

AA GO‐ Industrial Corp Spread (2009‐10) 

150.00 

100.00 

50.00 

0.00 

24.95 

‐50.00 

‐100.00 

Jan‐09 Mar‐09 May‐09 Jul‐09 Sep‐09 Nov‐09 Jan‐10 Mar‐10 May‐10 Jul‐10 

AA GO vs AA Industrials ‐ Taxable Equivalent Spreads 

Average 

Source:Bloomberg, Thomson Reuters 

Once the ARRA opened the taxable world to municipal securities, issuers looked for ways to adjust 

their deal structures to broaden the appeal for traditional corporate investors. The two main 

modifications for issuers are issue size and call options. 

In order to provide level debt service payments over the life of an issue, municipalities typically 

have issued serial bonds with relatively small amounts of principal maturing each year. Corporate 

investors are accustomed to purchasing from larger tranches with greater liquidity. To 

accommodate corporate investor preferences, some issuers have adjusted their taxable deal 

structures to offer fewer maturities with larger principal amounts for each maturity, mirroring the 

corporate market. 

Additionally, corporate securities typically are either noncallable or have a make-whole call at a 

nominal spread to Treasuries. Some issuers have utilized make-whole calls to appeal to corporate 

investors. However, as corporate investors have learned more about the historical deal structures in 

municipal securities they have become more comfortable with the par call features. The result has 

been a blend of issuance, some offering large benchmark issues with make-whole calls and others 

offering smaller maturities with par calls. 

Chapter 9 – Municipal Bankruptcy 

Similar to a Chapter 11 bankruptcy filing for corporations, Chapter 9 of the Bankruptcy Code 

allows a distressed municipality protection from creditors while it works out a plan to reorganize 


9


its finances. However, this is where the similarities end. It is much easier for a corporation to file 

for bankruptcy protection than for a municipality for several reasons. 

First, states cannot file Chapter 9; this provision can only be used by a municipality, defined as a 

“political subdivision or public agency or instrumentality of a State.” 

Second, states must approve a municipality filing for bankruptcy, and 26 states (see Exhibit 6) 

prohibit their municipalities from filing for bankruptcy protection. A municipality in those states 

would be required to request that specific state legislation be passed authorizing it to seek 

bankruptcy protection. 

Exhibit 6 

States That Prohibit Municipal Bankruptcies 

Alaska Maryland South Dakota 

Delaware Massachusetts Tennessee 

Georgia Mississippi Utah 

Hawaii Nevada Vermont 

Illinois New Hampshire Virginia 

Indiana New Mexico West Virginia 

Iowa North Dakota Wisconsin 

Kansas Oregon Wyoming 

Maine 

Rhode Island 

Finally, there is a specific set of eligibility requirements for a municipality seeking bankruptcy 

protection, including specific authorization from the state or governing body, proof of insolvency, 

the desire to effect a plan of reorganization, and the approval of a majority of impaired creditors 

(or proof that it has negotiated in good faith and could not obtain such approval). 

These restrictions make it much more difficult (and, thus, much more rare) for a municipality to 

seek bankruptcy protection. 

This rarity of municipal bankruptcies can be illustrated by the historical record of municipal 

securities rated by Moody’s Investors Service. Only 54 municipal issuers that are rated by Moody’s 

defaulted between 1970 and 2009. 

To put this default history into perspective, the ten-year average cumulative default rate for all 

municipal securities rated by Moody’s over the period 1970–2009 is 0.09 percent, compared to a 

default rate for all corporate securities rated by Moody’s of 11.06 percent. 

10 

Let’s take a closer look at the 54 defaults to gain additional insights into the creditworthiness of 

municipal issuers. Exhibit 7 shows the sectors of the 54 defaults by count. 



Exhibit 7 

Sector Breakdown ‐ Moody's Rated Municipal Defaults 

Sector 

Number of 

Deafults 

Percentage of 

Defaults 

Housing 21 39% 

Health Care 21 39% 

Electric, Water or Sewer 3 6% 

Higher Education 1 2% 

Recreation 1 2% 

City, Town, County (non GO) 4 7% 

General Obligation 3 6% 

Total 54 100% 

Note that more than three quarters of the defaults occurred in two sectors—housing and health 

care—while only three of the defaults (less than six percent) involved general obligation bonds. 

The largest municipal bankruptcy in U.S. history was the Orange County Bankruptcy in 1994. As a 

result of investment losses on its portfolio of high-risk interest rate sensitive securities the county 

was unable to make good on its commitment to purchase tendered securities. Although the county 

defaulted on its obligation to purchase the tendered securities, it continued to make timely interest 

and principal payments on all its obligations so the ultimate recovery to bondholders was 100 

percent. 

The average recovery on the defaulted municipal securities rated by Moody’s was 67 percent while 

the median recovery was 85 percent. 

Global Rating Scale 

Due to the significant differences in default rates between corporate and municipal securities, 

Moody’s Investors Service transitioned its municipal ratings to a global scale in order to make 

municipal securities more comparable with corporate securities. This ratings adjustment resulted in 

a significant number of rating upgrades across all sectors of municipal securities. To provide a 

sample of these rating changes, Exhibit 8 shows the rating changes to state ratings. 


11


Exhibit 8 

Number of states 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

Recalibration of Municipal Scale Ratings 

Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 NR 

Moody's Rating 

Pre Change 

Post Change 

Prior to the recalibration just one state, California, was rated below single A. Following the 

recalibration only one state, again California, was rated below double-A. 

Looking further at this recalibration, if municipal securities were rated to the same default rate as 

corporate securities what would the adjustment need to be To get an idea of this adjustment, let’s 

look back at the Moody’s default rate history. As mentioned earlier, the ten-year cumulative 

default rate for all Moody’s rated municipal securities from 1970–2009 was 0.09 percent. 

Meanwhile, the ten-year cumulative default rate for Aaa-rated corporate securities over the same 

period was 0.50 percent. In other words, if all municipal securities had been rated Aaa by Moody’s 

the default rate still would have been lower for municipal securities than for Aaa-rated corporates. 

Bottom line, even with the new global ratings scale we anticipate significantly fewer defaults for 

municipal securities than for comparably rated corporate securities, based on the historical record, 

combined with the extent of ratings adjustments. 

Liquidity 

As we mentioned earlier, the shift of investor base for municipal securities into traditional 

corporate buyers has increased the emphasis on liquidity. In analyzing liquidity in the taxable 

municipal market, we would separate the issue into two factors. 

The first factor is the ability to sell an issue at any given time. For example, if an investor has 

purchased a taxable municipal security and at any point in time in the future would choose to sell 

the security, how readily could they obtain a bid on the security We would argue that this type of 

liquidity for investment grade taxable municipal securities is very good regardless of issue size. The 

main difference between the smaller issues and benchmark issues is that the smaller issues would 

12 



not have a daily quoted market like a number of the benchmark bonds would. Although there can 

be no assurances of a ready market for any taxable municipal security, regardless of issue size it is 

typically possible to get bids from several firms on even the smallest of rated issues. 

The second factor is the ability to add to an issue at any given time. This can be important for some 

investors who have fluctuating cash flows and desire to limit the number of positions they hold by 

investing additional cash into issues they already own. For this type of liquidity, it is not just a 

matter of getting a bid on a security one wants to sell, but the need for there to be ready sellers of a 

specific issue when needed. Obviously the larger the issue size, the greater the likelihood there will 

be a seller at a given time. 

Liquidity Factors 

In an effort to address the needs of investors who require liquid issues where they can both add to 

positions as well as sell positions, we have developed a methodology to quantify the relative 

liquidity across the larger Build America Bond issues ($100 million and larger maturity size). We 

calculate three liquidity factors for each issue. 

The first factor is average daily volume of trading, expressed as a percentage of the issue size. 

Because there is significantly more trading volume in the first few weeks of trading than one would 

expect in a typical trading day, we eliminate the first 15 days of trading from this calculation. We 

also consider only trades of a million dollars or more in our liquidity calculations. For issues that 

have been outstanding for 100 or more days, the range of trading volume is zero up to 0.7 percent 

(which means that 0.7 percent of the issue trades daily, on average). 

The second factor is frequency of trading. We calculate frequency as the percentage of days that the 

issue trades. Again, we exclude the first 15 days of trading to avoid the skew of new issue trading 

volume. For issues outstanding more than 100 days, the frequency ranges from zero to 39.9 percent 

(which in the latter case means that the bond has traded on 39.9 percent of the days historically). 

The third factor is the liquidity score, which is our attempt to combine the two previous factors 

into one score that can be used for comparison purposes. We first take the product of the volume 

and frequency. Then we calculate the mean score for all bonds with $250 million or more 

outstanding (the benchmark issues). Finally we calculate the percentage of this mean that a given 

bond’s trading score represents. In practical terms the range of liquidity scores is a low of zero to a 

high of 559.6 percent. Again, the liquidity score is just a way of reducing the liquidity of a given 

issue to a single number so it can be compared to other issues. 

For an issue that has not traded beyond 15 days after issue, the score would be zero. Additionally, 

for issues that have been outstanding less than 100 days, we list the score as NA as we found in 

practice that these scores are too volatile and can provide a false sense of liquidity that is unlikely 

to be sustained over the longer term. 

You can find these liquidity scores in the issues section at the back of this guide (for Build America 

Bonds with $100 million or more in maturity size). 


13


Guide to the Guide 

The following guide is divided into three main sections: individual state data, state rankings, and a 

listing of larger BAB issues, sorted several ways for easy reference. 

In the state section, we provide a one-page overview of each state, including a basic financial 

overview, ratings history, comparative municipal issuance and secondary trading information and 

a listing of the largest taxable municipal issues by type. 

In the state rankings section we provide a ranking of the states by various financial and issuance 

metrics, again to provide a better view of how the states compare to one another. 

Finally, in the issues section we provide a listing of Build America Bonds with $100 million or more 

outstanding along with some basic descriptive information plus our liquidity factors. 

The introduction of Build America Bonds and the other taxable municipal issues has made a 

significant impact on the municipal market. We trust this guide will help provide a good overview 

of the sector as well as providing a framework to help select issues for further analysis. 

14 



STATE SUMMARIES 

STATE SUMMARIES 


15



16 



Alabama 

State Summary ‐ Alabama (AL) 

Rank 

Population (July 2009) 4,708,708 23 

Land Area (Sq Miles) 50,744 28 

Population Density (Sq Miles) 92.8 27 

2008 Gross State Production ($ Millions) $170,014.00 25 

Surplus (Deficit) ($ in Millions) ($1,600.00) 24 

Deficit % of Gen Fund Budget 23.70% 24 

Deficit % of Gross State Product 0.94% 29 

Unemployment Rate 9.70% 34 

Alabama Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

Moody's Recalibration 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

AL 

2009‐2010* Issuance 2009‐2010* Secondary Trading 

Tax Exempt Total (U.S.) $480,234 BAB Total $120,584 Secondary Trade Total $369,603 

Tax Exempt AL $4,937 BAB AL $285 Secondary Trade AL $1,344 

Tax Exempt AL (% of U.S.) 1.0% BAB AL (%) 0.2% Secondary Trade AL (%) 0.4% 

Tax Exempt AL (Rank) 28 BAB AL (Rank) 37 Secondary Trade AL (Rank) 37 

Taxable Total (U.S.) $160,730 QSCB Total $5,684 Secondary Trade Total 81469 

Taxable AL $846 QSCB AL $169 Secondary Trade AL 460 

Taxable AL (% of U.S.) 0.5% QSCB AL (%) 3.0% Secondary Trade AL (%) 0.6% 

Taxable AL (Rank) 34 QSCB AL (Rank) 12 Secondary Trade AL (Rank) 34 

>250MM Total $135,969 RZEDB Total $2,476 

>250MM AL NA RZEDB AL $72 $ in U.S. Millions 

>250MM AL (%) NA RZEDB AL (%) 2.9% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM AL (Rank) NA RZEDB AL (Rank) 9 

$ in Millions 

$350 

$300 

$250 

$200 

$150 

$100 

$50 

$0 

2009‐2010 Par Amount Issued by Issue Size 


Alaska 

State Summary ‐ Alaska (AK) 

Rank 

Population (July 2009) 698,473 47 








Alaska Rating History 


Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Alaska 

AK 



Tax Exempt AK $1,087 BAB AK $219 Secondary Trade AK 

$358 

Tax Exempt AK (% of U.S.) 0.2% BAB AK (%) 0.2% Secondary Trade AK (%) 

0.1% 

Tax Exempt AK (Rank) 47 BAB AK (Rank) 40 Secondary Trade AK (Rank) 

45 

Taxable Total (U.S.) $160,730 QSCB Total $5,684 Secondary Trade Total 

81469 

Taxable AK $270 QSCB AK NA Secondary Trade AK 

161 

Taxable AK (% of U.S.) 0.2% QSCB AK (%) NA Secondary Trade AK (%) 

0.2% 

Taxable AK (Rank) 40 QSCB AK (Rank) NA Secondary Trade AK (Rank) 45 


>250MM AK NA RZEDB AK $12 $ in U.S. Millions 

>250MM AK (%) NA RZEDB AK (%) 0.5% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM AK (Rank) NA RZEDB AK (Rank) 35 

$ in Millions 

$140 

$120 

$100 

$80 

$60 

$40 

$20 

$0 

A 



Arizona 

State Summary ‐ Arizona (AZ) 

Rank 









Arizona Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

AZ 



Tax Exempt AZ $8,533 BAB AZ $1,469 Secondary Trade AZ $2,471 

Tax Exempt AZ (% of U.S.) 1.8% BAB AZ (%) 1.2% Secondary Trade AZ (%) 0.7% 

Tax Exempt AZ (Rank) 15 BAB AZ (Rank) 21 Secondary Trade AZ (Rank) 31 


Taxable AZ $1,642 QSCB AZ $43 Secondary Trade AZ 853 

Taxable AZ (% of U.S.) 1.0% QSCB AZ (%) 0.7% Secondary Trade AZ (%) 1.0% 

Taxable AZ (Rank) 26 QSCB AZ (Rank) 26 Secondary Trade AZ (Rank) 28 


>250MM AZ NA RZEDB AZ NA $ in U.S. Millions 

>250MM AZ (%) NA RZEDB AZ (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM AZ (Rank) NA RZEDB AZ (Rank) NA 

$ in Millions 

$700 

$600 

$500 

$400 

$300 

$200 

$100 

$0 


250MM 

Rating Distribution 

BBB 

NR 

Aaa 

A 

Aa 

$ in Millions 

$1,600 

$800 

$0 

Obligor 

Local 

Revenue 

Number 

350 

300 

250 

200 

150 

100 

50 

0 

2009‐2010 Number of Deals by Issue Size 

250MM 

Transportation 

Sector 

Utilities 

Public Facilities 

Education 

General 

State 

Purpose/Other 

GO 

Arizona 

Largest Issues by Issue Type ($ in U.S. Millions) 

Issuer Maturity Maturity Size Coupon Issue Spread 

Moody's/ 

S&P/Fitch 

Award Date CUSIP 

Build America Bonds 

PHOENIX ARIZ 7/1/2034 $250.00 5.269 127 Aa1/AAA/NA 10/07/2009 718814ZZ2 

ARIZONA BRD REGENTS ARIZ ST 7/1/2039 $80.54 6.304 153 Aa3/AA/NA 03/30/2010 04048RDT0 

ARIZONA BRD REGENTS UNIV ARIZ 8/1/2035 $63.58 6.423 220 Aa3/AA‐/NA 06/15/2010 040484DX2 

NORTHERN ARIZ UNIV REVS 6/1/2039 $54.96 6.687 230 A1/A+/NA 12/08/2009 664754Q84 

ARIZONA BRD REGENTS UNIV ARIZ 8/1/2044 $54.22 6.643 242 Aa3/AA‐/NA 06/15/2010 040484DY0 

MESA ARIZ UTIL SYS REV 7/1/2034 $50.38 6.100 201 Aa2/AA‐/NA 05/20/2010 590545SP5 

MESA ARIZ UTIL SYS REV 7/1/2033 $48.25 6.375 222 Aa2/AA‐/NA 05/07/2009 590545SN0 

ARIZONA BRD REGENTS ARIZ ST 7/1/2030 $33.71 6.204 143 Aa3/AA‐/NA 03/30/2010 04048RDS2 

PIMA CNTY ARIZ UNI SCH DIST 7/1/2030 $29.07 6.312 225 Aa2/NA/AA‐ 06/23/2010 721799YU2 

NORTHERN ARIZ UNIV REVS 6/1/2030 $26.61 6.587 220 A1/A+/NA 12/08/2009 664754R67 

Qualified School Construction Bonds 

MARICOPA CNTY ARIZ SCH DIST NO 7/1/2026 $28.15 6.243 320 Aa3/AAA/NA 07/27/2010 567337QV5 

MARICOPA CNTY ARIZ SCH DIST NO 7/1/2027 $4.60 6.623623 363 Aa3/AAA/NA 

07/15/2010 567320FZ4 

MARICOPA CNTY ARIZ SCH DIST NO 7/1/2019 $3.15 5.243 220 Aa3/AAA/NA 07/27/2010 567337QT0 

MARICOPA CNTY ARIZ SCH DIST NO 7/1/2018 $1.75 5.093 205 Aa3/AAA/NA 07/27/2010 567337QS2 

MARICOPA CNTY ARIZ SCH DIST NO 7/1/2013 $1.15 3.000 200 Aa3/AAA/NA 07/27/2010 567337QM5 

Recovery Zone Bonds 

N/A 


19


Arkansas 

State Summary ‐ Arkansas (AR) 

Rank 





Surplus (Deficit) ($ in Millions) ($395.00) 43 




Arkansas Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Arkansas 

AR 



Tax Exempt AR $2,598 BAB AR $20 Secondary Trade AR $225 

Tax Exempt AR (% of U.S.) 0.5% BAB AR (%) 0.0% Secondary Trade AR (%) 0.1% 

Tax Exempt AR (Rank) 39 BAB AR (Rank) 52 Secondary Trade AR (Rank) 49 


Taxable AR $157 QSCB AR $83 Secondary Trade AR 82 

Taxable AR (% of U.S.) 0.1% QSCB AR (%) 1.5% Secondary Trade AR (%) 0.1% 

Taxable AR (Rank) 48 QSCB AR (Rank) 23 Secondary Trade AR (Rank) 49 


>250MM AR NA RZEDB AR NA $ in U.S. Millions 

>250MM AR (%) NA RZEDB AR (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM AR (Rank) NA RZEDB AR (Rank) NA 

$ in Millions 

$350 

$300 

$250 

$200 

$150 

$100 

$50 

$0 



California 

State Summary ‐ California (CA) 

Population (July 2009) 

Land Area (Sq Miles) 

Population Density (Sq Miles) 

2008 Gross State Production ($ Millions) 

Surplus (Deficit) ($ in Millions) 

Deficit % of Gen Fund Budget 

Deficit % of Gross State Product 

Unemployment Rate 

36,961,664 

155,959 

237.0 

$1,846,757.00 

($45,500.00) 

52.80% 

2.46% 

12.30% 

Rank 

1 

3 

11 

1 

1 

2 

3 

48 

California Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

CA 

Tax Exempt Total (U.S.) 

Tax Exempt CA 

Tax Exempt CA (% of U.S.) 

Tax Exempt CA (Rank) 

Taxable Total (U.S.) 

Taxable CA 

Taxable CA (% of U.S.) 

Taxable CA (Rank) 

>250MM Total 

>250MM CA 

>250MM CA (%) 

>250MM CA (Rank) 

$ in Billions 

$30 

$25 

$20 

$15 

$10 

$5 

$0 

2009‐2010* Issuance 

$480,234 BAB Total 

$120,584 Secondary Trade Total 

$369,603 

$72,168 

15.0% 

1 

$160,730 

$33,665 

20.9% 

1 

$135,969 

$24,985 

BAB CA 

BAB CA (%) 

BAB CA (Rank) 

QSCB Total 

QSCB CA 

QSCB CA (%) 

QSCB CA (Rank) 

RZEDB Total 

$27,120 

22.5% 

1 

$5,684 

$1,129 

Secondary Trade CA 

Secondary Trade CA (%) 

Secondary Trade CA (Rank) 

Secondary Trade Total 

Secondary Trade CA 

Secondary Trade CA (%) 

Secondary Trade CA (Rank) 

$84,347 

22.8% 

1 

81469 

15007 

18.4% 

1 

18.4% 

1 

RZEDB CA 

RZEDB CA (%) 

RZEDB CA (Rank) 


250MM 


NR Aaa 

BBB 

Aa 

$ in Billions 

$20 

$15 

$10 

$5 

Obligor 

Number 

19.9% 

1 

$2,476 

$65 

2.6% 

12 

700 

600 

500 

400 

300 

200 

100 

0 

2009‐2010* Secondary Trading 

$ in U.S. Millions 

* 2010 Issuance/Trade Data Through 7/31/2010 


250MM 



Housing 

Utilities 

Sector 

Education 

California 

A 

$0 

Local 

Revenue 

State 

GO 

Healthcare 

General 

Purpose/Other 

Issuer 

CALIFORNIA ST 

CALIFORNIA ST 

CALIFORNIA ST 

BAY AREA TOLL AUTH CALIF TOLL 

LOS ANGELES CALIF UNI SCH DIST 

CALIFORNIA ST 


CALIFORNIA ST 

CALIFORNIA ST 

BAY AREA TOLL AUTH CALIF TOLL 



ALUM ROCK CALIF UN ELEM SCH DI 

SAN MATEO FOSTER CITY CALIF SC 

WEST CONTRA COSTA CALIF UNI SC 

LOS ANGELES CALIF MUN IMPT COR 

LONG BEACH CALIF REDEV AGY 

SANTA BARBARA CNTY CALIF CTFS 

SANTA BARBARA CNTY CALIF CTFS 

LONG BEACH CALIF REDEV AGY 


Maturity Maturity Size Coupon Issue Spread 


04/01/2039 $3,000.00 

7.550 

04/01/2034 $2,000.00 

7.500 

10/01/2039 $1,750.00 

7.300 

04/01/2049 $1,300.00 

6.263 

07/01/2034 

03/01/2040 

07/01/2034 

03/01/2036 

$1,250.59 

$1,250.00 

$1,029.76 

$1,000.00 

6.758 

7.625 

5.750 

7.950 

11/01/2039 

$908.00 

7.350 

04/01/2050 

$850.00 

7.043 

05/01/2027 

05/01/2027 

06/01/2026 

08/01/2026 

08/01/2024 

09/01/2039 

08/01/2040 

12/01/2040 

12/01/2029 

08/01/2030 


$190.20 

5.981 

$100.00 

5.720 

$25.00 

5.470 

$25.00 

6.000 

$25.00 

6.555 


$16.82 

7.757 

$16.05 

8.360 

$9.12 

6.250 

$5.82 

$5.71 

6.221 

8.110 

365 

365 

325 

200 

200 

270 

170 

315 

300 

300 

138 

195 

375 

307 

325 

325 

377 

201 

198 

352 

Moody's/ 

S&P/Fitch 

A1/A‐/A‐ 

A1/A‐/A‐ 

A1/A‐/A‐ 

Aa3/AA/AA‐ 

Aa2/AA‐/NA 

A1/A‐/A‐ 

Aa2/AA‐/NA 

A1/A‐/A‐ 

A1/A‐/A‐ 

A1/A+/NA 

Aa2/AA‐/NA 

Aa2/AA‐/NA 

A2/A+/NA 

Aa2/AA/NA 

Aa3/AAA/AA‐ 

A1/A+/A+ 

NA/BBB+/NA 

NA/AA+/NA 

NA/AA+/NA 

NA/BBB+/NA 

Award Date 

04/22/2009 

04/22/2009 

10/08/2009 

10/28/2009 

02/18/2010 

03/25/2010 

10/01/2009 

03/25/2010 

11/03/2009 

06/24/2010 

04/22/2010 

04/22/2010 

06/15/2010 

06/30/2010 

06/11/2010 

12/02/2009 

04/29/2010 

06/02/2010 

06/02/2010 

04/29/2010 

CUSIP 

13063A5G5 

13063A5E0 

13063A7D0 

072024ND0 

544646ZR6 

13063BFR8 

544646XZ0 

13063BFV9 

13063BBU5 

072024NV0 

544646A69 

544646A77 

022171AR3 

799055ME5 

952347WQ1 

544587TS7 

542430FX6 

801321LW8 

801321LV0 

542430FW8 


21


Colorado 

State Summary ‐ Colorado (CO) 

Rank 









Colorado Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Colorado 

CO 



Tax Exempt CO $6,982 BAB CO $2,352 Secondary Trade CO $9,571 

Tax Exempt CO (% of U.S.) 1.5% BAB CO (%) 2.0% Secondary Trade CO (%) 2.6% 

Tax Exempt CO (Rank) 21 BAB CO (Rank) 14 Secondary Trade CO (Rank) 9 


Taxable CO $2,611 QSCB CO $111 Secondary Trade CO 1690 

Taxable CO (% of U.S.) 1.6% QSCB CO (%) 2.0% Secondary Trade CO (%) 2.1% 

Taxable CO (Rank) 16 QSCB CO (Rank) 20 Secondary Trade CO (Rank) 13 


>250MM CO $512 RZEDB CO $99 $ in U.S. Millions 

>250MM CO (%) 0.4% RZEDB CO (%) 4.0% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM CO (Rank) 18 RZEDB CO (Rank) 6 

$ in Millions 

$1,000 

$800 

$600 

$400 

$200 

$0 


250MM 


Aaa 

A NR 

$ in Millions 

$2,400 

$1,600 

$800 

Number 

300 

250 

200 

150 

100 

50 

0 


250MM 

Obligor 

Utilities 

Sector 



Education 

Aa 

$0 

Local 

Revenue 

State 

GO 

Healthcare 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



DENVER COLO CITY & CNTY 8/1/2030 $261.89 5.650 248 Aaa/AAA/AAA 06/09/2010 249164LJ1 

DENVER COLO CITY & CNTY SCH DI 12/1/2033 $250.0000 5.664 130 Aa2/AA‐/NA 12/08/2009 249174MQ3 

COLORADO ST CTFS PARTN 9/15/2039 $122.91 6.450 205 Aa2/AA‐/NA 07/16/2009 196711LZ6 

METRO WASTEWTR RECLAMATION DIS 4/1/2029 $94.20 5.775 130 Aa1/AAA/NA 08/11/2009 59164GCX8 

COLORADO ST CTFS PARTN 9/15/2045 $88.73 6.650 225 Aa2/AA‐/NA 07/16/2009 196711MA0 

DENVER COLO CITY & CNTY ARPT 11/15/2039 $65.29 6.414 220 A1/A+/A+ 10/21/2009 249182AQ9 

UNIVERSITY COLO ENTERPRISE SYS 6/1/2036 $60.32 6.264 185 Aa2/AA‐/NA 12/10/2009 91417KND9 

COLORADO ST BLDG EXCELLENT 3/15/2030 $52.79 6.242 167 Aa2/AA‐/NA 03/02/2010 19668QDD4 

ARAPAHOE CNTY COLO WTR & WASTE 12/1/2039 $51.08 6.480 210 NA/AA‐/NA 12/09/2009 03871LAU7 

WESTERN ST COLLEGE COLO BRD OF 5/15/2045 $48.02 7.000 290.3 Aa2/AA‐/NA 06/24/2010 959623AK5 


22 


METROPOLITAN ST COLLEGE DENVER 12/1/2039 $24.83 6.240 325 Aa2/AA‐/NA 11/17/2009 592566AS2 

METROPOLITAN ST COLLEGE DENVER 12/1/2029 $9.63 6.090 377 Aa2/AA‐/NA 11/17/2009 592566AQ6 

METROPOLITAN ST COLLEGE DENVER 12/1/2040 $4.65 6.000 201 Aa2/NA/NA 06/09/2010 592566BE2 

METROPOLITAN ST COLLEGE DENVER 12/1/2030 $3.37 5.950 198 Aa2/NA/NA 06/09/2010 592566BD4 

METROPOLITAN ST COLLEGE DENVER 12/1/2022 $3.25 5.360 352 Aa2/AA‐/NA 11/17/2009 592566AM5 

N/A 



Connecticut 

State Summary ‐ Connecticut (CT) 

Rank 









Connecticut Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

CT 



Tax Exempt CT $8,431 BAB CT $1,157 Secondary Trade CT $6,817 

Tax Exempt CT (% of U.S.) 1.8% BAB CT (%) 1.0% Secondary Trade CT (%) 1.8% 

Tax Exempt CT (Rank) 16 BAB CT (Rank) 22 Secondary Trade CT (Rank) 16 


Taxable CT $1,846 QSCB CT NA Secondary Trade CT 1410 

Taxable CT (% of U.S.) 1.1% QSCB CT (%) NA Secondary Trade CT (%) 1.7% 

Taxable CT (Rank) 24 QSCB CT (Rank) NA Secondary Trade CT (Rank) 18 


>250MM CT $505 RZEDB CT $26 $ in U.S. Millions 

>250MM CT (%) 0.4% RZEDB CT (%) 1.1% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM CT (Rank) 19 RZEDB CT (Rank) 25 

$ in Millions 

$600 

$500 

$400 

$300 

$200 

$100 

$0 


250MM 


NR Aaa 

$1,600 

Obligor 

Number 

200 

150 

100 

50 

0 


250MM 

Utilities 

Sector 

Connecticut 

A 

$ in Millions 

$800 


Housing 

$0 

Aa 

Local 

Revenue 

State 

GO 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



CONNECTICUT ST 12/1/2029 $250.00 5.632 110 Aa2/AA/AA 12/15/2009 20772G4Z8 

CONNECTICUT ST SPL TAX OBLIG 12/1/2029 $170.97 5.740 150 Aa3/AA/AA 10/28/2009 207758KH5 

CONNECTICUT ST 4/1/2024 $58.65 5.027 122 Aa2/AA/AA 04/20/2010 20772G5P9 

CONNECTICUT ST 12/1/2020 $50.00 4.950 115 Aa2/AA/AA 12/15/2009 20772G4V7 

CONNECTICUT ST 12/1/2021 $50.00 5.100 130 Aa2/AA/AA 12/15/2009 20772G4W5 

CONNECTICUT ST 12/1/2022 $50.00 5.200 145 Aa2/AA/AA 12/15/2009 20772G4X3 

CONNECTICUT ST 12/1/2023 $50.00 5.300 155 Aa2/AA/AA 12/15/2009 20772G4Y1 

CONNECTICUT ST 4/1/2019 $37.50 4.407 60 Aa2/AA/AA 04/20/2010 20772G5J3 

CONNECTICUT ST SPL TAX OBLIG 12/1/2024 $29.36 5.355 195 Aa3/AA/AA 10/28/2009 207758KG7 

CONNECTICUT ST SPL TAX OBLIG 12/1/2023 $27.88 5.305 190 Aa3/AA/AA 10/28/2009 207758KF9 



HARBOR POINT INFRASTRUCTURE 4/1/2039 $16.00 12.500 797 NA/NA/NA 01/22/2010 41154VAG4 

BRIDGEPORT CONN 8/15/2029 $4.00 6.821 250 Aa3/AAA/NA 12/03/2009 108151T50 

NORWALK CONN 8/1/2030 $0.39 5.200 232 Aaa/AAA/AAA 07/21/2010 668844ED1 

NORWALK CONN 8/1/2013 $0.33 1.600 76 Aaa/AAA/AAA 07/21/2010 668844DL4 

NORWALK CONN 8/1/2014 $0.33 2.000 36 Aaa/AAA/AAA 07/21/2010 668844DM2 

N/A 


23


Delaware 

State Summary ‐ Delaware (DE) 

Rank 









Delaware Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Delaware 

DE 



Tax Exempt DE $1,564 BAB DE $198 Secondary Trade DE $466 

Tax Exempt DE (% of U.S.) 0.3% BAB DE (%) 0.2% Secondary Trade DE (%) 0.1% 

Tax Exempt DE (Rank) 43 BAB DE (Rank) 41 Secondary Trade DE (Rank) 44 


Taxable DE $202 QSCB DE NA Secondary Trade DE 124 

Taxable DE (% of U.S.) 0.1% QSCB DE (%) NA Secondary Trade DE (%) 0.2% 

Taxable DE (Rank) 45 QSCB DE (Rank) NA Secondary Trade DE (Rank) 46 


>250MM DE NA RZEDB DE NA $ in U.S. Millions 

>250MM DE (%) NA RZEDB DE (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM DE (Rank) NA RZEDB DE (Rank) NA 

$ in Millions 

$200 

$150 

$100 

$50 

$0 



Florida 

State Summary ‐ Florida (FL) 

Rank 









Florida Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

FL 



Tax Exempt FL $22,435 BAB FL $3,765 Secondary Trade FL $10,499 

Tax Exempt FL (% of U.S.) 4.7% BAB FL (%) 3.1% Secondary Trade FL (%) 2.8% 

Tax Exempt FL (Rank) 5 BAB FL (Rank) 6 Secondary Trade FL (Rank) 8 


Taxable FL $5,032 QSCB FL $359 Secondary Trade FL 3008 

Taxable FL (% of U.S.) 3.1% QSCB FL (%) 6.3% Secondary Trade FL (%) 3.7% 

Taxable FL (Rank) 6 QSCB FL (Rank) 2 Secondary Trade FL (Rank) 7 


>250MM FL $427 RZEDB FL $65 $ in U.S. Millions 

>250MM FL (%) 0.3% RZEDB FL (%) 2.6% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM FL (Rank) 20 RZEDB FL (Rank) 13 

$ in Millions 

$2,000 

$1,500 

$1,000 

$500 

$0 


250MM 


BBB NR 

Aaa 

A 

$ in Millions 

Obligor 

$3,200 

$2,400 

$1,600 

$800 

Number 

300 

250 

200 

150 

100 

50 

0 


250MM 

Sector 

Utilities 

Education 


Florida 

Aa 

$0 

Local 

Revenue 

State 

GO 


Housing 

Healthcare 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



FLORIDA ST TPK AUTH TPK REV 7/1/2039 $200.46 6.800 250 Aa1/AA‐/AA‐ 06/26/2009 343136L70 

ORLANDO FLA UTILS COMMN UTIL 10/1/2040 $200.00 5.662 115 Aa1/AA/AA 01/21/2010 686507CW2 

MIAMI‐DADE CNTY FLA TRANSIT SA 7/1/2039 $169.27 6.910 265 Aa3/AA/AA‐ 09/17/2009 59334PCP0 

FLORIDA ST DEPT MGMT SVCS CTFS 8/1/2029 $129.65 6.825 250 Aa2/AA+/AA 10/28/2009 34160PDF3 

SOUTH BROWARD HOSP DIST FLA RE 5/1/2044 $110.00 7.278 300 Aa3/AA‐/NA 10/16/2009 836753JG9 

GAINESVILLE FLA UTILS SYS REV 10/1/2039 $88.47 5.655 140 Aa2/AA/NA 09/16/2009 362848QS5 

MIAMI‐DADE CNTY FLA TRANSIT SA 7/1/2029 $82.71 6.710 245 Aa3/AA/AA‐ 09/17/2009 59334PCN5 

FLORIDA ST DEPT ENVIRONMENTAL 7/1/2029 $78.02 7.045 237 Aa3/AA‐/A 01/07/2010 34160WUD4 

FLORIDA ST BRD ED 6/1/2039 $77.70 5.750 180 Aa1/AAA/AAA 10/01/2009 34153PPU6 

FLORIDA ST BRD OF ED 6/1/2039 $70.99 5.800 165 Aa1/AAA/AAA 12/02/2009 341426G24 


BROWARD CNTY FLA SCH BRD CTFS 7/1/2027 $51.65 6.452 250 Aa3/A+/A+ 07/23/2010 115065VX9 

MIAMI‐DADE CNTY FLA SCH BRD CT 6/15/2027 $50.0000 6.235 301 A1/A/NA 

06/11/2010 59333MB46 

MIAMI‐DADE CNTY FLA SCH BRD CT 6/15/2027 $46.29 6.485 230 A1/A/NA 06/11/2010 59333MB38 

OSCEOLA CNTY FLA SCH BRD CTFS 4/1/2027 $40.50 6.658 285 Aa3/A/A 

04/20/2010 688028KU2 

CITRUS COUNTY FLA CTFS PARTN 4/1/2027 $35.00 6.738 300 NA/A+/A 04/21/2010 177474AH6 


BROWARD CNTY FLA HALF‐CENT SAL 10/1/2040 $48.78 6.556 250 Aa2/AA+/AA+ 06/24/2010 11502RAC4 

OSCEOLA CNTY FLA CAP IMPTS REV 10/1/2030 $6.77 6.796 260 A1/A+/AA‐ 

09/23/2009 688022CP5 

PORT ST LUCIE FLA STORMWTR UTI 5/1/2029 $5.00 7.176 250 Aa3/AAA/NA 01/08/2010 735351CK2 

PORT ST LUCIE FLA STORMWTR UTI 5/1/2026 $4.11 6.516 270 Aa3/AAA/NA 01/08/2010 735351CJ5 

N/A 


25


Georgia 

State Summary ‐ Georgia (GA) 

Rank 







Deficit % of Gross State Product 1.13% 13% 21 


Georgia Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Georgia 

GA 



Tax Exempt GA $11,621 BAB GA $3,333 Secondary Trade GA $9,107 

Tax Exempt GA (% of U.S.) 2.4% BAB GA (%) 2.8% Secondary Trade GA (%) 2.5% 

Tax Exempt GA (Rank) 13 BAB GA (Rank) 8 Secondary Trade GA (Rank) 10 


Taxable GA $3,823 QSCB GA $19 Secondary Trade GA 1727 

Taxable GA (% of U.S.) 2.4% QSCB GA (%) 0.3% Secondary Trade GA (%) 2.1% 

Taxable GA (Rank) 10 QSCB GA (Rank) 34 Secondary Trade GA (Rank) 12 


>250MM GA $2,917 RZEDB GA $40 $ in U.S. Millions 

>250MM GA (%) 2.1% RZEDB GA (%) 1.6% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM GA (Rank) 5 RZEDB GA (Rank) 19 

$ in Millions 

$3,500 

$3,000 

$2,500 

$2,000 

$1,500 

$1,000 

$500 

$0 


250MM 


BBB 

NR 

Aaa 

Aa 

A 

$ in Millions 

Obligor 

$4,000 

$3,200 

$2,400 

$1,600 

$800 

$0 

Local 

State 

Revenue 

GO 

Number 

200 

150 

100 

50 

0 


250MM 

Sector 

Education 

General 

Purpose/Other 


Housing 

Healthcare 

Utilities 



Moody's/ 

S&P/Fitch 



MUNICIPAL ELEC AUTH GA 4/1/2057 $1,224.27 6.637 205 A2/A+/A+ 03/03/2010 626207YF5 

MUNICIPAL ELEC AUTH GA 4/1/2057 $1,012.24 24 6.655655 200 A2/A+/A+ 03/05/2010 626207YM0 

MUNICIPAL ELEC AUTH GA 4/1/2057 $1,012.24 6.655 200 A2/A+/A+ 

03/05/2010 626207YM0 

MUNICIPAL ELEC AUTH GA 4/1/2057 $383.41 7.055 237 Baa2/A‐/A‐ 03/08/2010 626207YS7 

GEORGIA ST 11/1/2025 $297.40 4.503 98 Aaa/AAA/AAA 11/04/2009 373384NZ5 

GEORGIA ST 11/1/2029 $52.69 5.114 159.1 Aaa/AAA/AAA 11/04/2009 373384PD2 

GEORGIA ST 11/1/2028 $50.09 5.064 154.1 Aaa/AAA/AAA 11/04/2009 373384PC4 

CHEROKEE CNTY GA SCH SYS 8/1/2028 $48.38 5.870 145 Aa1/AA+/NA 06/18/2009 164231KQ4 

GEORGIA ST 11/1/2027 $47.64 5.014 149.1 Aaa/AAA/AAA 11/04/2009 373384PB6 

COLUMBUS GA BLDG AUTH LEASE RE 1/1/2040 $45.50 6.000 140 Aa1/AA+/NA 01/13/2010 199112JN4 


26 


GWINNETT CNTY GA WTR & SEW AUT 8/1/2029 $19.96 5.450 325 Aaa/AAA/AAA 10/07/2009 403760GJ4 

GWINNETT CNTY GA WTR & SEW AUT 8/1/2028 $4.00 5.350 377 Aaa/AAA/AAA 10/07/2009 403760GH8 

COLUMBUS GA BLDG AUTH LEASE RE 1/1/2040 $2.09 6.000 201 Aa1/AA+/NA 01/13/2010 199112JP9 

DALTON GA BLDG AUTH REV 7/1/2030 $1.72 6.250 198 Aa2/NA/NA 04/08/2010 235546HH4 

FLOYD CNTY GA WTR REV 11/1/2029 $1.31 5.650 352 Aa3/NA/NA 06/10/2010 343595DD3 

N/A 



Hawaii 

State Summary ‐ Hawaii (HI) 

Rank 









Hawaii Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

HI 



Tax Exempt HI $3,411 BAB HI $699 Secondary Trade HI $1,276 

Tax Exempt HI (% of U.S.) 0.7% BAB HI (%) 0.6% Secondary Trade HI (%) 0.3% 

Tax Exempt HI (Rank) 35 BAB HI (Rank) 31 Secondary Trade HI (Rank) 38 


Taxable HI $831 QSCB HI $32 Secondary Trade HI 411 

Taxable HI (% of U.S.) 0.5% QSCB HI (%) 0.6% Secondary Trade HI (%) 0.5% 

Taxable HI (Rank) 35 QSCB HI (Rank) 30 Secondary Trade HI (Rank) 37 


>250MM HI NA RZEDB HI $42 $ in U.S. Millions 

>250MM HI (%) NA RZEDB HI (%) 1.7% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM HI (Rank) NA RZEDB HI (Rank) 17 

$ in Millions 

$600 

$500 

$400 

$300 

$200 

$100 

$0 



Idaho 

State Summary ‐ Idaho (ID) 

Rank 









Idaho Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

ID 



Tax Exempt ID $857 BAB ID $133 Secondary Trade ID $309 

Tax Exempt ID (% of U.S.) 0.2% BAB ID (%) 0.1% Secondary Trade ID (%) 0.1% 

Tax Exempt ID (Rank) 48 BAB ID (Rank) 43 Secondary Trade ID (Rank) 46 


Taxable ID $149 QSCB ID $15 Secondary Trade ID 119 

Taxable ID (% of U.S.) 0.1% QSCB ID (%) 0.3% Secondary Trade ID (%) 0.1% 

Taxable ID (Rank) 49 QSCB ID (Rank) 37 Secondary Trade ID (Rank) 47 


>250MM ID NA RZEDB ID NA $ in U.S. Millions 

>250MM ID (%) NA RZEDB ID (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM ID (Rank) NA RZEDB ID (Rank) NA 

$100 


40 


$ in Millions 

$80 

$60 

$40 

Number 

30 

20 

Idaho 

$20 

$0 


Illinois 

State Summary ‐ Illinois (IL) 

Rank 









Illinois Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

IL 



Tax Exempt IL $16,858 BAB IL $9,209 Secondary Trade IL $34,294 

Tax Exempt IL (% of U.S.) 3.5% BAB IL (%) 7.6% Secondary Trade IL (%) 9.3% 

Tax Exempt IL (Rank) 6 BAB IL (Rank) 4 Secondary Trade IL (Rank) 3 


Taxable IL $15,459 QSCB IL $254 Secondary Trade IL 7902 

Taxable IL (% of U.S.) 9.6% QSCB IL (%) 4.5% Secondary Trade IL (%) 9.7% 

Taxable IL (Rank) 3 QSCB IL (Rank) 6 Secondary Trade IL (Rank) 2 


>250MM IL $8,039 RZEDB IL $422 $ in U.S. Millions 

>250MM IL (%) 5.9% RZEDB IL (%) 17.1% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM IL (Rank) 3 RZEDB IL (Rank) 1 

$10,000 


2500 


$ in Millions 

$8,000 

$6,000 

$4,000 

Number 

2000 

1500 

1000 

$2,000 

$0 

250MM 

500 

0 

250MM 

Illinois 


NR 

Aaa 

$10 

Obligor 


Sector 

Utilities 

Aa 

$ in Billions 

$5 


Education 

A 

$0 

Local 

Revenue 

State 

GO 

Housing 

Healthcare 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



CHICAGO ILL MET WTR RECLAMATIO 12/1/2038 $600.00 5.720 125 Aaa/AAA/AAA 08/11/2009 167560PL9 

ILLINOIS ST 2/1/2035 $520.0000 6.630630 205 A1/A+/A 01/28/2010 452152BM2 

ILLINOIS ST 7/1/2035 $504.00 7.350 325 A1/A+/A 

07/14/2010 452152GS4 

CHICAGO ILL TRANSIT AUTH SALES 12/1/2040 $441.49 6.200 160 Aa3/AA/NA 03/24/2010 16772PAQ9 

ILLINOIS ST TOLL HWY AUTH TOLL 1/1/2034 $400.00 6.184 200 Aa3/AA‐/AA‐ 05/12/2009 452252FH7 

ILLINOIS ST 4/1/2035 $364.00 6.725 205 A1/A+/A 04/20/2010 452152FA4 

CHICAGO ILL BRD ED 12/1/2039 $334.64 6.138 180 Aa2/AA‐/AA‐ 09/10/2009 167505KH8 

CHICAGO ILL O HARE INTL ARPT 1/1/2040 $315.50 6.395 170 A1/A‐/A 04/15/2010 167593AN2 

COOK CNTY ILL 11/15/2034 $308.64 6.229 200 Aa2/AA/AA 06/11/2010 213185DV0 

ILLINOIS ST TOLL HWY AUTH TOLL 12/1/2034 $280.00 5.851 157 Aa3/AA‐/AA‐ 11/24/2009 452252FK0 



CHICAGO ILL 1/1/2040 $133.18 6.257 325 Aa3/AA‐/AA 01/14/2010 167486HN2 

COOK CNTY ILL 11/15/2033 $131.21 6.360 377 Aa2/AA/AA 06/18/2009 213185BQ3 

WILL CNTY ILL 11/15/2030 $27.42 5.609 201 NA/AA+/NA 05/04/2010 968657FV3 

WILLIAMSON CNTY ILL 12/1/2040 $4.13 6.630 198 NA/AA‐/NA 04/14/2010 969737BG9 

LAKE FOREST ILL 12/15/2032 $3.00 5.750 352 Aaa/NA/NA 04/19/2010 509696RR3 

N/A 


29


Indiana 

State Summary ‐ Indiana (IN) 

Rank 










Indiana Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Indiana 

IN 



Tax Exempt IN $7,297 BAB IN $1,560 Secondary Trade IN $6,925 

Tax Exempt IN (% of U.S.) 1.5% BAB IN (%) 1.3% Secondary Trade IN (%) 1.9% 

Tax Exempt IN (Rank) 18 BAB IN (Rank) 20 Secondary Trade IN (Rank) 15 


Taxable IN $2,074 QSCB IN $95 Secondary Trade IN 1620 

Taxable IN (% of U.S.) 1.3% QSCB IN (%) 1.7% Secondary Trade IN (%) 2.0% 

Taxable IN (Rank) 20 QSCB IN (Rank) 22 Secondary Trade IN (Rank) 14 


>250MM IN $250 RZEDB IN $21 $ in U.S. Millions 

>250MM IN (%) 0.2% RZEDB IN (%) 0.8% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM IN (Rank) 26 RZEDB IN (Rank) 28 

$ in Millions 

$800 


$700 

$600 

$500 

$400 

$300 

$200 

$100 

$0 

250MM 


BBB 

NR 

A 

Aaa 

$ in Millions 

$1,500 

$1,000 

$500 

Obligor 

Number 

400 

300 

200 

100 

0 


250MM 


Sector 

Utilities 

Housing 

Healthcare 

Education 

Aa 

$0 

Local 

Revenue 

State 

GO 

General 

Purpose/Other 

30 



Moody's/ 

S&P/Fitch 



INDIANAPOLIS IND LOC PUB IMPT 1/15/2040 $250.00 6.116 150 Aa1/AA+/AA+ 02/24/2010 45528S5S1 

INDIANA ST FIN AUTH REV 2/1/2039 $191.57 6.596 220 Aa2/AA+/AA+ 06/23/2009 455057SV2 

INDIANAPOLIS IND LOC PUB IMPT 1/15/2030 $109.33 5.966 135 Aa1/AA+/AA+ 02/24/2010 45528S5R3 

INDIANAPOLIS IND LOC PUB IMPT 1/15/2040 $102.55 6.004 145 Aa1/AA+/AAA 02/03/2010 45528S4Z6 

IPS MULTI‐SCH BLDG CORP IND 7/15/2029 $68.46 5.731 170 Aa2/AA+/NA 09/29/2009 46263RHE8 

INDIANAPOLIS IND LOC PUB IMPT 1/15/2030 $51.65 5.854 130 Aa1/AA+/AAA 02/03/2010 45528S4Y9 

EVANSVILLE IND REDEV AUTH REDE 2/1/2039 $50.68 7.210 258.4 Aa3/A/NA 

04/28/2010 299398BQ9 

COLUMBUS IND MULTI‐HIGH SCH 1/15/2030 $33.23 6.446 279.9 NA/AA+/NA 01/20/2010 19923PBB3 

EVANSVILLE‐VANDERBURGH IND SCH 1/15/2030 $23.44 6.350 276.5 NA/AA+/NA 01/21/2010 299620EF7 

PURDUE UNIV IND CTFS PARTN 7/1/2031 $21.69 5.957 175 Aaa/AA/NA 08/28/2009 746173FW8 


IPS MULTI‐SCH BLDG CORP IND 7/15/2025 $36.72 5.000 158 Aa2/AA+/NA 05/18/2010 46263RLM5 

NORTHWESTERN CONS SCH BLDG 1/15/2027 $10.0000 5.610 150 NA/AA+/NA 

05/26/2010 668068AT6 

CARLISLE‐SULLIVAN IND SCH BLDG 1/15/2027 $2.00 5.750 257 NA/AA+/NA 05/26/2010 142523BJ7 

WASHINGTON IND ELEM SCH BLDG C 1/15/2027 $1.85 5.900 254 NA/AA+/NA 05/27/2010 939042DS3 

ROCHESTER IND CMNTY SCH CORP 1/1/2022 $1.65 5.650 222 NA/NA/NA 06/02/2010 771420AE6 


ELKHART IND PK DIST 1/1/2030 $2.48 6.600 325 NA/A+/NA 12/03/2009 287560CC8 

HAMMOND IND MULTI‐SCH BLDG COR 1/15/2030 $2.19 6.130 377 NA/AA+/NA 07/14/2010 408395PJ4 

ELKHART IND PK DIST 7/1/2026 $0.66 6.100 201 NA/A+/NA 12/03/2009 287560BV7 

ELKHART IND PK DIST 7/1/2025 $0.64 6.000 198 NA/A+/NA 

12/03/2009 287560BT2 

ELKHART IND PK DIST 7/1/2024 $0.62 5.900 352 NA/A+/NA 12/03/2009 287560BR6 

N/A 



Iowa 

State Summary ‐ Iowa (IA) 

Rank 










Iowa Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

IA 



Tax Exempt IA $4,929 BAB IA $511 Secondary Trade IA $3,049 

Tax Exempt IA (% of U.S.) 1.0% BAB IA (%) 0.4% Secondary Trade IA (%) 0.8% 

Tax Exempt IA (Rank) 29 BAB IA (Rank) 34 Secondary Trade IA (Rank) 26 


Taxable IA $687 QSCB IA $25 Secondary Trade IA 619 

Taxable IA (% of U.S.) 0.4% QSCB IA (%) 0.4% Secondary Trade IA (%) 0.8% 

Taxable IA (Rank) 36 QSCB IA (Rank) 33 Secondary Trade IA (Rank) 32 


>250MM IA NA RZEDB IA $16 $ in U.S. Millions 

>250MM IA (%) NA RZEDB IA (%) 0.7% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM IA (Rank) NA RZEDB IA (Rank) 33 

$500 


1000 


$ in Millions 

$400 

$300 

$200 

Number 

800 

600 

400 

$100 

$0 


Kansas 

State Summary ‐ Kansas (KS) 

Rank 









Kansas Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

KS 



Tax Exempt KS $4,307 BAB KS $1,133 Secondary Trade KS $2,014 

Tax Exempt KS (% of U.S.) 0.9% BAB KS (%) 0.9% Secondary Trade KS (%) 0.5% 

Tax Exempt KS (Rank) 32 BAB KS (Rank) 24 Secondary Trade KS (Rank) 34 


Taxable KS $1,397 QSCB KS $59 Secondary Trade KS 928 

Taxable KS (% of U.S.) 0.9% QSCB KS (%) 1.0% Secondary Trade KS (%) 1.1% 

Taxable KS (Rank) 29 QSCB KS (Rank) 24 Secondary Trade KS (Rank) 25 


>250MM KS NA RZEDB KS $28 $ in U.S. Millions 

>250MM KS (%) NA RZEDB KS (%) 1.1% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM KS (Rank) NA RZEDB KS (Rank) 23 

$1,000 


800 


$ in Millions 

$800 

$600 

$400 

Number 

600 

400 

Kansas 

$200 

$0 


Kentucky 

State Summary ‐ Kentucky (KY) 

Rank 









Kentucky Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

KY 



Tax Exempt KY $5,941 BAB KY $2,042 Secondary Trade KY $5,794 

Tax Exempt KY (% of U.S.) 1.2% BAB KY (%) 1.7% Secondary Trade KY (%) 1.6% 

Tax Exempt KY (Rank) 25 BAB KY (Rank) 16 Secondary Trade KY (Rank) 18 


Taxable KY $2,394 QSCB KY $39 Secondary Trade KY 1590 

Taxable KY (% of U.S.) 1.5% QSCB KY (%) 0.7% Secondary Trade KY (%) 2.0% 

Taxable KY (Rank) 17 QSCB KY (Rank) 27 Secondary Trade KY (Rank) 15 


>250MM KY NA RZEDB KY $67 $ in U.S. Millions 

>250MM KY (%) NA RZEDB KY (%) 2.7% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM KY (Rank) NA RZEDB KY (Rank) 11 

$ in Millions 

$1,200 

$1,000 

$800 

$600 

$400 

$200 

$0 



Louisiana 

State Summary ‐ Louisiana (LA) 

Rank 









Louisiana Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

LA 



Tax Exempt LA $4,317 BAB LA $890 Secondary Trade LA $2,931 

Tax Exempt LA (% of U.S.) 0.9% BAB LA (%) 0.7% Secondary Trade LA (%) 0.8% 

Tax Exempt LA (Rank) 31 BAB LA (Rank) 29 Secondary Trade LA (Rank) 27 


Taxable LA $1,868 QSCB LA $8 Secondary Trade LA 627 

Taxable LA (% of U.S.) 1.2% QSCB LA (%) 0.1% Secondary Trade LA (%) 0.8% 

Taxable LA (Rank) 23 QSCB LA (Rank) 40 Secondary Trade LA (Rank) 31 


>250MM LA $295 RZEDB LA $4 $ in U.S. Millions 

>250MM LA (%) 0.2% RZEDB LA (%) 0.1% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM LA (Rank) 24 RZEDB LA (Rank) 40 

$1,000 


100 


Louisiana 

$ in Millions 

$800 

$600 

$400 

$200 

$0 

Aa 

250MM 


BBB 

NR 

A 

Aaa 

$ in Millions 

$1,500 

$1,000 

$500 

Obligor 

Number 

80 

60 

40 

20 

0 

250MM 

Sector 

Education 

Utilities 

General 

Purpose/Other 

$0 

Local 

Revenue 

State 

GO 


Healthcare 



Moody's/ 

S&P/Fitch 



EAST BATON ROUGE LA SWR COMMN 2/1/2045 $295.19 6.087 195 Aa2/AA‐/AA 05/20/2010 270618CN9 

LOUISIANA ST GAS & FUELS TAX R 5/1/2043 $121.2525 3.000 250 Aa2/AA/NA 05/27/2009 546475KH6 

LOUISIANA ST GAS & FUELS TAX R 5/1/2043 $103.13 FLOATING Aa2/AA/NA 05/06/2009 546475KG8 

TANGIPAHOA PARISH LA HOSP SVC 2/1/2042 $99.00 7.200 315 Aa3/AAA/NA 09/30/2009 875518EL2 

LOUISIANA ST GAS & FUELS TAX R 5/1/2043 $60.63 2.966 250 Aa2/AA/NA 06/25/2009 546475KL7 

EAST BATON ROUGE LA SWR COMMN 2/1/2030 $22.99 5.887 175 Aa2/AA‐/AA 05/20/2010 270618CM1 

LAFAYETTE LA PUB IMPT SALES TA 3/1/2033 $18.74 7.080 275 Aa3/AAA/AA 07/07/2009 5064845J9 

JEFFERSON LA SALES TAX DIST SP 12/1/2017 $15.34 5.450 190 Aa3/AAA/NA 05/28/2009 474176JD7 

NEW ORLEANS LA 12/1/2039 $11.35 8.800 427.6 A3/BBB/A‐ 

12/16/2009 64763FNR6 

JEFFERSON LA SALES TAX DIST SP 12/1/2016 $10.47 5.250 170 Aa3/AAA/NA 05/28/2009 474176JC9 



LAFAYETTE LA PUB IMPT SALES TA 3/1/2034 $3.64 7.230 290 Aa3/AAA/AA‐ 07/08/2009 5064846M1 

N/A 

34 



Maine 

State Summary ‐ Maine (ME) 

Rank 







Deficit i % of Gross State Product 1.71% 12 


Maine Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

ME 



Tax Exempt ME $1,660 BAB ME $23 Secondary Trade ME $575 

Tax Exempt ME (% of U.S.) 0.3% BAB ME (%) 0.0% Secondary Trade ME (%) 0.2% 

Tax Exempt ME (Rank) 42 BAB ME (Rank) 51 Secondary Trade ME (Rank) 41 


Taxable ME $207 QSCB ME NA Secondary Trade ME 265 

Taxable ME (% of U.S.) 0.1% QSCB ME (%) NA Secondary Trade ME (%) 0.3% 

Taxable ME (Rank) 44 QSCB ME (Rank) NA Secondary Trade ME (Rank) 40 


>250MM ME NA RZEDB ME $12 $ in U.S. Millions 

>250MM ME (%) NA RZEDB ME (%) 0.5% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM ME (Rank) NA RZEDB ME (Rank) 35 

$ in Millions 

$120 

$100 

$80 

$60 

$40 

$20 

$0 


20 


15 

10 

5 

0 


Maryland 

State Summary ‐ Maryland (MD) 

Rank 









Maryland Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Maryland 

MD 



Tax Exempt MD $7,085 BAB MD $2,908 Secondary Trade MD $4,664 

Tax Exempt MD (% of U.S.) 1.5% BAB MD (%) 2.4% Secondary Trade MD (%) 1.3% 

Tax Exempt MD (Rank) 20 BAB MD (Rank) 11 Secondary Trade MD (Rank) 21 


Taxable MD $3,389 QSCB MD $171 Secondary Trade MD 1087 

Taxable MD (% of U.S.) 2.1% QSCB MD (%) 3.0% Secondary Trade MD (%) 1.3% 

Taxable MD (Rank) 13 QSCB MD (Rank) 11 Secondary Trade MD (Rank) 22 


>250MM MD $349 RZEDB MD $56 $ in U.S. Millions 

>250MM MD (%) 0.3% RZEDB MD (%) 2.3% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM MD (Rank) 22 RZEDB MD (Rank) 15 

$ in Millions 

$1,200 


$1,000 

$800 

$600 

$400 

$200 

$0 

200 

100 

0 

250MM 

250MM 


BBB 

A 

Aaa 

Aa 

$ in Millions 

Obligor 

$2,000 

$1,500 

$1,000 

$500 

Number 

400 


300 

Sector 

Utilities 

Education 


$0 

Local 

Revenue 

State 

GO 


Housing 

Healthcare 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



MARYLAND ST TRANSN AUTH TRANSN 7/1/2043 $349.37 5.888 140 Aa3/AA‐/AA‐ 12/10/2009 574300HZ5 

MARYLAND ST TRANSN AUTH TRANSN 7/1/2041 $200.0606 5.754 165 Aa3/AA‐/AA‐ 07/14/2010 574300JQ3 

MARYLAND ST TRANSN AUTH TRANSN 7/1/2029 $101.15 5.788 130 Aa3/AA‐/AA‐ 12/10/2009 574300HY8 

MARYLAND ST 3/1/2025 $62.17 4.600 90 Aaa/AAA/AAA 02/24/2010 5741925F3 

MARYLAND ST 3/1/2024 $60.37 4.500 80 Aaa/AAA/AAA 02/24/2010 5741925E6 

MARYLAND ST 3/1/2023 $58.66 4.400 70 Aaa/AAA/AAA 02/24/2010 5741925D8 

MARYLAND ST 3/1/2022 $57.01 4.300 60 Aaa/AAA/AAA 02/24/2010 5741925C0 

MARYLAND ST 3/1/2021 $55.43 4.200 50 Aaa/AAA/AAA 02/24/2010 5741925B2 

MARYLAND ST 3/1/2020 $53.91 4.100 40 Aaa/AAA/AAA 02/24/2010 5741925A4 

MARYLAND ST 3/1/2019 $52.45 4.000 Aaa/AAA/AAA 02/24/2010 5741924Z0 


MARYLAND ST 8/1/2025 $45.18 4.350 137 Aaa/AAA/AAA 07/28/2010 5741926N5 

36 


MONTGOMERY CNTY MD 8/1/2023 $2.96 4.750 172 Aaa/AAA/AAA 07/08/2010 613340R75 



MONTGOMERY CNTY MD 8/1/2026 $2.96 5.000 197 Aaa/AAA/AAA 07/08/2010 613340S25 

MONTGOMERY CNTY MD 8/1/2027 $2.96 5.100 207 Aaa/AAA/AAA 07/08/2010 613340S33 

N/A 



Massachusetts 

State Summary ‐ Massachusetts (MA) 

Rank 









Massachusetts Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

MA 



Tax Exempt MA $14,836 BAB MA $2,697 Secondary Trade MA $6,411 

Tax Exempt MA (% of U.S.) 3.1% BAB MA (%) 2.2% Secondary Trade MA (%) 1.7% 

Tax Exempt MA (Rank) 7 BAB MA (Rank) 13 Secondary Trade MA (Rank) 17 


Taxable MA $3,250 QSCB MA $206 Secondary Trade MA 957 

Taxable MA (% of U.S.) 2.0% QSCB MA (%) 3.6% Secondary Trade MA (%) 1.2% 

Taxable MA (Rank) 15 QSCB MA (Rank) 9 Secondary Trade MA (Rank) 24 


>250MM MA $1,759 RZEDB MA $17 $ in U.S. Millions 

>250MM MA (%) 1.3% RZEDB MA (%) 0.7% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM MA (Rank) 7 RZEDB MA (Rank) 31 

$ in Millions 

$2,000 

$1,500 

$1,000 

$500 

$0 

A 


250MM 


BBB 

NR 

Aaa 

$ in Millions 

Obligor 

$2,500 

$2,000 

$1,500 

$1,000 

$500 

Number 

140 

120 

100 

80 

60 

40 

20 

0 


250MM 


Sector 

Utilities 


Housing 

Education 

Healthcare 

Massachusetts 

Aa 

$0 

Local 

Revenue 

State 

GO 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



MASSACHUSETTS ST 12/1/2039 $756.45 5.456 120 Aa1/AA/AA+ 12/01/2009 57582PUE8 

MASSACHUSETTS ST SCH BLDG AUTH 8/15/2039 $450.0000 5.715 125 Aa1/AA+/AA+ 12/10/2009 576000KV4 

MASSACHUSETTS ST 5/1/2029 $300.00 4.910 52 Aa1/AA/AA+ 05/05/2010 57582PUT5 

MASSACHUSETTS ST WTR POLLUTN A 8/1/2040 $252.60 5.192 125 Aaa/AAA/AAA 06/30/2010 57604P5P5 

MASSACHUSETTS ST 1/1/2030 $200.00 5.306 105 Aa1/AA/AA+ 12/01/2009 57582PUD0 

MASSACHUSETTS BAY TRANSN AUTH 7/1/2039 $177.00 5.569 140 Aa1/AAA/NA 10/20/2009 575579VP9 

UNIVERSITY MASS BLDG AUTH PROJ 5/1/2039 $167.09 6.573 230 Aa2/A+/NA 10/15/2009 914440KK7 

UNIVERSITY MASS BLDG AUTH PROJ 5/1/2029 $104.77 6.423 215 Aa2/A+/NA 10/15/2009 914440KJ0 

MASSACHUSETTS ST 5/1/2027 $75.00 4.760 37 Aa1/AA/AA+ 05/05/2010 57582PUS7 

MASSACHUSETTS ST 5/1/2026 $35.00 4.680 112 Aa1/AA/AA+ 05/05/2010 57582PUR9 


MASSACHUSETTS ST SCH BLDG AUTH 6/15/2027 $151.00 5.468 125 Aa2/AA/AA 06/15/2010 576000KW2 

SPRINGFIELD MASS 6/1/2027 $17.86 6.000 275 Aa2/AA‐/NA 

06/10/2010 850752LP9 

BOSTON MASS 4/1/2022 $3.49 4.800 92 Aaa/AA+/NA 03/25/2010 100853ME7 

BOSTON MASS 4/1/2023 $3.49 5.000 112 Aaa/AA+/NA 03/25/2010 100853MF4 

BOSTON MASS 4/1/2024 $3.49 5.100 122 Aaa/AA+/NA 03/25/2010 100853MG2 


BOSTON MASS 4/1/2020 $2.39 4.100 165 Aaa/AA+/NA 03/19/2010 100853LT5 

BOSTON MASS 4/1/2019 $2.34 4.000 155 Aaa/AA+/NA 03/19/2010 100853LS7 

BOSTON MASS 4/1/2018 $2.28 3.900 145 Aaa/AA+/NA 03/19/2010 100853LR9 

BOSTON MASS 4/1/2017 $2.24 3.700 125 Aaa/AA+/NA 03/19/2010 100853LQ1 

BOSTON MASS 4/1/2016 $2.20 3.250 80 Aaa/AA+/NA 03/19/2010 100853LP3 

N/A 


37


Michigan 

State Summary ‐ Michigan (MI) 

Rank 









Michigan Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

Moody's 

Recalibration 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Michigan 

MI 



Tax Exempt MI $6,957 BAB MI $2,212 Secondary Trade MI $11,889 

Tax Exempt MI (% of U.S.) 1.4% BAB MI (%) 1.8% Secondary Trade MI (%) 3.2% 

Tax Exempt MI (Rank) 22 BAB MI (Rank) 15 Secondary Trade MI (Rank) 7 


Taxable MI $4,036 QSCB MI $356 Secondary Trade MI 3127 

Taxable MI (% of U.S.) 2.5% QSCB MI (%) 6.3% Secondary Trade MI (%) 3.8% 

Taxable MI (Rank) 9 QSCB MI (Rank) 3 Secondary Trade MI (Rank) 5 


>250MM MI $282 RZEDB MI $115 $ in U.S. Millions 

>250MM MI (%) 0.2% RZEDB MI (%) 4.6% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM MI (Rank) 25 RZEDB MI (Rank) 5 

$ in Millions 

$2,000 

$1,500 

$1,000 

$500 

$0 


250MM 


NR 

Aaa 

BBB 

A 

Aa 

$ in Millions 

Obligor 

$4,000 

$3,000 

$2,000 

$1,000 

$0 

Local 

State 

Revenue 

GO 

Number 

1400 

1200 

1000 

800 

600 

400 

200 

0 


250MM 


Sector 

Utilities 


Healthcare 

General 

Education 

Purpose/Other 

38 



Moody's/ 

S&P/Fitch 



MICHIGAN ST 9/15/2027 $281.91 7.625 325 Aa3/AA/NA 06/17/2009 5946105T0 

MICHIGAN ST UNIV REVS 2/15/2050 $205.0000 6.173 150 Aa1/AA/NA 04/20/2010 594712PP0 

DETROIT MICH CITY SCH DIST 5/1/2039 $181.05 7.747 325 Aa2/AA‐/NA 12/16/2009 2511295D0 

UNIVERSITY MICH UNIV REVS 4/1/2030 $78.27 5.513 87 Aaa/AAA/NA 01/13/2010 914455JZ4 

UNIVERSITY MICH UNIV REVS 4/1/2040 $77.59 5.593 95 Aaa/AAA/NA 01/13/2010 914455KA7 

UNIVERSITY MICH UNIV REVS 4/1/2030 $42.71 6.172 160 Aaa/AAA/NA 06/16/2009 914455JT8 

VAN BUREN MICH PUB SCHS 5/1/2039 $36.81 6.580 240 Aa2/AA‐/NA 05/13/2009 920729HE3 

EASTERN MICH UNIV REVS 2/15/2034 $28.01 7.110 255 A1/A‐/NA 05/28/2009 276731YF7 

BARAGA CNTY MICH MEM HOSP REV 9/20/2036 $25.12 6.500 201 NA/AAA/NA 01/21/2010 067054AA4 

EASTERN MICH UNIV REVS 2/15/2038 $21.23 7.210 265 A1/A‐/NA 05/28/2009 276731YG5 


OXFORD MICH CMNTY SCHS 5/1/2027 $15.00 6.625 284 NA/AA‐/NA 04/20/2010 691610BF5 

DEARBORN MICH SCH DIST 5/1/2027 $15.00 6.625625 347 NA/AAA/NA 

05/25/2010 242595RG3 

MARSHALL MICH PUB SCHS DIST 5/1/2027 $15.00 6.375 312 NA/AA‐/NA 06/01/2010 572461MC2 

WARREN MICH CONS SCH DIST 5/1/2027 $15.00 6.375 302 NA/AA/NA 

06/03/2010 935341YB7 

HOLLAND MICH SCH DIST 5/1/2027 $15.00 6.300 312 NA/AA‐/NA 06/08/2010 435236HT4 


KENT CNTY MICH BLDG AUTH 12/1/2030 $12.63 6.250 185 Aaa/AAA/NA 11/10/2009 490303HZ0 

KENT CNTY MICH BLDG AUTH 12/1/2024 $8.81 5.730 225 Aaa/AAA/NA 11/10/2009 490303HY3 

NORTH GRATIOT INTERCEPTOR 5/1/2035 $4.56 6.350 173 NA/AAA/NA 04/28/2010 65949KCB6 

CALHOUN CNTY MICH 4/1/2031 $2.87 6.550 232 NA/AA‐/NA 06/10/2010 129644UH1 

CASSOPOLIS MICH PUB SCH DIST 5/1/2030 $2.64 6.500 239 NA/AA‐/NA 06/09/2010 148303EV8 

N/A 



Minnesota 

State Summary ‐ Minnesota (MN) 

Rank 









Minnesota Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

MN 



Tax Exempt MN $7,614 BAB MN $778 Secondary Trade MN $2,716 

Tax Exempt MN (% of U.S.) 1.6% BAB MN (%) 0.6% Secondary Trade MN (%) 0.7% 

Tax Exempt MN (Rank) 17 BAB MN (Rank) 30 Secondary Trade MN (Rank) 28 


Taxable MN $1,773 QSCB MN $105 Secondary Trade MN 1035 

Taxable MN (% of U.S.) 1.1% QSCB MN (%) 1.9% Secondary Trade MN (%) 1.3% 

Taxable MN (Rank) 25 QSCB MN (Rank) 21 Secondary Trade MN (Rank) 23 


>250MM MN NA RZEDB MN $38 $ in U.S. Millions 

>250MM MN (%) NA RZEDB MN (%) 1.5% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM MN (Rank) NA RZEDB MN (Rank) 20 

$ in Millions 

$2,000 

$1,500 

$1,000 

$500 

Aa 

$0 



Mississippi 

State Summary ‐ Mississippi (MS) 

Rank 









Mississippi Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Mississippi 

MS 



Tax Exempt MS $2,582 BAB MS $327 Secondary Trade MS $2,415 

Tax Exempt MS (% of U.S.) 0.5% BAB MS (%) 0.3% Secondary Trade MS (%) 0.7% 

Tax Exempt MS (Rank) 40 BAB MS (Rank) 36 Secondary Trade MS (Rank) 33 


Taxable MS $967 QSCB MS NA Secondary Trade MS 459 

Taxable MS (% of U.S.) 0.6% QSCB MS (%) NA Secondary Trade MS (%) 0.6% 

Taxable MS (Rank) 33 QSCB MS (Rank) NA Secondary Trade MS (Rank) 35 


>250MM MS NA RZEDB MS $23 $ in U.S. Millions 

>250MM MS (%) NA RZEDB MS (%) 0.9% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM MS (Rank) NA RZEDB MS (Rank) 27 

$ in Millions 

$350 

$300 

$250 

$200 

$150 

$100 

$50 

$0 



Missouri 

State Summary ‐ Missouri (MO) 

Rank 









Missouri Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

MO 



Tax Exempt MO $6,570 BAB MO $1,944 Secondary Trade MO $7,785 

Tax Exempt MO (% of U.S.) 1.4% BAB MO (%) 1.6% Secondary Trade MO (%) 2.1% 

Tax Exempt MO (Rank) 23 BAB MO (Rank) 18 Secondary Trade MO (Rank) 12 


Taxable MO $3,293 QSCB MO $235 Secondary Trade MO 1482 

Taxable MO (% of U.S.) 2.0% QSCB MO (%) 4.1% Secondary Trade MO (%) 1.8% 

Taxable MO (Rank) 14 QSCB MO (Rank) 7 Secondary Trade MO (Rank) 17 


>250MM MO $1,352 RZEDB MO $163 $ in U.S. Millions 

>250MM MO (%) 1.0% RZEDB MO (%) 6.6% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM MO (Rank) 9 RZEDB MO (Rank) 3 

$ in Millions 

$1,600 

$1,400 

$1,200 

$1,000 

$800 

$600 

$400 

$200 

$0 

A 


250MM 


BBB 

NR 

Aa 

Aaa 

$ in Millions 

$2,000 

$1,000 

$0 

Local 

Revenue 

Obligor 

State 

GO 

Number 

800 

600 

400 

200 

0 


250MM 



Healthcare 



Moody's/ 

S&P/Fitch 



MISSOURI ST HWYS & TRANS COMMN 5/1/2033 $273.30 5.445 120 Aa1/AA+/AA‐ 09/16/2009 60636WNU5 

CURATORS UNIV MO SYS FACS REV 11/1/2039 $256.30 5.960 155 Aa1/AA/NA 07/16/2009 231266FD4 

MISSOURI JT MUN ELEC UTIL COMM 1/1/2042 $119.91 6.890 240 A3/NA/A‐ 

12/10/2009 606092ET7 

MISSOURI ST HWYS & TRANS COMMN 5/1/2029 $106.24 5.633 137 Aa2/AA+/AA 10/28/2009 60636WPE9 

METROPOLITAN ST LOUIS MO SWR 5/1/2039 $85.00 5.856 115 Aa1/AA+/AAA 01/14/2010 592481CA1 

MISSOURI JT MUN ELEC UTIL COMM 1/1/2039 $48.60 7.730 320 Baa1/BBB‐/A‐ 08/13/2009 606092EF7 

JOHNSON CNTY MO HOSP REV 10/1/2012 $34.00 2.000 105 MIG1/NA/NA 04/27/2010 478812BH2 

MISSOURI ST HWYS & TRANS COMMN 5/1/2026 $33.93 5.252 180 Aa1/AA+/AA‐ 09/16/2009 60636WNT8 

MISSOURI JT MUN ELEC UTIL COMM 1/1/2029 $30.85 6.790 230 A3/NA/A‐ 

12/10/2009 606092ES9 

MISSOURI ST HWYS & TRANS COMMN 5/1/2025 $25.44 5.152 170 Aa1/AA+/AA‐ 09/16/2009 60636WNS0 


JACKSON CNTY MO REORG SCH DIST 3/1/2027 $6.45 5.480 256 Aa1/NA/NA 07/16/2010 467520TQ5 

INDEPENDENCE MO SCH DIST 3/1/2027 $5.93 5.350 125 NA/AA+/NA 

06/08/2010 453722KG4 

RIVERVIEW GARDENS MO SCH DIST 4/1/2026 $4.66 5.700 245 NA/AA+/NA 06/14/2010 769416MG0 

WEBSTER GROVES MO SCH DIST 3/1/2027 $4.25 5.700 259 NA/AA+/NA 06/23/2010 948050HM4 

CAPE GIRARDEAU MO SCH DIST NO 3/1/2027 $4.20 5.350 217 NA/AA+/NA 06/08/2010 139465GU6 


ST LOUIS MO INDL DEV AUTH 3/15/2050 $13.00 5.890 183 NA/AA‐/AA‐ 06/25/2010 79164TAW2 

ST LOUIS MO INDL DEV AUTH 3/15/2046 $10.52 7.250 319 NA/AA‐/AA‐ 06/25/2010 79164TAS1 

SPRINGFIELD MO SCH DIST NO R 1 3/1/2030 $10.07 5.660 120 NA/AA+/NA 05/04/2010 851035QP3 

CASS CNTY MO 3/1/2027 $10.00 5.600 240 NA/AA‐/NA 06/10/2010 147843AN6 

ST LOUIS MO INDL DEV AUTH 3/15/2040 $8.38 7.000 294 NA/AA‐/AA‐ 06/25/2010 79164TAR3 

N/A 

Utilities 

General 

Purpose/Other 

Sector 

Education 


41 

Missouri


Montana 

State Summary ‐ Montana (MT) 

Rank 





Surplus (Deficit) ($ in Millions) NA NA 

Deficit % of Gen Fund Budget NA NA 

Deficit % of Gross State Product NA NA 


Montana Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Montana 

MT 



Tax Exempt MT $446 BAB MT NA Secondary Trade MT $28 

Tax Exempt MT (% of U.S.) 0.1% BAB MT (%) NA Secondary Trade MT (%) 0.0% 

Tax Exempt MT (Rank) 53 BAB MT (Rank) NA Secondary Trade MT (Rank) 53 


Taxable MT $30 QSCB MT $30 Secondary Trade MT 9 

Taxable MT (% of U.S.) 0.0% QSCB MT (%) 0.5% Secondary Trade MT (%) 0.0% 

Taxable MT (Rank) 54 QSCB MT (Rank) 31 Secondary Trade MT (Rank) 53 


>250MM MT NA RZEDB MT NA $ in U.S. Millions 

>250MM MT (%) NA RZEDB MT (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM MT (Rank) NA RZEDB MT (Rank) NA 

$ in Millions 

$35 

$30 

$25 

$20 

$15 

$10 

$5 

$0 



Nebraska 

State Summary ‐ Nebraska (NE) 

Rank 









Nebraska Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 

S&P Rating 

NE 



Tax Exempt NE $2,973 BAB NE $466 Secondary Trade NE $1,058 

Tax Exempt NE (% of U.S.) 0.6% BAB NE (%) 0.4% Secondary Trade NE (%) 0.3% 

Tax Exempt NE (Rank) 38 BAB NE (Rank) 35 Secondary Trade NE (Rank) 39 


Taxable NE $623 QSCB NE $18 Secondary Trade NE 302 

Taxable NE (% of U.S.) 0.4% QSCB NE (%) 0.3% Secondary Trade NE (%) 0.4% 

Taxable NE (Rank) 37 QSCB NE (Rank) 36 Secondary Trade NE (Rank) 38 


>250MM NE NA RZEDB NE $4 $ in U.S. Millions 

>250MM NE (%) NA RZEDB NE (%) 0.2% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM NE (Rank) NA RZEDB NE (Rank) 39 

$ in Millions 

$250 


$200 

$150 

$100 

$50 

$0 


Nevada 

State Summary ‐ Nevada (NV) 

Rank 









Nevada Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Nevada 

NV 



Tax Exempt NV $3,686 BAB NV $1,971 Secondary Trade NV $4,268 

Tax Exempt NV (% of U.S.) 0.8% BAB NV (%) 1.6% Secondary Trade NV (%) 1.2% 

Tax Exempt NV (Rank) 34 BAB NV (Rank) 17 Secondary Trade NV (Rank) 22 


Taxable NV $2,145 QSCB NV $116 Secondary Trade NV 1132 

Taxable NV (% of U.S.) 1.3% QSCB NV (%) 2.0% Secondary Trade NV (%) 1.4% 

Taxable NV (Rank) 19 QSCB NV (Rank) 18 Secondary Trade NV (Rank) 21 


>250MM NV $704 RZEDB NV $57 $ in U.S. Millions 

>250MM NV (%) 0.5% RZEDB NV (%) 2.3% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM NV (Rank) 11 RZEDB NV (Rank) 14 

$ in Millions 

$800 


$700 

$600 

$500 

$400 

$300 

$200 

$100 

$0 

250MM 


Obligor 

$2,500 

Aaa 

A 

$2,000 

$ in Millions 

$1,500 

$1,000 

$500 

Number 

150 

100 

50 

0 


250MM 

Sector 

Education 

Utilities 

General 

Purpose/Other 

44 

Aa 

$0 



Moody's/ 

S&P/Fitch 



CLARK CNTY NEV ARPT REV 7/1/2045 $454.28 6.820 225 Aa2/AA‐/NA 02/09/2010 18085PMT8 

CLARK CNTY NEV ARPT REV 7/1/2042 $300.00 6.881 262 Aa2/AA‐/NA 09/16/2009 18085PLL6 

LAS VEGAS VY NEV WTR DIST 6/1/2039 $250.00 7.013 251.3 Aa1/AA+/NA 12/10/2009 517840S54 

NORTH LAS VEGAS NEV 6/1/2040 $118.80 6.572 235 Aa2/A+/AA‐ 05/27/2010 660393L80 

LAS VEGAS NEV CTFS PARTN 9/1/2039 $105.36 7.800 380 Aa2/AA‐/AA 12/02/2009 517705AP4 

LAS VEGAS VY NEV WTR DIST 6/1/2034 $98.12 7.263 276.3 Aa1/AA+/NA 12/10/2009 517840S47 

LAS VEGAS VY NEV WTR DIST 6/1/2039 $90.00 7.100 260 Aa1/AA+/NA 07/23/2009 517840Q80 

CLARK CNTY NEV 11/1/2038 $66.03 7.250 260 Aaa/AA+/NA 06/09/2009 180848DY6 

LAS VEGAS VY NEV WTR DIST 3/1/2040 $47.89 5.700 165 Aa1/AA+/NA 05/25/2010 517840W26 

CLARK CNTY NEV 7/1/2038 $41.45 6.754 205 Aaa/AA+/NA 01/13/2010 180848FS7 


CLARK CNTY NEV SCH DIST 6/15/2024 $101.15 5.510 325 Aa1/AA/AA 06/17/2010 181059QF6 

CLARK CNTY NEV SCH DIST 6/15/2020 $6.25 5.510510 300 Aa1/AA/AA 

06/17/2010 181059QH2 

WASHOE CNTY NEV SCH DIST 5/1/2027 $2.80 6.000 272 Aa2/AA/NA 05/07/2010 940858Q30 

CLARK CNTY NEV SCH DIST 6/15/2020 $2.76 5.510 300 Aa1/AA/AA 06/17/2010 181059QG4 

DOUGLAS CNTY NEV SCH DIST 4/1/2027 $2.00 6.421 265 NA/AA‐/NA 04/30/2010 259381KA8 


WASHOE CNTY NEV HIGHWAY REV 2/1/2040 $10.00 7.238 261 A1/AA‐/NA 02/24/2010 940839BA0 

WASHOE CNTY NEV SCH DIST 6/1/2024 $5.74 6.070 260 Aa2/AA/AA 10/28/2009 940858L92 




N/A 


Local 

Revenue 

State 

GO 

Transportation


New Hampshire 

State Summary ‐ New Hampshire (NH) 

Rank 









New Hampshire Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

NH 



Tax Exempt NH $1,877 BAB NH $238 Secondary Trade NH $984 

Tax Exempt NH (% of U.S.) 0.4% BAB NH (%) 0.2% Secondary Trade NH (%) 0.3% 

Tax Exempt NH (Rank) 41 BAB NH (Rank) 39 Secondary Trade NH (Rank) 40 


Taxable NH $240 QSCB NH NA Secondary Trade NH 300 

Taxable NH (% of U.S.) 0.1% QSCB NH (%) NA Secondary Trade NH (%) 0.4% 

Taxable NH (Rank) 42 QSCB NH (Rank) NA Secondary Trade NH (Rank) 39 


>250MM NH NA RZEDB NH NA $ in U.S. Millions 

>250MM NH (%) NA RZEDB NH (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM NH (Rank) NA RZEDB NH (Rank) NA 

$ in Millions 

$140 

$120 

$100 

$80 

$60 

$40 

$20 

$0 



New Jersey 

State Summary ‐ New Jersey (NJ) 

Rank 



Population Density (Sq Miles) 1,174.0 1 






New Jersey Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

New Jersey 

NJ 



Tax Exempt NJ $14,220 BAB NJ $3,738 Secondary Trade NJ $12,461 

Tax Exempt NJ (% of U.S.) 3.0% BAB NJ (%) 3.1% Secondary Trade NJ (%) 3.4% 

Tax Exempt NJ (Rank) 9 BAB NJ (Rank) 7 Secondary Trade NJ (Rank) 6 


Taxable NJ $4,423 QSCB NJ NA Secondary Trade NJ 2858 

Taxable NJ (% of U.S.) 2.8% QSCB NJ (%) NA Secondary Trade NJ (%) 3.5% 

Taxable NJ (Rank) 7 QSCB NJ (Rank) NA Secondary Trade NJ (Rank) 8 


>250MM NJ $2,899 RZEDB NJ $23 $ in U.S. Millions 

>250MM NJ (%) 2.1% RZEDB NJ (%) 0.9% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM NJ (Rank) 6 RZEDB NJ (Rank) 26 

$ in Millions 

$3,500 

$3,000 

$2,500 

$2,000 

$1,500 

$1,000 

$500 

$0 

BBB 

A 


250MM 


NR 

Aaa 

Aa 

$ in Millions 

$3,500 

$3,000 

$2,500 

$2,000 

$1,500 

$1,000 

$500 

$0 

Local 

Revenue 

Obligor 

State 

GO 

Number 

350 

300 

250 

200 

150 

100 

50 

0 


250MM 


Utilities 

Sector 

Education 

General 

Purpose/Other 

Healthcare 




Moody's/ 

S&P/Fitch 



NEW JERSEY ST TPK AUTH TPK REV 1/1/2040 $1,375.00 7.414 370 A3/A+/A 04/20/2009 646139W35 

NEW JERSEY ECONOMIC DEV AUTH 6/15/2013 $750.0000 1.480 66 Aa3/AA‐/AA‐ 05/13/2010 645918YG2 

NEW JERSEY ST TRANSN TR FD 12/15/2040 $500.00 6.561 188.1 Aa3/AA‐/AA‐ 01/07/2010 646136XR7 

NEW JERSEY ST TRANSN TR FD 12/15/2039 $273.50 6.875 240 Aa3/AA‐/AA‐ 05/27/2009 646136WV9 

NEW JERSEY ECONOMIC DEV AUTH 12/15/2035 $104.12 6.425 175 Aa3/AA‐/AA‐ 04/23/2010 645918YE7 

SOUTH JERSEY TRANSN AUTH N J 11/1/2038 $96.26 7.000 270 A3/A‐/BBB+ 07/23/2009 838536ER7 

SOUTH JERSEY PORT CORP N J REV 1/1/2040 $84.83 7.365 275 Aa3/A/NA 

12/22/2009 838530NL3 

SOUTH JERSEY PORT CORP N J REV 1/1/2029 $29.99 7.065 245 Aa3/A/NA 12/22/2009 838530MZ3 

MERCER CNTY N J IMPT AUTH REV 4/1/2034 $23.32 6.370 185 Aa1/AA+/NA 08/13/2009 587845GB8 

NEW JERSEY ST EDL FACS AUTH 7/1/2040 $22.12 7.395 272 A2/A/AA 01/06/2010 646065A44 



ELIZABETH N J PKG AUTH PROJ 11/1/2040 $8.76 7.000 295 A1/NA/NA 05/25/2010 69372WAQ7 

ELIZABETH N J PKG AUTH PROJ 11/1/2030 $3.01 6.705 265 A1/NA/NA 

05/25/2010 69372WAP9 

ELIZABETH N J PKG AUTH PROJ 11/1/2025 $1.24 6.008 285 A1/NA/NA 05/25/2010 69372WAN4 

N/A 

46 



New Mexico 

State Summary ‐ New Mexico (NM) 

Rank 










New Mexico Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

NM 



Tax Exempt NM $4,258 BAB NM $110 Secondary Trade NM $517 

Tax Exempt NM (% of U.S.) 0.9% BAB NM (%) 0.1% Secondary Trade NM (%) 0.1% 

Tax Exempt NM (Rank) 33 BAB NM (Rank) 44 Secondary Trade NM (Rank) 43 


Taxable NM $223 QSCB NM $18 Secondary Trade NM 168 

Taxable NM (% of U.S.) 0.1% QSCB NM (%) 0.3% Secondary Trade NM (%) 0.2% 

Taxable NM (Rank) 43 QSCB NM (Rank) 35 Secondary Trade NM (Rank) 44 


>250MM NM NA RZEDB NM NA $ in U.S. Millions 

>250MM NM (%) NA RZEDB NM (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM NM (Rank) NA RZEDB NM (Rank) NA 

$ in Millions 

$160 


$140 

$120 

$100 

$80 

$60 

$40 

$20 

$0 


New York 

State Summary ‐ New York (NY) 

Rank 




2008 Gross State Production ($ Millions) $1,144,481.00 3 





New York Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

Moody's 

Recalibration 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

New York 

NY 



Tax Exempt NY $47,373 BAB NY $13,225 Secondary Trade NY $35,231 

Tax Exempt NY (% of U.S.) 9.9% BAB NY (%) 11.0% Secondary Trade NY (%) 9.5% 

Tax Exempt NY (Rank) 2 BAB NY (Rank) 2 Secondary Trade NY (Rank) 2 


Taxable NY $17,339 QSCB NY $309 Secondary Trade NY 6635 

Taxable NY (% of U.S.) 10.8% QSCB NY (%) 5.4% Secondary Trade NY (%) 8.1% 

Taxable NY (Rank) 2 QSCB NY (Rank) 4 Secondary Trade NY (Rank) 3 


>250MM NY $8,722 RZEDB NY $19 $ in U.S. Millions 

>250MM NY (%) 6.4% RZEDB NY (%) 0.8% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM NY (Rank) 2 RZEDB NY (Rank) 30 

$ in Millions 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 

A 


250MM 


BBB 

NR 

Aaa 

Aa 

$ in Millions 

$15,000 

$10,000 

$5,000 

$0 

Local 

Revenue 

Obligor 

State 

GO 

Number 

300 

250 

200 

150 

100 

50 

0 


250MM 



Housing 

Utilities Sector 

Healthcare 

Education 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



METROPOLITAN TRANSN AUTH N Y D 11/15/2039 $750.00 7.336 350 NA/AA/AA‐ 04/23/2009 59259NZH9 

NEW YORK ST DORM AUTH ST PERS 3/15/2039 $577.21 5.628 130 NA/AAA/AA 08/18/2009 649902ZQ9 

NEW YORK ST URBAN DEV CORP REV 3/15/2039 $576.08 5.770 150 NA/AAA/AA 11/17/2009 650035TD0 

NEW YORK N Y CITY TRANSITIONAL 8/1/2036 $472.05 5.767 152.7 Aa1/AAA/AAA 10/16/2009 64971MZG0 

NEW YORK N Y CITY MUN WTR FIN 6/15/2041 $403.39 5.750 140 Aa2/AA+/AA+ 10/27/2009 64972FH25 

NEW YORK N Y CITY MUN WTR FIN 6/15/2042 $375.00 6.011 131 Aa2/AA+/AA+ 03/09/2010 64972FL20 

METROPOLITAN TRANSN AUTH N Y 11/15/2039 $363.95 6.668 200 A2/A/A+ 

01/06/2010 59259YBY4 

NEW YORK N Y 10/1/2031 $355.34 5.206 118 Aa2/AA/AA 09/30/2009 64966HMV9 

NEW YORK ST DORM AUTH ST PERS 3/15/2040 $344.55 5.600 151 NA/AAA/AA 05/26/2010 649902T37 

NEW YORK N Y 6/1/2035 $326.81 6.246 210 Aa2/AA/AA 06/09/2010 64966HYX2 


NEW YORK N Y CITY TRANSITIONAL 5/1/2027 $250.00 5.267 95 Aa1/AAA/AAA 05/18/2010 64971MT44 

48 


NEW YORK ST MUN BD BK AGY 4/15/2025 $17.18 5.952 248 NA/A/NA 05/14/2010 64988VDP5 

NEW YORK ST MUN BD BK AGY 5/15/2025 $11.73 5.822 235 NA/A+/NA 

05/14/2010 64988VDM2 

NEW YORK ST MUN BD BK AGY 5/15/2033 $5.49 6.406 205 NA/A+/NA 05/14/2010 64988VDK6 

NEW YORK ST MUN BD BK AGY 5/15/2020 $4.95 5.172 170 NA/A+/NA 

05/14/2010 64988VDJ9 

NEW YORK ST MUN BD BK AGY 5/15/2019 $4.92 5.022 155 NA/A+/NA 05/14/2010 64988VDH3 

N/A 



North Carolina 

State Summary ‐ North Carolina (NC) 

Rank 









North Carolina Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

NC 



Tax Exempt NC $12,273 BAB NC $905 Secondary Trade NC $2,538 

Tax Exempt NC (% of U.S.) 2.6% BAB NC (%) 0.8% Secondary Trade NC (%) 0.7% 

Tax Exempt NC (Rank) 12 BAB NC (Rank) 28 Secondary Trade NC (Rank) 29 


Taxable NC $1,640 QSCB NC $47 Secondary Trade NC 903 

Taxable NC (% of U.S.) 1.0% QSCB NC (%) 0.8% Secondary Trade NC (%) 1.1% 

Taxable NC (Rank) 27 QSCB NC (Rank) 25 Secondary Trade NC (Rank) 26 


>250MM NC $512 RZEDB NC $133 $ in U.S. Millions 

>250MM NC (%) 0.4% RZEDB NC (%) 5.4% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM NC (Rank) 17 RZEDB NC (Rank) 4 

$ in Millions 

$600 


$500 

$400 

$300 

$200 

$100 

$0 

80 

60 

40 

20 

0 

250MM 


North Dakota 

State Summary ‐ North Dakota (ND) 

Rank 





Surplus (Deficit) ($ in Millions) NA NA 

Deficit % of Gen Fund Budget NA NA 

Deficit % of Gross State Product NA NA 


North Dakota Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

ND 



Tax Exempt ND $753 BAB ND $58 Secondary Trade ND $133 

Tax Exempt ND (% of U.S.) 0.2% BAB ND (%) 0.0% Secondary Trade ND (%) 0.0% 

Tax Exempt ND (Rank) 49 BAB ND (Rank) 46 Secondary Trade ND (Rank) 52 


Taxable ND $103 QSCB ND $32 Secondary Trade ND 46 

Taxable ND (% of U.S.) 0.1% QSCB ND (%) 0.6% Secondary Trade ND (%) 0.1% 

Taxable ND (Rank) 50 QSCB ND (Rank) 29 Secondary Trade ND (Rank) 51 


>250MM ND NA RZEDB ND $12 $ in U.S. Millions 

>250MM ND (%) NA RZEDB ND (%) 0.5% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM ND (Rank) NA RZEDB ND (Rank) 34 

$100 


200 


North Dakota 

$ in Millions 

$80 

$60 

$40 

$20 

$0 


Ohio 

State Summary ‐ Ohio (OH) 

Rank 









Ohio Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

OH 



Tax Exempt OH $13,249 BAB OH $3,324 Secondary Trade OH $7,399 

Tax Exempt OH (% of U.S.) 2.8% BAB OH (%) 2.8% Secondary Trade OH (%) 2.0% 

Tax Exempt OH (Rank) 10 BAB OH (Rank) 9 Secondary Trade OH (Rank) 13 


Taxable OH $4,326 QSCB OH $230 Secondary Trade OH 2378 

Taxable OH (% of U.S.) 2.7% QSCB OH (%) 4.0% Secondary Trade OH (%) 2.9% 

Taxable OH (Rank) 8 QSCB OH (Rank) 8 Secondary Trade OH (Rank) 9 


>250MM OH $581 RZEDB OH $324 $ in U.S. Millions 

>250MM OH (%) 0.4% RZEDB OH (%) 13.1% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM OH (Rank) 14 RZEDB OH (Rank) 2 

$2,000 


800 


$ in Millions 

$1,500 

$1,000 

Number 

600 

400 

$500 

200 

$0 

250MM 

0 

250MM 

Ohio 

A 


BBB 

NR 

Aaa 

$ in Millions 

$5,000 

$2,500 

Obligor 

Utilities 

Sector 

Education 

Aa 

$0 

Local 

Revenue 

State 

GO 



Housing 

Healthcare 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



AMERICAN MUN PWR‐OHIO INC 2/15/2044 $308.37 6.449 215 A2/A/A 11/19/2009 02765UCY8 

AMERICAN MUN PWR‐OHIO INC 2/15/2043 $272.52 6.053 200 A1/A/A 10/01/2009 02765UCR3 

HAMILTON CNTY OHIO SEWER SYS R 12/1/2034 $100.17 6.500 200 Aa2/AA+/NA 08/11/2009 407288WT2 

AMERICAN MUN PWR‐OHIO INC 2/15/2039 $77.44 6.553 250 A1/A/A 10/01/2009 02765UCQ5 

CUYAHOGA CNTY OHIO HOSP REV 2/15/2040 $75.00 8.223 350 A2/BBB+/NA 01/08/2010 2322655C8 

CUYAHOGA CNTY OHIO 12/1/2034 $70.48 6.034 150 Aa1/AA+/AA+ 12/15/2009 23223PCX3 

UNIVERSITY CINCINNATI OHIO GEN 6/1/2039 $65.33 6.484 240 Aa3/AAA/NA 06/25/2010 914119RE4 

FRANKLIN CNTY OHIO CONVENTION 12/1/2042 $62.22 6.640 210 Aa2/AA/NA 01/20/2010 353174FX8 

CINCINNATI OHIO WTR SYS REV 12/1/2034 $61.79 6.458 205 Aaa/AAA/NA 07/22/2009 172311GB2 

AMERICAN MUN PWR‐OHIO INC 2/15/2032 $55.81 6.424 212.5 A2/A/A 11/19/2009 02765UDC5 


CINCINNATI OHIO CITY SCH DIST 6/1/2025 $21.72 5.439 220 Aa2/AA‐/NA 05/26/2010 172252H84 

AKRON OHIO INCOME TAX REV 12/1/2026 $15.06 5.874 275 NA/AA+/NA 

07/14/2010 010056CW7 

BLOOM & CARROLL OHIO LOC SCH D 12/1/2025 $15.00 5.800 198 NA/AA‐/NA 03/31/2010 093707ET0 

NORTHWESTERN OHIO LOC SCH DIST 12/1/2026 $15.00 5.820 225 Aa2/NA/NA 05/12/2010 668180CW0 

XENIA OHIO CMNTY CITY SCH DIST 6/1/2027 $14.16 6.000 308 NA/AA/NA 07/16/2010 984071AT7 


COLUMBUS OHIO 6/1/2031 $15.00 5.550 325 Aaa/AAA/AAA 07/29/2010 199491S36 

COLUMBUS OHIO 6/1/2031 $15.00 5.550 377 Aaa/AAA/AAA 07/29/2010 199491S36 

CLEVELAND OHIO INCOME TAX REV 10/1/2031 $8.35 6.340 201 Aa3/AAA/NA 06/09/2010 186387EN2 

CLEVELAND OHIO INCOME TAX REV 10/1/2026 $8.25 6.060 198 Aa3/AAA/NA 06/09/2010 186387EM4 

FRANKLIN CNTY OHIO 12/1/2035 $8.20 5.930 352 Aaa/AAA/AAA 04/13/2010 3531723K3 

N/A 


51


Oklahoma 

State Summary ‐ Oklahoma (OK) 

Rank 









Oklahoma Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

Moody's 

Recalibration 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Oklahoma 

OK 



Tax Exempt OK $3,295 BAB OK $660 Secondary Trade OK $1,668 

Tax Exempt OK (% of U.S.) 0.7% BAB OK (%) 0.5% Secondary Trade OK (%) 0.5% 

Tax Exempt OK (Rank) 37 BAB OK (Rank) 32 Secondary Trade OK (Rank) 35 


Taxable OK $1,203 QSCB OK NA Secondary Trade OK 673 

Taxable OK (% of U.S.) 0.7% QSCB OK (%) NA Secondary Trade OK (%) 0.8% 

Taxable OK (Rank) 32 QSCB OK (Rank) NA Secondary Trade OK (Rank) 29 


>250MM OK NA RZEDB OK NA $ in U.S. Millions 

>250MM OK (%) NA RZEDB OK (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM OK (Rank) NA RZEDB OK (Rank) NA 

$ in Millions 

$700 

$600 

$500 

$400 

$300 

$200 

$100 

$0 



Oregon 

State Summary ‐ Oregon (OR) 

Rank 









Oregon Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

OR 



Tax Exempt OR $5,425 BAB OR $932 Secondary Trade OR $3,267 

Tax Exempt OR (% of U.S.) 1.1% BAB OR (%) 0.8% Secondary Trade OR (%) 0.9% 

Tax Exempt OR (Rank) 27 BAB OR (Rank) 27 Secondary Trade OR (Rank) 24 


Taxable OR $1,322 QSCB OR $115 Secondary Trade OR 864 

Taxable OR (% of U.S.) 0.8% QSCB OR (%) 2.0% Secondary Trade OR (%) 1.1% 

Taxable OR (Rank) 30 QSCB OR (Rank) 19 Secondary Trade OR (Rank) 27 


>250MM OR $357 RZEDB OR $9 $ in U.S. Millions 

>250MM OR (%) 0.3% RZEDB OR (%) 0.4% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM OR (Rank) 21 RZEDB OR (Rank) 38 

$500 


200 


$ in Millions 

$400 

$300 

$200 

Number 

150 

100 

$100 

$0 

250MM 

50 

0 

250MM 

Oregon 


BBB 

A 

$ in Millions 

$1,500 

$1,000 

$500 

Obligor 

Utilities 

Sector 

Education 

Aa 

$0 

Local 

Revenue 

State 

GO 


General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



OREGON ST DEPT TRANSN HWY USER 11/15/2034 $357.39 5.834 110 Aa2/AA+/AA 03/31/2010 68607DNL5 

OREGON ST 8/1/2039 $73.59 5.382 75 Aa1/AA/AA+ 04/21/2010 68608KA32 

OREGON ST DEPT TRANSN HWY USER 11/15/2030 $71.63 5.784 105 Aa2/AA+/AA 03/31/2010 68607DNK7 

OREGON ST DEPT ADMINISTRATIVE 5/1/2035 $51.42 6.180 175 Aa2/AA‐/AA 05/11/2010 68607H5H5 

OREGON ST DEPT ADMINISTRATIVE 5/1/2030 $42.28 6.130 170 Aa2/AA‐/AA 05/11/2010 68607H5G7 

OREGON ST 8/1/2030 $31.01 5.332 70 Aa1/AA/AA+ 04/21/2010 68608KA24 

WASHINGTON CNTY ORE CLEAN WTR 10/1/2035 $28.74 5.801 110 Aa2/AA/NA 04/15/2010 938240CP1 

WASHINGTON CNTY ORE CLEAN WTR 10/1/2030 $23.93 5.701 100 Aa2/AA/NA 04/15/2010 938240CN6 

OREGON ST DEPT TRANSN HWY USER 11/15/2028 $13.76 5.583 175 Aa2/AA+/AA 03/31/2010 68607DNJ0 

OREGON ST DEPT TRANSN HWY USER 11/15/2027 $13.27 5.483 165 Aa2/AA+/AA 03/31/2010 68607DNH4 


PHILOMATH ORE SCH DIST #17J 6/15/2027 $20.00 5.472 250 NA/AA/NA 07/15/2010 718781CE5 

MALHEUR CNTY ORE SCH DIST 6/15/2027 $18.50 5.584584 265 NA/AA/NA 

07/21/2010 561144CL8 

LANE CNTY ORE SCH DIST NO 019 6/1/2015 $3.00 4.000 223 NA/A+/NA 06/30/2010 515318KH5 

KLAMATH CNTY ORE SCH DIST 6/1/2027 $2.00 5.750 220 NA/A/NA 

05/11/2010 498368BG3 

POLK MARION & BENTON CNTYS ORE 6/1/2023 $2.00 5.360 290 NA/A+/NA 06/24/2010 731418KQ1 


SOUTHWESTERN ORE CMNTY COLLEGE 6/1/2026 $2.09 6.384 310 NA/A/NA 06/16/2010 845680LG0 

SOUTHWESTERN ORE CMNTY COLLEGE 6/1/2023 $1.99 6.084 280 NA/A/NA 

06/16/2010 845680LD7 

SOUTHWESTERN ORE CMNTY COLLEGE 6/1/2020 $0.55 5.334 205 NA/A/NA 06/16/2010 845680LA3 

SOUTHWESTERN ORE CMNTY COLLEGE 6/1/2019 $0.52 5.184 190 NA/A/NA 

06/16/2010 845680KZ9 

SOUTHWESTERN ORE CMNTY COLLEGE 6/1/2018 $0.50 5.034 175 NA/A/NA 06/16/2010 845680KY2 

N/A 


53


Pennsylvania 

State Summary ‐ Pennsylvania (PA) 

Rank 









Pennsylvania Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Pennsylvania 

PA 



Tax Exempt PA $26,225 BAB PA $3,310 Secondary Trade PA $15,005 

Tax Exempt PA (% of U.S.) 5.5% BAB PA (%) 2.7% Secondary Trade PA (%) 4.1% 

Tax Exempt PA (Rank) 4 BAB PA (Rank) 10 Secondary Trade PA (Rank) 5 


Taxable PA $3,580 QSCB PA NA Secondary Trade PA 3095 

Taxable PA (% of U.S.) 2.2% QSCB PA (%) NA Secondary Trade PA (%) 3.8% 

Taxable PA (Rank) 12 QSCB PA (Rank) NA Secondary Trade PA (Rank) 6 


>250MM PA $1,337 RZEDB PA $12 $ in U.S. Millions 

>250MM PA (%) 1.0% RZEDB PA (%) 0.5% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM PA (Rank) 10 RZEDB PA (Rank) 36 

$ in Millions 

$1,600 


$1,400 

$1,200 

$1,000 

$800 

$600 

$400 

$200 

$0 

250MM 


Obligor 

$2,500 

NR 

Aaa 

$2,000 

Number 

400 

300 

200 

100 

0 


250MM 

Utilities 

Sector 


Education 

A 

$ in Millions 

$1,500 

$1,000 

$500 


Aa 

$0 

Local 

Revenue 

State 

GO 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



PENNSYLVANIA ST TPK COMMN TPK 12/1/2039 $275.00 6.105 165 Aa3/A+/A+ 06/22/2009 709223VZ1 

PENNSYLVANIA ST 5/1/2030 $274.11 5.350 111 Aa1/AA/AA+ 05/19/2010 70914PNE8 

COMMONWEALTH FING AUTH PA REV 6/1/2039 $269.80 6.218 181.9 Aa3/AA‐/AA 11/04/2009 20281PCT7 

PENNSYLVANIA ST 2/15/2030 $262.01 5.450 80 Aa1/AA/AA+ 01/13/2010 70914PMJ8 

PENNSYLVANIA ST 2/15/2026 $256.03 4.650 90 Aa1/AA/AA+ 01/13/2010 70914PME9 

PENNSYLVANIA ECONOMIC DEV FING 6/15/2039 $167.86 6.532 182 Aa3/NA/AA‐ 04/16/2010 70869PFT9 

PENNSYLVANIA ST TPK COMMN OIL 12/1/2037 $127.17 5.848 180 Aa3/AA/NA 10/07/2009 709221TF2 

PHILADELPHIA PA SCH DIST 6/1/2040 $119.07 6.765 205 Aa2/A+/AA‐ 03/10/2010 717883KL5 

PENNSYLVANIA ST TPK COMMN OIL 12/1/2037 $102.51 6.378 233 A2/A+/NA 

10/07/2009 709221TG0 

PENNSYLVANIA ST HIGHER EDL 4/1/2040 $74.12 6.291 160 Aa3/A+/NA 04/14/2010 70917RB61 



LYCOMING CNTY PA 8/15/2040 $3.06 6.599 185 Aa3/AAA/NA 04/01/2010 550799PA2 

LYCOMING CNTY PA 8/15/2030 $0.69 6.349 160 Aa3/AAA/NA 04/01/2010 550799NZ9 

LYCOMING CNTY PA 8/15/2020 $0.06 5.099 125 Aa3/AAA/NA 04/01/2010 550799NY2 

N/A 

54 



Rhode Island 

State Summary ‐ Rhode Island (RI) 

Rank 



Population Density (Sq Miles) 1,007.9 2 






Rhode Island Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

RI 



Tax Exempt RI $1,297 BAB RI #N/A Secondary Trade RI $548 

Tax Exempt RI (% of U.S.) 0.3% BAB RI (%) #N/A Secondary Trade RI (%) 0.1% 

Tax Exempt RI (Rank) 44 BAB RI (Rank) #N/A Secondary Trade RI (Rank) 42 


Taxable RI $267 QSCB RI $13 Secondary Trade RI 213 

Taxable RI (% of U.S.) 0.2% QSCB RI (%) 0.2% Secondary Trade RI (%) 0.3% 

Taxable RI (Rank) 41 QSCB RI (Rank) 38 Secondary Trade RI (Rank) 42 


>250MM RI NA RZEDB RI $80 $ in U.S. Millions 

>250MM RI (%) NA RZEDB RI (%) 3.2% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM RI (Rank) NA RZEDB RI (Rank) 8 

$250 


20 


$ in Millions 

$200 

$150 

$100 

$50 

$0 


South Carolina 

State Summary ‐ South Carolina (SC) 

Rank 









South Carolina Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 


SC 



Tax Exempt SC $4,605 BAB SC $615 Secondary Trade SC $2,488 

Tax Exempt SC (% of U.S.) 1.0% BAB SC (%) 0.5% Secondary Trade SC (%) 0.7% 

Tax Exempt SC (Rank) 30 BAB SC (Rank) 33 Secondary Trade SC (Rank) 30 


Taxable SC $1,267 QSCB SC $132 Secondary Trade SC 664 

Taxable SC (% of U.S.) 0.8% QSCB SC (%) 2.3% Secondary Trade SC (%) 0.8% 

Taxable SC (Rank) 31 QSCB SC (Rank) 16 Secondary Trade SC (Rank) 30 


>250MM SC NA RZEDB SC $19 $ in U.S. Millions 

>250MM SC (%) NA RZEDB SC (%) 0.8% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM SC (Rank) NA RZEDB SC (Rank) 29 

$ in Millions 

$600 

$500 

$400 

$300 

$200 

$100 

$0 



South Dakota 

State Summary ‐ South Dakota (SD) 

Rank 









South Dakota Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 

S&P Rating 

SD 



Tax Exempt SD $488 BAB SD $241 Secondary Trade SD $306 

Tax Exempt SD (% of U.S.) 0.1% BAB SD (%) 0.2% Secondary Trade SD (%) 0.1% 

Tax Exempt SD (Rank) 52 BAB SD (Rank) 38 Secondary Trade SD (Rank) 47 


Taxable SD $298 QSCB SD $29 Secondary Trade SD 190 

Taxable SD (% of U.S.) 0.2% QSCB SD (%) 0.5% Secondary Trade SD (%) 0.2% 

Taxable SD (Rank) 39 QSCB SD (Rank) 32 Secondary Trade SD (Rank) 43 


>250MM SD NA RZEDB SD $31 $ in U.S. Millions 

>250MM SD (%) NA RZEDB SD (%) 1.3% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM SD (Rank) NA RZEDB SD (Rank) 22 

$ in Millions 

$300 

$250 

$200 

$150 

$100 

$50 

$0 



Tennessee 

State Summary ‐ Tennessee (TN) 

Rank 










Tennessee Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Tennessee 

TN 



Tax Exempt TN $6,464 BAB TN $1,050 Secondary Trade TN $4,750 

Tax Exempt TN (% of U.S.) 1.3% BAB TN (%) 0.9% Secondary Trade TN (%) 1.3% 

Tax Exempt TN (Rank) 24 BAB TN (Rank) 26 Secondary Trade TN (Rank) 20 


Taxable TN $1,955 QSCB TN $177 Secondary Trade TN 1135 

Taxable TN (% of U.S.) 1.2% QSCB TN (%) 3.1% Secondary Trade TN (%) 1.4% 

Taxable TN (Rank) 21 QSCB TN (Rank) 10 Secondary Trade TN (Rank) 20 


>250MM TN $577 RZEDB TN $32 $ in U.S. Millions 

>250MM TN (%) 0.4% RZEDB TN (%) 1.3% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM TN (Rank) 15 RZEDB TN (Rank) 21 

$ in Millions 

$700 

$600 

$500 

$400 

$300 

$200 

$100 

$0 


250MM 


Obligor 

$2,000 

NR 

Aaa 

Number 

500 

400 

300 

200 

100 

0 


250MM 

Utilities 

Sector 


Education 

A 

$ in Millions 

$1,000 


Aa 

$0 

Local 

Revenue 

State 

GO 

Housing 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



MET GOVT NASHVILLE & DAVIDSON 7/1/2043 $324.66 6.731 205 Aa2/A/AA‐ 04/15/2010 592125AM0 

MET GOVT NASHVILLE & DAVIDSON 7/1/2034 $252.01 5.707 145 Aa1/AA/NA 06/03/2010 592112DR4 

MET GOVT NASHVILLE & DAVIDSON 7/1/2043 $152.40 7.431 275 A1/NA/AA‐ 04/15/2010 592125AA6 

SHELBY CNTY TENN 4/1/2034 $32.97 5.750 150 Aa1/AA+/AA+ 09/16/2009 821686XT4 

WILSON CNTY TENN 4/1/2032 $28.00 5.400 65 NA/AA/NA 

04/08/2010 97217PBJ7 

SHELBY CNTY TENN 4/1/2029 $27.03 5.625 216.5 Aa1/AA+/AA+ 09/16/2009 821686XS6 

KNOXVILLE TENN WASTE WTR SYS R 4/1/2045 $20.00 6.300 177 Aa2/AA+/NA 01/20/2010 499815HV3 

WILSON CNTY TENN 4/1/2024 $13.80 4.750 86 NA/AA/NA 04/08/2010 97217PBG3 

JOHNSON CITY TENN 6/1/2040 $12.99 5.800 153 Aa2/AA‐/AA 06/03/2010 478251KK6 

COFFEE CNTY TENN PUB BLDG AUTH 6/1/2044 $12.78 7.200 287 NA/AAA/NA 06/30/2009 19217NCV8 


58 


MEMPHIS TENN 7/1/2034 $11.16 6.042 198 Aa2/AA/NA 06/23/2010 586145XF6 

FRANKLIN TENN 3/1/2030 $2.46 5.375 227 Aaa/AAA/NA 06/23/2010 354730WR0 

FRANKLIN TENN 3/1/2029 $2.38 5.375 227 Aaa/AAA/NA 06/23/2010 354730WQ2 

FRANKLIN TENN 3/1/2028 $2.32 5.200 209 Aaa/AAA/NA 06/23/2010 354730WP4 

FRANKLIN TENN 3/1/2027 $2.26 5.100 199 Aaa/AAA/NA 06/23/2010 354730WN9 

N/A 



Texas 

State Summary ‐ Texas (TX) 

Rank 




2008 Gross State Production ($ Millions) $1,223,511.00 2 






Texas Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

TX 



Tax Exempt TX $38,674 BAB TX $11,119 Secondary Trade TX $26,293 

Tax Exempt TX (% of U.S.) 8.1% BAB TX (%) 9.2% Secondary Trade TX (%) 7.1% 

Tax Exempt TX (Rank) 3 BAB TX (Rank) 3 Secondary Trade TX (Rank) 4 


Taxable TX $11,916 QSCB TX $299 Secondary Trade TX 5367 

Taxable TX (% of U.S.) 7.4% QSCB TX (%) 5.3% Secondary Trade TX (%) 6.6% 

Taxable TX (Rank) 4 QSCB TX (Rank) 5 Secondary Trade TX (Rank) 4 


>250MM TX $6,783 RZEDB TX $3 $ in U.S. Millions 

>250MM TX (%) 5.0% RZEDB TX (%) 0.1% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM TX (Rank) 4 RZEDB TX (Rank) 41 

$ in Millions 

$8,000 


$7,000 

$6,000 

$5,000 

$4,000 

$3,000 

$2,000 

$1,000 

$0 

250MM 

Number 

700 

600 

500 

400 

300 

200 

100 

0 


250MM 

Texas 

A 


BBB 

NR 

Aa 

Aaa 

$ in Millions 

$10,000 

$5,000 

$0 

Obligor 

Local 

Revenue 

State 

GO 


Utilities 

Sector 

Education 

General 

Purpose/Other 

Healthcare 




Moody's/ 

S&P/Fitch 



TEXAS ST TRANSN COMMN 4/1/2030 $1,204.05 5.178 115 Aaa/AAA/NA 07/27/2010 88283LHU3 

TEXAS ST 4/1/2039 $1,148.50148 5.517517 120 Aaa/AA+/AAA 08/19/2009 882722KF7 

NORTH TEX TWY AUTH REV 1/1/2049 $825.00 6.718 230 A2/A‐/NA 

08/05/2009 66285WFB7 

DALLAS TEX AREA RAPID TRAN SAL 12/1/2044 $466.97 5.999 150 Aa2/AAA/NA 06/16/2009 235241LS3 

DALLAS TEX CONVENTION CTR HOTE 1/1/2042 $388.18 7.088 275 A1/A+/NA 

08/18/2009 235417AA0 

SAN ANTONIO TEX ELEC & GAS 2/1/2039 $375.00 5.985 145 Aa1/AA/AA+ 06/02/2009 796253T93 

DALLAS TEX AREA RAPID TRAN SAL 12/1/2034 $362.65 6.249 175 Aa2/AAA/NA 06/16/2009 235241LT1 

DALLAS CNTY TEX HOSP DIST 8/15/2044 $343.98 5.621 140 NA/AAA/AAA 08/27/2009 234667JL8 

UNIVERSITY TEX UNIV REVS 8/15/2041 $330.55 6.276 160 Aaa/AAA/AAA 06/10/2009 915137X73 

TEXAS ST TRANSN COMMN 4/1/2026 $295.96 5.028 100 Aaa/AAA/NA 07/27/2010 88283LHT6 


TEXAS ST PUB FIN AUTH CHARTER 2/15/2027 $39.91 8.125 441 NA/BBB/NA 04/29/2010 88276PCH7 

ALIEF TEX INDPT SCH DIST 2/15/2027 $16.48 5.200 186 Aaa/AAA/NA 

05/18/2010 016249FQ2 

SHELDON TEX INDPT SCH DIST 2/15/2027 $8.20 5.632 183 Aaa/AAA/NA 04/20/2010 822516ZQ6 

CROSBY TEX INDPT SCH DIST 2/15/2025 $7.24 5.950 215 NA/AA‐/NA 04/20/2010 227381NK2 

JACKSBORO TEX INDPT SCH DIST 2/15/2025 $5.28 6.000 298 NA/A+/NA 06/28/2010 466430ET8 


EL PASO TEX 8/15/2034 $3.23 6.163 199 NA/AA/AA 09/24/2009 283734MY4 

N/A 


59


Utah 

State Summary ‐ Utah (UT) 

Rank 









Utah Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

Utah 

UT 



Tax Exempt UT $3,357 BAB UT $1,852 Secondary Trade UT $5,184 

Tax Exempt UT (% of U.S.) 0.7% BAB UT (%) 1.5% Secondary Trade UT (%) 1.4% 

Tax Exempt UT (Rank) 36 BAB UT (Rank) 19 Secondary Trade UT (Rank) 19 


Taxable UT $1,940 QSCB UT $4 Secondary Trade UT 1520 

Taxable UT (% of U.S.) 1.2% QSCB UT (%) 0.1% Secondary Trade UT (%) 1.9% 

Taxable UT (Rank) 22 QSCB UT (Rank) 41 Secondary Trade UT (Rank) 16 


>250MM UT $679 RZEDB UT $28 $ in U.S. Millions 

>250MM UT (%) 0.5% RZEDB UT (%) 1.1% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM UT (Rank) 13 RZEDB UT (Rank) 24 

$ in Millions 

$800 


$700 

$600 

$500 

$400 

$300 

$200 

$100 

$0 

250MM 

Number 

350 

300 

250 

200 

150 

100 

50 

0 


250MM 


A 

Aaa 

$ in Millions 

$1,500 

$1,000 

$500 

Obligor 

Utilities 

Sector 

Education 

Aa 

$0 

Local 

Revenue 

State 

GO 



Healthcare 

General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



UTAH ST 7/1/2024 $417.62 4.554 110 Aaa/AAA/AAA 09/16/2009 917542QR6 

UTAH TRAN AUTH SALES TAX REV 6/15/2039 $261.45 5.937 185 Aa2/AAA/AA+ 05/13/2009 917565LB7 

CENTRAL UTAH WTR CONSERVANCY D 10/1/2040 $116.97 5.700 165 NA/AA+/AA+ 05/26/2010 155675CL3 

UTAH ST 7/1/2019 $74.15 4.154 70 Aaa/AAA/AAA 09/16/2009 917542QS4 

UTAH ST BLDG OWNERSHIP AUTH LE 5/15/2030 $57.69 5.768 155 Aa1/AA+/NA 08/26/2009 917547UZ2 

UTAH COUNTY UTAH TRANSN SALES 12/1/2034 $33.49 6.510 216 NA/AAA/NA 08/18/2009 91739RBA4 

SALT LAKE CNTY UTAH MUN BLDG A 12/1/2029 $27.26 5.820 145 Aa1/AA+/AA+ 12/08/2009 795681GM1 

UTAH COUNTY UTAH TRANSN SALES 12/1/2029 $24.62 6.360 286 NA/AAA/NA 08/18/2009 91739RAV9 

UTAH ST BRD REGENTS REV 8/1/2030 $20.69 6.241 200 Aa2/AA/NA 12/01/2009 91754RQD2 

CENTRAL WEBER UTAH SWR IMPT 3/1/2034 $18.85 6.375 225 NA/AAA/AA 05/18/2009 155888AY6 


PIUTE CNTY UTAH SCH DIST 4/15/2027 $4.44 5.710 191 Aaa/NA/NA 04/20/2010 725808AW9 


UTAH CNTY UTAH EXCISE TAX REV 12/1/2039 $20.29 7.130 252 NA/AA‐/NA 01/12/2010 917343BF1 

UTAH CNTY UTAH EXCISE TAX REV 12/1/2029 $7.91 6.880 227 NA/AA‐/NA 01/12/2010 917343AV7 

N/A 

60 



Vermont 

State Summary ‐ Vermont (VT) 

Rank 









Vermont Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

VT 



Tax Exempt VT $571 BAB VT $50 Secondary Trade VT $283 

Tax Exempt VT (% of U.S.) 0.1% BAB VT (%) 0.0% Secondary Trade VT (%) 0.1% 

Tax Exempt VT (Rank) 51 BAB VT (Rank) 48 Secondary Trade VT (Rank) 48 


Taxable VT $92 QSCB VT $11 Secondary Trade VT 66 

Taxable VT (% of U.S.) 0.1% QSCB VT (%) 0.2% Secondary Trade VT (%) 0.1% 

Taxable VT (Rank) 51 QSCB VT (Rank) 39 Secondary Trade VT (Rank) 50 


>250MM VT NA RZEDB VT $10 $ in U.S. Millions 

>250MM VT (%) NA RZEDB VT (%) 0.4% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM VT (Rank) NA RZEDB VT (Rank) 37 

$ in Millions 

$100 


$80 

$60 

$40 

$20 

$0 


Virginia 

State Summary ‐ Virginia (VA) 

Rank 









Virginia Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

VA 



Tax Exempt VA $10,192 BAB VA $2,701 Secondary Trade VA $6,991 

Tax Exempt VA (% of U.S.) 2.1% BAB VA (%) 2.2% Secondary Trade VA (%) 1.9% 

Tax Exempt VA (Rank) 14 BAB VA (Rank) 12 Secondary Trade VA (Rank) 14 


Taxable VA $3,751 QSCB VA $134 Secondary Trade VA 1835 

Taxable VA (% of U.S.) 2.3% QSCB VA (%) 2.4% Secondary Trade VA (%) 2.3% 

Taxable VA (Rank) 11 QSCB VA (Rank) 15 Secondary Trade VA (Rank) 11 


>250MM VA $516 RZEDB VA $56 $ in U.S. Millions 

>250MM VA (%) 0.4% RZEDB VA (%) 2.3% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM VA (Rank) 16 RZEDB VA (Rank) 16 

$2,000 


500 


Virginia 

$ in Millions 

$1,500 

$1,000 

$500 

$0 

Aa 

250MM 


A 

NR 

Aaa 

$ in Millions 

$3,000 

$2,500 

$2,000 

$1,500 

$1,000 

$500 

$0 

Local 

Revenue 

Obligor 

Number 

400 

300 

200 

100 

0 

250MM 



General 

Purpose/Other 



Moody's/ 

S&P/Fitch 



VIRGINIA COMWLTH TRANSN BRD TR 5/15/2035 $266.10 5.350 87 Aa1/AA+/AA+ 05/12/2010 927793TC3 

UNIVERSITY VA UNIV REVS 9/1/2039 $250.00 6.200 250 Aaa/AAA/AAA 04/15/2009 915217RY1 

UNIVERSITY VA UNIV REVS 9/1/2040 $190.00 5.000 94.5 Aaa/AAA/AAA 07/21/2010 915217SB0 

HAMPTON ROADS SANTN DIST VA WA 11/1/2039 $68.85 5.864 150 Aa2/AAA/AA+ 11/04/2009 409327DS9 

VIRGINIA ST RES AUTH INFRASTRU 11/1/2039 $30.97 5.700 130 Aaa/AAA/NA 11/06/2009 92817QVS8 

VIRGINIA COLLEGE BLDG AUTH VA 2/1/2030 $30.90 5.750 245 Aa1/AA+/AA+ 12/02/2009 927781TS3 

HAMPTON ROADS SANTN DIST VA WA 11/1/2029 $30.42 5.814 145 Aa2/AAA/AA+ 11/04/2009 409327DR1 

VIRGINIA COLLEGE BLDG AUTH VA 2/1/2029 $29.81 5.625 232.5 Aa1/AA+/AA+ 12/02/2009 927781TR5 

VIRGINIA COLLEGE BLDG AUTH VA 2/1/2028 $28.76 5.625 232.5 Aa1/AA+/AA+ 12/02/2009 927781TQ7 

VIRGINIA COLLEGE BLDG AUTH VA 2/1/2027 $27.76 5.500 220 Aa1/AA+/AA+ 12/02/2009 927781TP9 


VIRGINIA ST PUB SCH AUTH 6/15/2027 $72.66 5.310 218 Aa1/AA+/AA+ 06/24/2010 92817STZ1 

State 

GO 

Housing 

Utilities 

Sector 

Education 


HENRICO CNTY VA WTR & SWR REV 5/1/2036 $7.59 6.153 175 Aa1/AAA/AAA 12/08/2009 426170JZ0 

STAFFORD CNTY & STAUNTON VA 2/15/2030 $5.96 6.067 150 Aa2/AA‐/NA 03/03/2010 852413AR4 

STAFFORD CNTY & STAUNTON VA 2/15/2030 $3.70 6.567 200 A2/A/NA 03/03/2010 852413BY8 

STAFFORD CNTY & STAUNTON VA 2/15/2025 $3.25 5.962 235 A2/A/NA 

03/03/2010 852413BX0 

STAFFORD CNTY & STAUNTON VA 2/15/2025 $3.22 5.512 190 Aa2/AA‐/NA 03/03/2010 852413AQ6 

N/A 

62 



Washington 

State Summary ‐ Washington (WA) 

Rank 









Washington Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

WA 



Tax Exempt WA $12,575 BAB WA $4,414 Secondary Trade WA $9,105 

Tax Exempt WA (% of U.S.) 2.6% BAB WA (%) 3.7% Secondary Trade WA (%) 2.5% 

Tax Exempt WA (Rank) 11 BAB WA (Rank) 5 Secondary Trade WA (Rank) 11 


Taxable WA $5,291 QSCB WA $128 Secondary Trade WA 1913 

Taxable WA (% of U.S.) 3.3% QSCB WA (%) 2.2% Secondary Trade WA (%) 2.3% 

Taxable WA (Rank) 5 QSCB WA (Rank) 17 Secondary Trade WA (Rank) 10 


>250MM WA $1,500 RZEDB WA $17 $ in U.S. Millions 

>250MM WA (%) 1.1% RZEDB WA (%) 0.7% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM WA (Rank) 8 RZEDB WA (Rank) 32 

$2,000 


400 


$ in Millions 

$1,500 

$1,000 

$500 

$0 

250MM 


Obligor 

$4,000 

BBB 

NR 

Aaa 

A 

$3,000 

$ in Millions 

$2,000 

$1,000 

$0 

Local 

State 

Aa 

Revenue 

GO 

Number 

300 

200 

100 

0 

250MM 

Sector 

Education 

Utilities 

General 

Purpose/Other 

Healthcare 

Housing 



Washington 



Moody's/ 

S&P/Fitch 



WASHINGTON ST 8/1/2040 $383.68 5.140 105 Aa1/AA+/AA+ 05/25/2010 93974CRE2 

CENTRAL PUGET SOUND WASH REGL 11/1/2039 $300.00 5.491 125 Aa2/AAA/NA 09/16/2009 15504RET2 

WASHINGTON ST 8/1/2039 $295.39 5.481 120 Aa1/AA+/AA+ 10/15/2009 93974CPM6 

WASHINGTON ST 8/1/2033 $265.33 5.090 100 Aa1/AA+/AA+ 05/25/2010 93974CRF9 

WASHINGTON ST 8/1/2029 $112.51 5.381 110 Aa1/AA+/AA+ 10/15/2009 93974CPL8 

GRANT CNTY WASH PUB UTIL DIST 1/1/2040 $112.41 5.830 110 Aa3/AA‐/AA 04/15/2010 387883PP0 

WASHINGTON ST 8/1/2031 $110.00 5.040 95 Aa1/AA+/AA+ 05/25/2010 93974CRD4 

SEATTLE WASH MUN LT & PWR REV 2/1/2040 $102.62 5.570 112.5 Aa2/AA‐/NA 05/13/2010 812643DB7 

TACOMA WASH ELEC SYS REV 1/1/2035 $100.00 5.966 187.5 Aa3/AA/AA‐ 07/13/2010 873519ML3 

SNOHOMISH CNTY WASH PUB UTIL D 12/1/2035 $86.43 5.630 120 Aa3/AA‐/AA‐ 05/11/2010 833102XE1 


CLARK CNTY WASH SCH DIST NO 11 6/1/2027 $17.45 5.520 232 Aa3/NA/NA 06/04/2010 181234H24 

WHATCOM CNTY WASH SCH DIST NO 12/1/2016 $3.90 3.567 60 NA/AA+/NA 

05/14/2010 962506PM7 

WHATCOM CNTY WASH SCH DIST NO 12/1/2017 $3.10 3.817 85 NA/AA+/NA 05/14/2010 962506PN5 

WHATCOM CNTY WASH SCH DIST NO 12/1/2018 $2.70 4.187 62 NA/AA+/NA 05/14/2010 962506PP0 

WHATCOM CNTY WASH SCH DIST NO 12/1/2010 $2.00 0.718 50 NA/AA+/NA 05/14/2010 962506PH8 


SEATTLE WASH MUN LT & PWR REV 2/1/2040 $13.28 5.590 115 Aa2/AA‐/NA 05/13/2010 812643DC5 

TACOMA WASH 12/1/2035 $3.32 6.380 197 Aa3/AA/AA 12/09/2009 873465VE5 

N/A 


63


West Virginia 

State Summary ‐ West Virginia (WV) 

Rank 









West Virginia Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

West Virginia 

WV 



Tax Exempt WV $1,265 BAB WV $38 Secondary Trade WV $2,456 

Tax Exempt WV (% of U.S.) 0.3% BAB WV (%) 0.0% Secondary Trade WV (%) 0.7% 

Tax Exempt WV (Rank) 45 BAB WV (Rank) 49 Secondary Trade WV (Rank) 32 


Taxable WV $188 QSCB WV $150 Secondary Trade WV 252 

Taxable WV (% of U.S.) 0.1% QSCB WV (%) 2.6% Secondary Trade WV (%) 0.3% 

Taxable WV (Rank) 46 QSCB WV (Rank) 13 Secondary Trade WV (Rank) 41 


>250MM WV NA RZEDB WV NA $ in U.S. Millions 

>250MM WV (%) NA RZEDB WV (%) NA * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM WV (Rank) NA RZEDB WV (Rank) NA 

$ in Millions 

$100 


$80 

$60 

$40 

$20 

$0 


Wisconsin 

State Summary ‐ Wisconsin (WI) 

Rank 









Wisconsin Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 


1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 


S&P Rating 

WI 



Tax Exempt WI $7,185 BAB WI $1,136 Secondary Trade WI $3,423 

Tax Exempt WI (% of U.S.) 1.5% BAB WI (%) 0.9% Secondary Trade WI (%) 0.9% 

Tax Exempt WI (Rank) 19 BAB WI (Rank) 23 Secondary Trade WI (Rank) 23 


Taxable WI $2,345 QSCB WI $146 Secondary Trade WI 1154 

Taxable WI (% of U.S.) 1.5% QSCB WI (%) 2.6% Secondary Trade WI (%) 1.4% 

Taxable WI (Rank) 18 QSCB WI (Rank) 14 Secondary Trade WI (Rank) 19 


>250MM WI NA RZEDB WI $71 $ in U.S. Millions 

>250MM WI (%) NA RZEDB WI (%) 2.9% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM WI (Rank) NA RZEDB WI (Rank) 10 

$ in Millions 

$1,400 

$1,200 

$1,000 

$800 

$600 

$400 

$200 

$0 



Wyoming 

State Summary ‐ Wyoming (WY) 

Rank 









Wyoming Rating History 

Aaa 

Aa1 

Aa2 

Aa3 

A1 

A2 

A3 

Baa1 

Baa2 

Baa3 

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 

S&P Rating 

Wyoming 

WY 



Tax Exempt WY $334 BAB WY $160 Secondary Trade WY $158 

Tax Exempt WY (% of U.S.) 0.1% BAB WY (%) 0.1% Secondary Trade WY (%) 0.0% 

Tax Exempt WY (Rank) 54 BAB WY (Rank) 42 Secondary Trade WY (Rank) 50 


Taxable WY $188 QSCB WY NA Secondary Trade WY 90 

Taxable WY (% of U.S.) 0.1% QSCB WY (%) NA Secondary Trade WY (%) 0.1% 

Taxable WY (Rank) 47 QSCB WY (Rank) NA Secondary Trade WY (Rank) 48 


>250MM WY NA RZEDB WY $41 $ in U.S. Millions 

>250MM WY (%) NA RZEDB WY (%) 1.6% * 2010 Issuance/Trade Data Through 7/31/2010 

>250MM WY (Rank) NA RZEDB WY (Rank) 18 

$ in Millions 

$95 

$95 

$94 

$94 

$93 

$93 

$92 



STATE RANKINGS 

State Rankings 


67



State Rankings ‐ Taxable Bond Issuance (Including Build America Bonds) 


Issue Amount 

Rank 

($ in Millions) 


Alaska 

40 

$270 

Alabama 

34 

$846 

Arkansas 

48 

$157 

Arizona 

26 

$1,642 

California 

1 

$33,665 

Colorado 

16 

$2,611 

Connecticut 

24 

$1,846 

District of Columbia 

28 

$1,559 

Delaware 

45 

$202 

Florida 

6 

$5,032 

Georgia 

10 

$3,823 

Guam 

52 

$56 

Hawaii 

35 

$831 

Iowa 

36 

$687 

Idaho 

49 

$149 

Illinois 

3 

$15,459 

Indiana 

20 

$2,074 

Kansas 

29 

$1,397 

Kentucky 

17 

$2,394 

Louisiana 

23 

$1,868 

Massachusetts 

15 

$3,250 

Maryland 

13 

$3,389 

Maine 

44 

$207 

Michigan 

9 

$4,036 

Minnesota 

25 

$1,773 

Missouri 

14 

$3,293 

Mississippi 

33 

$967 

Montana 

54 

$30 


27 

$1,640 

North Dakota 

50 

$103 

Nebraska 

37 

$623 

New Hampshire 

42 

$240 

New Jersey 

7 

$4,423 

New Mexico 

43 

$223 

Nevada 

19 

$2,145 

New York 

2 

$17,339 

Ohio 

8 

$4,326 

Oklahoma 

32 

$1,203 

Oregon 

30 

$1,322 

Pennsylvania 

12 

$3,580 

Puerto Rico 

38 

$502 

Rhode Island 

41 

$267 


31 

$1,267 

South Dakota 

39 

$298 

Tennessee 

21 

$1,955 

Texas 

4 

$11,916 

Utah 

22 

$1,940 

Virginia 

11 

$3,751 

Virgin Islands 

53 

$46 

Vermont 

51 

$92 

Washington 

5 

$5,291 

Wisconsin 

18 

$2,345 

West Virginia 

46 

$188 

Wyoming 

47 

$188 

$0 $2,000 $2,000,000,000 $4,000 $4,000,000,000 $6,000 

$6,000,000,000 

68 


‐$50,000 ‐$30,000 ‐$10,000 $10,000 $30,000 $50,000



State Rankings ‐ Taxable Bond Issuance (Including Build America Bonds) 


Number of 

Rank 

Issues 

Alaska 

Alabama 

Arkansas 

Arizona 

California 

Colorado 

Connecticut 


Delaware 

Florida 

Georgia 

Guam 

Hawaii 

Iowa 

Idaho 

Illinois 

Indiana 

Kansas 

Kentucky 

Louisiana 

Massachusetts 

Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 

Montana 


North Dakota 

Nebraska 

New Hampshire 

New Jersey 

New Mexico 

Nevada 

New York 

Ohio 

Oklahoma 

Oregon 

Pennsylvania 

Puerto Rico 

Rhode Island 


South Dakota 

Tennessee 

Texas 

Utah 

Virginia 


Vermont 

Washington 

Wisconsin 

West Virginia 

Wyoming 

42 

28 

40 

21 

6 

26 

31 

46 

49 

18 

32 

53 

38 

7 

44 

1 

17 

9 

5 

37 

34 

16 

48 

4 

3 

10 

36 

51 

27 

35 

23 

45 

22 

41 

33 

12 

8 

20 

30 

18 

53 

46 

24 

28 

14 

11 

24 

12 

52 

43 

15 

2 

50 

39 

64 

260 

85 

358 

894 

298 

181 

27 

22 

381 

176 

3 

96 

877 

37 

2396 

385 

779 

1048 

104 

157 

448 

23 

1291 

2046 

719 

115 

8 

284 

150 

335 

33 

355 

80 

174 

522 

842 

374 

205 

381 

3 

27 

332 

260 

485 

718 

332 

522 

4 

60 

472 

2205 

16 

92 


0 500 1,000 1,500 

‐5000 ‐4000 ‐3000 ‐2000 ‐1000 0 1000 2000 3000 


69



Rank 

State Rankings ‐ Tax‐Exempt Bond Issuance 


Issue Amount 



Alaska 

47 

$1,087 

Alabama 

28 

$4,937 

Arkansas 

39 

$2,598 

Arizona 

15 

$8,533 

California 

1 

$72,168 

Colorado 

21 

$6,982 

Connecticut 

16 

$8,431 


26 

$5,483 

Delaware 

43 

$1,564 

Florida 

5 

$22,435 

Georgia 

13 

$11,621 

Guam 

50 

$624 

Hawaii 

35 

$3,411 

Iowa 

29 

$4,929 

Idaho 

48 

$857 

Illinois 

6 

$16,858 

Indiana 

18 

$7,297 

Kansas 

32 

$4,307 

Kentucky 

25 

$5,941 

Louisiana 

31 

$4,317 

Massachusetts 

7 

$14,836 

Maryland 

20 

$7,085 

Maine 

42 

$1,660 

Michigan 

22 

$6,957 

Minnesota 

17 

$7,614 

Missouri 

23 

$6,570 

Mississippi 

40 

$2,582 

Montana 

53 

$446 


12 

$12,273 

North Dakota 

49 

$753 

Nebraska 

38 

$2,973 

New Hampshire 

41 

$1,877 

New Jersey 

9 

$14,220 

New Mexico 

33 

$4,258 

Nevada 

34 

$3,686 

New York 

2 

$47,373 

Ohio 

10 

$13,249 

Oklahoma 

37 

$3,295 

Oregon 

27 

$5,425 

Pennsylvania 

4 

$26,225 

Puerto Rico 

8 

$14,307 

Rhode Island 

44 

$1,297 


30 

$4,605 

South Dakota 

52 

$488 

Tennessee 

24 

$6,464 

Texas 

3 

$38,674 

Utah 

36 

$3,357 

Virginia 

14 

$10,192 


46 

$1,187 

Vermont 

51 

$571 

Washington 

11 

$12,575 

Wisconsin 

19 

$7,185 

West Virginia 

45 

$1,265 

Wyoming 

54 

$334 

$0 $10,000,000,000 $10,000 $20,000 $20,000,000,000 $30,000,000,000 

$30,000 

70 


‐$100,000 ‐$50,000 $0 $50,000 $100,000



State Rankings ‐ Build America Bond Issuance 


Rank 

Issue Amount 


Alaska 

40 

$219 

Alabama 

37 

$285 

Arkansas 

52 

$20 

Arizona 

21 

$1,469 

California 

1 

$27,120 

Colorado 

14 

$2,352 

Connecticut 

22 

$1,157 


25 

$1,106 

Delaware 

41 

$198 

Florida 

6 

$3,765 

Georgia 

8 

$3,333 

Guam 

47 

$56 

Hawaii 

31 

$699 

Iowa 

34 

$511 

Idaho 

43 

$133 

Illinois 

4 

$9,209 

Indiana 

20 

$1,560 

Kansas 

24 

$1,133 

Kentucky 

16 

$2,042 

Louisiana 

29 

$890 

Massachusetts 

13 

$2,697 

Maryland 

11 

$2,908 

Maine 

51 

$23 

Michigan 

15 

$2,212 

Minnesota 

30 

$778 

Missouri 

18 

$1,944 

Mississippi 

36 

$327 


28 

$905 

North Dakota 

46 

$58 

Nebraska 

35 

$466 

New Hampshire 

39 

$238 

New Jersey 

7 

$3,738 

New Mexico 

44 

$110 

Nevada 

17 

$1,971 

New York 

2 

$13,225 

Ohio 

9 

$3,324 

Oklahoma 

32 

$660 

Oregon 

27 

$932 

Pennsylvania 

10 

$3,310 

Puerto Rico 

45 

$89 


33 

$615 

South Dakota 

38 

$241 

Tennessee 

26 

$1,050 

Texas 

3 

$11,119 

Utah 

19 

$1,852 

Virginia 

12 

$2,701 


50 

$37 

Vermont 

48 

$50 

Washington 

5 

$4,414 

Wisconsin 

23 

$1,136 

West Virginia 

49 

$38 

Wyoming 

42 

$160 

$0 $1,000,000,000 $1,000 $2,000,000,000 $2,000 $3,000,000,000 $3,000 $4,000 $4,000,000,000 $5,000 

$5,000,000,000 


‐$50,000 ‐$30,000 ‐$10,000 $10,000 $30,000 $50,000 


71



Rank 

State Rankings ‐ Build America Bond Issuance 


Number of 

Issues 


Alaska 

Alabama 

Arkansas 

Arizona 

California 

Colorado 

Connecticut 


Delaware 

Florida 

Georgia 

Guam 

Hawaii 

Iowa 

Idaho 

Illinois 

Indiana 

Kansas 

Kentucky 

Louisiana 

Massachusetts 

Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 


North Dakota 

Nebraska 

New Hampshire 

New Jersey 

New Mexico 

Nevada 

New York 

Ohio 

Oklahoma 

Oregon 

Pennsylvania 

Puerto Rico 


South Dakota 

Tennessee 

Texas 

Utah 

Virginia 


Vermont 

Washington 

Wisconsin 

West Virginia 

Wyoming 

38 

30 

43 

17 

9 

22 

29 

45 

44 

18 

34 

50 

36 

7 

38 

1 

23 

8 

3 

35 

42 

15 

49 

5 

4 

10 

48 

32 

31 

24 

40 

28 

40 

27 

19 

6 

25 

37 

21 

52 

20 

26 

12 

11 

16 

14 

51 

47 

13 

2 

45 

33 

32 

95 

20 

290 

428 

241 

114 

12 

19 

280 

77 

3 

60 

456 

32 

1538 

237 

455 

952 

65 

29 

334 

4 

719 

925 

416 

10 

93 

94 

230 

30 

124 

30 

149 

258 

533 

202 

45 

253 

1 

256 

188 

372 

413 

316 

341 

2 

11 

367 

1309 

12 

80 

0 200 400 600 

72 


‐1600 ‐1100 ‐600 ‐100 400 900 1400 1900



State Rankings ‐ Benchmark Taxable Municipal Bond Issuance($250 Million+) 

27 Eligible States and Territories 


Issue Amount 

Rank 


Arizona 

26 

$250 

California 

1 

$24,985 

Colorado 

18 

$512 

Connecticut 

19 

$505 


12 

$700 

Florida 

20 

$427 

Georgia 

5 

$2,917 

Illinois 

3 

$8,039 

Indiana 

26 

$250 

Louisiana 

24 

$295 

Massachusetts 

Maryland 

Michigan 

Missouri 

7 

22 

25 

9 

$1,759 

$349 

$282 

$1,352 



17 

$512 

New Jersey 

6 

$2,899 

Nevada 

11 

$704 

New York 

2 

$8,722 

Ohio 

14 

$581 

Oregon 

21 

$357 

Pennsylvania 

10 

$1,337 

Puerto Rico 

23 

$320 

Tennessee 

15 

$577 

Texas 

4 

$6,783 

Utah 

13 

$679 

Virginia 

16 

$516 

Washington 

8 

$1,500 

$0 $1,000,000,000 $1,000 $2,000 $2,000,000,000 $3,000,000,000 $3,000 

$4,000,000,000 

$4,000 

($50,000) ($30,000) ($10,000) $10,000 $30,000 


73



State Rankings ‐ Benchmark Taxable Municipal Bond Issuance ($250 Million+) 

27 Eligible State and Territories 


Rank 

Number of 

Issues 

Arizona 

20 

1 

California 

1 

39 

Colorado 

11 

2 

Connecticut 

11 

2 


11 

2 

Florida 

20 

1 

Georgia 

7 

4 

Illinois 

3 

17 

Indiana 

20 

1 

Louisiana 

20 

1 


Massachusetts 

Maryland 

Michigan 

Missouri 

7 

20 

20 

10 

4 

1 

1 

3 


11 

2 

New Jersey 

7 

4 

Nevada 

11 

2 

New York 

2 

25 

Ohio 

11 

2 

Oregon 

20 

1 

Pennsylvania 

5 

5 

Puerto Rico 

20 

1 

Tennessee 

11 

2 

Texas 

4 

14 

Utah 

11 

2 

Virginia 

11 

2 

Washington 

5 

5 

0 10 20 30 40 

74 


‐50 ‐40 ‐30 ‐20 ‐10 0 10 20 30 40 50



State Rankings ‐ Recovery Zone Economic Development Bond Issuance 


Issue Amount 

Rank 


Alaska 

35 

$12 

Alabama 

9 

$72 

California 

12 

$65 

Colorado 

6 

$99 

Connecticut 

25 

$26 

Florida 

13 

$65 

Georgia 

19 

$40 

Hawaii 

17 

$42 

Iowa 

33 

$16 

Illinois 

1 

$422 

Indiana 

28 

$21 

Kansas 

23 

$28 

Kentucky 

11 

$67 

Louisiana 

40 

$4 

Massachusetts 

31 

$17 

Maryland 

15 

$56 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 


North Dakota 

35 

5 

20 

3 

27 

4 

34 

$12 

$115 

$38 

$163 

$23 

$133 

$12 


Nebraska 

39 

$4 

New Jersey 

26 

$23 

Nevada 

14 

$57 

New York 

30 

$19 

Ohio 

2 

$324 

Oregon 

38 

$9 

Pennsylvania 

36 

$12 

Puerto Rico 

7 

$93 

Rhode Island 

8 

$80 


29 

$19 

South Dakota 

22 

$31 

Tennessee 

21 

$32 

Texas 

41 

$3 

Utah 

24 

$28 

Virginia 

16 

$56 

Vermont 

37 

$10 

Washington 

32 

$17 

Wisconsin 

10 

$71 

Wyoming 

18 

$41 

$0 $100,000,000 $200 

$200,000,000 

‐$500 ‐$300 ‐$100 $100 $300 $500 


75



State Rankings ‐ Recovery Zone Economic Development Bond Issuance 


Rank 

Number of 

Issues 

Alaska 

26 

12 

Alabama 

9 

58 

California 

28 

9 

Colorado 

13 

28 

Connecticut 

17 

20 

Florida 

34 

4 

Georgia 

12 

33 

Hawaii 

35 

3 

Iowa 

28 

9 

Illinois 

2 

181 

Indiana 

19 

18 

Kansas 

8 

60 

Kentucky 

25 

13 

Louisiana 

39 

1 

Massachusetts 

22 

15 

Maryland 

17 

20 


Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 


North Dakota 

31 

1 

10 

3 

33 

6 

14 

8 

185 

53 

135 

5 

88 

24 

Nebraska 

21 

16 

New Jersey 

22 

15 

Nevada 

20 

17 

New York 

22 

15 

Ohio 

4 

112 

Oregon 

16 

21 

Pennsylvania 

27 

10 

Puerto Rico 

39 

1 

Rhode Island 

32 

6 


36 

2 

South Dakota 

11 

42 

Tennessee 

15 

23 

Texas 

39 

1 

Utah 

36 

2 

Virginia 

7 

67 

Vermont 

26 

12 

Washington 

36 

2 

Wisconsin 

5 

106 

Wyoming 

28 

9 

0 20 40 60 80 100 

76 


‐500 ‐400 ‐300 ‐200 ‐100 0 100 200 300



State Rankings ‐ Qualified School Construction Bond (QSCB) Issuance 


Issue Amount 

Rank 


Alabama 

12 

$169 

Arkansas 

23 

$83 

Arizona 

26 

$43 

California 

1 

$1,129 

Colorado 

20 

$111 


28 

$33 

Florida 

2 

$359 

Georgia 

34 

$19 

Hawaii 

30 

$32 

Iowa 

33 

$25 

Idaho 

37 

$15 

Illinois 

6 

$254 

Indiana 

22 

$95 

Kansas 

24 

$59 

Kentucky 

27 

$39 

Louisiana 

40 

$8 

Massachusetts 

Maryland 

Michigan 

Minnesota 

Missouri 

Montana 

9 

11 

3 

21 

7 

31 

$206 

$171 

$356 

$105 

$235 

$30 



25 

$47 

North Dakota 

29 

$32 

Nebraska 

36 

$18 

New Mexico 

35 

$18 

Nevada 

18 

$116 

New York 

4 

$309 

Ohio 

8 

$230 

Oregon 

19 

$115 

Rhode Island 

38 

$13 


16 

$132 

South Dakota 

32 

$29 

Tennessee 

10 

$177 

Texas 

5 

$299 

Utah 

41 

$4 

Virginia 

15 

$134 

Vermont 

39 

$11 

Washington 

17 

$128 

Wisconsin 

14 

$146 

West Virginia 

13 

$150 

$0 $100,000,000 $100 $200,000,000 $200 $300,000,000 $300 $400 $500 

$400,000,000 $500,000,000 

‐$1,000 ‐$500 $0 $500 $1,000 $1,500 


77



State Rankings ‐ Qualified School Construction Bond (QSCB) Issuance 


Number of 

Rank 

Issues 

Alabama 

28 

2 

Arkansas 

8 

26 

Arizona 

16 

10 

California 

3 

109 

Colorado 

28 

2 


36 

1 

Florida 

16 

10 

Georgia 

36 

1 

Hawaii 

15 

11 

Iowa 

22 

5 

Idaho 

26 

3 

Illinois 

36 

1 

Indiana 

12 

17 

Kansas 

22 

5 

Kentucky 

28 

2 

Louisiana 

28 

2 


Massachusetts 

Maryland 

Michigan 

Minnesota 

Missouri 

Montana 

18 

24 

4 

7 

5 

20 

8 

4 

84 

30 

75 

7 


24 

4 

North Dakota 

10 

20 

Nebraska 

21 

6 

New Mexico 

28 

2 

Nevada 

18 

8 

New York 

28 

2 

Ohio 

6 

43 

Oregon 

14 

13 

Rhode Island 

36 

1 


8 

26 

South Dakota 

10 

20 

Tennessee 

36 

1 

Texas 

2 

115 

Utah 

36 

1 

Virginia 

28 

2 

Vermont 

28 

2 

Washington 

13 

14 

Wisconsin 

1 

177 

West Virginia 

26 

3 

0 20 40 60 80 100 120 

78 


‐300 ‐200 ‐100 0 100 200 300



State Rankings ‐ Unemployment Rate (July 2010) 

Rank 

Alaska 

18 

7.7% 

Alabama 

34 

9.7% 

Arkansas 

17 

7.4% 

Arizona 

33 

9.6% 

California 

48 

12.3% 

Colorado 

20 

8.0% 

Connecticut 

28 

8.9% 

Delaware 

25 

8.4% 

Florida 

46 

11.5% 

Georgia 

38 

9.9% 

Hawaii 

6 

6.3% 

Iowa 

9 

6.8% 

Idaho 

27 

8.8% 

Illinois 

41 

10.3% 

Indiana 

40 

10.2% 

Kansas 

7 

6.5% 

Kentucky 

38 

9.9% 

Louisiana 

14 

7.2% 

Massachusetts 

30 

9.0% 

Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 

Montana 


13 

21 

49 

9 

31 

44 

16 

36 

7.1% 

8.1% 

13.1% 

6.8% 

9.2% 

10.8% 

7.3% 

9.8% 


North Dakota 

1 

3.6% 

Nebraska 

3 

4.7% 

New Hampshire 

4 

5.8% 

New Jersey 

34 

9.7% 

New Mexico 

22 

8.2% 

Nevada 

50 

14.3% 

New York 

22 

8.2% 

Ohio 

41 

10.3% 

Oklahoma 

11 

6.9% 

Oregon 

43 

10.6% 

Pennsylvania 

32 

9.3% 

Rhode Island 

47 

11.9% 


44 

10.8% 

South Dakota 

2 

4.4% 

Tennessee 

36 

9.8% 

Texas 

22 

8.2% 

Utah 

14 

7.2% 

Virginia 

12 

7.0% 

Vermont 

5 

6.0% 

Washington 

28 

8.9% 

Wisconsin 

19 

7.8% 

West Virginia 

26 

8.6% 

Wyoming 

8 

6.7% 

0% 5% 10% 15% 

‐20% ‐15% ‐10% ‐5% 0% 5% 10% 15% 20% 


79



State Rankings ‐ Budget Deficit (Fiscal Year 2010) 

Rank 

$ in Millions 

Alaska 

29 

$1,300 

Alabama 

24 

$1,600 

Arkansas 

43 

$395 

Arizona 

9 

$5,100 

California 

1 

$45,500 

Colorado 

24 

$1,600 

Connecticut 

11 

$4,700 

Delaware 

40 

$577 

Florida 

6 

$6,000 

Georgia 

12 

$4,500 

Hawaii 

31 

$1,200 

Iowa 

29 

$1,300 

Idaho 

41 

$562 

Illinois 

3 

$14,300 

Indiana 

28 

$1,400 

Kansas 

22 

$1,800 

Kentucky 

31 

$1,200 

Louisiana 

21 

$2,500 

Massachusetts 

8 

$5,600 


Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 


Nebraska 

20 

39 

18 

17 

23 

38 

10 

45 

$2,800 

$849 

$3,300 

$3,400 

$1,700 

$917 

$5,000 

$305 

New Hampshire 

42 

$430 

New Jersey 

4 

$11,000 

New Mexico 

36 

$995 

Nevada 

27 

$1,500 

New York 

2 

$21,000 

Ohio 

14 

$3,600 

Oklahoma 

24 

$1,600 

Oregon 

13 

$4,200 

Pennsylvania 

7 

$5,900 

Rhode Island 

37 

$990 


31 

$1,200 

South Dakota 

47 

$48 

Tennessee 

31 

$1,200 

Texas 

16 

$3,500 

Utah 

35 

$1,000 

Virginia 

14 

$3,600 

Vermont 

44 

$306 

Washington 

5 

$6,200 

Wisconsin 

19 

$3,200 

West Virginia 

46 

$304 

Wyoming 

48 

$32 

$‐ $10,000 $20,000 


$(60,000) $(40,000) $(20,000) $‐ $20,000 $40,000 $60,000 

80 




State Rankings ‐ Gross State Production (2008) 

Rank 

$ in Millions 

Alaska 

44 

$47,912 

Alabama 

25 

$170,014 

Arkansas 

34 

$98,331 

Arizona 

19 

$248,888 

California 

1 

$1,846,757 

Colorado 

20 

$248,603 

Connecticut 

24 

$216,174 

Delaware 

39 

$61,828 

Florida 

4 

$744,120 

Georgia 

10 

$397,756 

Hawaii 

38 

$63,847 

Iowa 

30 

$135,702 

Idaho 

42 

$52,747 

Illinois 

5 

$633,697 

Indiana 

17 

$254,861 

Kansas 

32 

$122,731 

Kentucky 

27 

$156,436 

Louisiana 

23 

$222,218 

218 

Massachusetts 

13 

$364,988 

Maryland 

15 

$273,333 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 

Montana 


North Dakota 

43 

12 

16 

22 

35 

47 

9 

49 

$49,709 

$382,544 

$262,847 

$237,797 

$91,782 

$35,891 

$400,192 

$31,208 


Nebraska 

36 

$83,273 

New Hampshire 

41 

$60,005 

New Jersey 

7 

$474,936 

New Mexico 

37 

$79,901 

Nevada 

31 

$131,233 

New York 

3 

$1,144,481 

Ohio 

8 

$471,508 

Oklahoma 

29 

$146,448 

Oregon 

26 

$161,573 

Pennsylvania 

6 

$553,301 

Rhode Island 

45 

$47,364 


28 

$156,384 

South Dakota 

46 

$36,959 

Tennessee 

18 

$252,127 

Texas 

2 

$1,223,511 

Utah 

33 

$109,777 

Virginia 

11 

$397,025 

Vermont 

50 

$25,442 

Washington 

14 

$322,778 

Wisconsin 

21 

$240,429 

429 

West Virginia 

40 

$61,652 

Wyoming 

48 

$35,310 

$0 $500,000 $1,000,000 


‐$3,000,000 ‐$2,000,000 ‐$1,000,000 $0 $1,000,000 $2,000,000 $3,000,000 


81



State Rankings ‐ Deficit as a % of Gross State Production 

Rank 

Alaska 

1 

2.71% 

Alabama 

29 

0.94% 

Arkansas 

44 

0.40% 

Arizona 

8 

2.05% 

California 

3 

2.46% 

Colorado 

40 

0.64% 

Connecticut 

6 

2.17% 

Delaware 

30 

0.93% 

Florida 

34 

0.81% 

Georgia 

21 

1.13% 

Hawaii 

10 

1.88% 

Iowa 

28 

0.96% 

Idaho 

25 

1.07% 

Illinois 

5 

2.26% 

Indiana 

41 

0.55% 

Kansas 

14 

1.47% 

Kentucky 

36 

0.77% 

Louisiana 

22 

1.13% 


Massachusetts 

Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 


13 

26 

12 

33 

16 

39 

27 

17 

1.53% 

1.02% 

1.71% 

0.86% 

1.29% 

0.71% 

1.00% 

1.25% 

Nebraska 

45 

0.37% 

New Hampshire 

38 

0.72% 

New Jersey 

4 

2.32% 

New Mexico 

18 

1.25% 

Nevada 

20 

1.14% 

New York 

11 

1.83% 

Ohio 

37 

0.76% 

Oklahoma 

23 

1.09% 

Oregon 

2 

2.60% 

Pennsylvania 

24 

1.07% 

Rhode Island 

7 

2.09% 


35 

0.77% 

South Dakota 

47 

0.13% 

Tennessee 

43 

0.48% 

Texas 

46 

0.29% 

Utah 

31 

0.91% 

Virginia 

32 

0.91% 

Vermont 

19 

1.20% 

Washington 

9 

1.92% 

Wisconsin 

15 

1.33% 

West Virginia 

42 

0.49% 

Wyoming 

48 

0.09% 

0% 1% 2% 3% 

82 


‐3.00% ‐2.00% ‐1.00% 0.00% 1.00% 2.00% 3.00%



State Rankings ‐ Deficit % of General Fund Budget (Fiscal Year 2010) 

Rank 

Alaska 

10 

28.9% 

Alabama 

24 

23.7% 

Arkansas 

45 

9.1% 

Arizona 

1 

65.0% 

California 

2 

52.8% 

Colorado 

23 

23.8% 

Connecticut 

19 

27.0% 

Delaware 

36 

18.2% 

Florida 

13 

28.5% 

Georgia 

11 

28.8% 

Hawaii 

21 

25.2% 

Iowa 

29 

22.6% 

Idaho 

30 

22.4% 

Illinois 

4 

43.7% 

Indiana 

43 

10.6% 

Kansas 

8 

33.9% 

Kentucky 

39 

14.5% 

Louisiana 

18 

27.8% 

Massachusetts 

Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 


33 

34 

16 

38 

27 

27 

35 

20 

20.4% 

20.3% 

28.0% 

15.8% 

22.7% 

22.7% 

19.3% 

26.2% 


Nebraska 

44 

9.2% 

New Hampshire 

12 

28.6% 

New Jersey 

5 

40.0% 

New Mexico 

36 

18.2% 

Nevada 

3 

46.8% 

New York 

6 

38.8% 

Ohio 

40 

13.9% 

Oklahoma 

14 

28.4% 

Oregon 

9 

32.4% 

Pennsylvania 

26 

23.6% 

Rhode Island 

7 

34.8% 


32 

21.5% 

South Dakota 

47 

4.3% 

Tennessee 

41 

12.1% 

Texas 

42 

10.7% 

Utah 

31 

22.1% 

Virginia 

22 

24.1% 

Vermont 

15 

28.3% 

Washington 

17 

27.9% 

Wisconsin 

24 

23.7% 

West Virginia 

46 

8.2% 

Wyoming 

48 

1.8% 

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 

‐120.00% ‐100.00% ‐80.00% ‐60.00% ‐40.00% ‐20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 


83



State Rankings ‐ Population (As of July 2009) 

Rank 

Population in 

Millions 


Alaska 

47 

0.7 

Alabama 

23 

4.7 

Arkansas 

32 

2.9 

Arizona 

14 

6.6 

California 

1 

37.0 

Colorado 

22 

5.0 

Connecticut 

29 

3.5 

Delaware 

45 

0.9 

Florida 

4 

18.5 

Georgia 

9 

9.8 

Hawaii 

42 

1.3 

Iowa 

30 

3.0 

Idaho 

39 

1.5 

Illinois 

5 

12.9 

Indiana 

16 

6.4 

Kansas 

33 

2.8 

Kentucky 

26 

4.3 

Louisiana 

25 

4.5 

Massachusetts 

15 

6.6 

Maryland 

19 

5.7 

Maine 

41 

1.3 

Michigan 

8 

10.0 

Minnesota 

21 

5.3 

Missouri 

18 

6.0 

Mississippi 

31 

3.0 

Montana 

44 

1.0 


10 

9.4 

North Dakota 

48 

0.6 

Nebraska 

38 

1.8 

New Hampshire 

40 

1.3 

New Jersey 

11 

8.7 

New Mexico 

36 

2.0 

Nevada 

35 

2.6 

New York 

3 

19.5 

Ohio 

7 

11.5 

Oklahoma 

28 

3.7 

Oregon 

27 

3.8 

Pennsylvania 

6 

12.6 

Rhode Island 

43 

1.1 


24 

4.6 

South Dakota 

46 

0.8 

Tennessee 

17 

6.3 

Texas 

2 

24.8 

Utah 

34 

2.8 

Virginia 

12 

7.9 

Vermont 

49 

0.6 

Washington 

13 

6.7 

Wisconsin 

20 

5.7 

West Virginia 

37 

1.8 

Wyoming 

50 

0.5 

0 10 10,000,000 20,000,000 20 30,000,000 

30 

84 


‐50.000 ‐30.000 ‐10.000 10.000 30.000 50.000



State Rankings ‐ Land Area 

Rank 

in Square Miles 

Alaska 

1 

571,951 

Alabama 

28 

50,744 

Arkansas 

27 

52,068 

Arizona 

6 

113,635 

California 

3 

155,959 

Colorado 

8 

103,718 

Connecticut 

48 

4,845 

Delaware 

49 

1,954 

Florida 

26 

53,927 

Georgia 

21 

57,906 

Hawaii 

47 

6,423 

Iowa 

23 

55,869 

Idaho 

11 

82,747 

Illinois 

24 

55,584 

Indiana 

38 

35,867 

Kansas 

13 

81,815 

Kentucky 

36 

39,728 

Louisiana 

33 

43,562 

Massachusetts 

45 

7,840 

Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 

Montana 


42 

39 

22 

14 

18 

31 

4 

29 

9,774 

30,862 

56,804 

79,610 

68,886 

46,907 

145,552 

48,711 


North Dakota 

17 

68,976 

Nebraska 

15 

76,872 

New Hampshire 

44 

8,968 

New Jersey 

46 

7,417 

New Mexico 

5 

121,356 

Nevada 

7 

109,826 

New York 

30 

47,214 

Ohio 

35 

40,948 

Oklahoma 

19 

68,667 

Oregon 

10 

95,997 

Pennsylvania 

32 

44,817 

Rhode Island 

50 

1,045 


40 

30,109 

South Dakota 

16 

75,885 

Tennessee 

34 

41,217 

Texas 

2 

261,797 

Utah 

12 

82,144 

Virginia 

37 

39,594 

Vermont 

43 

9,250 

Washington 

20 

66,544 

Wisconsin 

25 

54,310 

West Virginia 

41 

24,078 

Wyoming 

9 

97,100 

‐ 100,000 200,000 

(1,000,000) (800,000) (600,000) (400,000) (200,000) ‐ 200,000 400,000 600,000 800,000 


85



State Rankings ‐ Population Density 

Rank 

Population per 

Square Mile 

Alaska 

50 

1.2 

Alabama 

27 

92.8 

Arkansas 

34 

55.5 

Arizona 

33 

58.0 

California 

11 

237.0 

Colorado 

37 

48.4 

Connecticut 

4 

726.2 

Delaware 

6 

453.0 

Florida 

8 

343.8 

Georgia 

18 

169.7 

Hawaii 

13 

201.6 

Iowa 

35 

53.8 

Idaho 

44 

18.7 

Illinois 

12 

232.3 

Indiana 

16 

179.1 

Kansas 

40 

34.5 

Kentucky 

22 

108.6 

Louisiana 

24 

103.11 

Massachusetts 

3 

841.0 


Maryland 

Maine 

Michigan 

Minnesota 

Missouri 

Mississippi 

Montana 


5 

38 

17 

31 

28 

32 

48 

15 

583.1 

42.7 

175.5 

66.2 

86.9 

62.9 

6.7 

192.6 

North Dakota 

47 

9.4 

Nebraska 

43 

23.4 

New Hampshire 

21 

147.7 

New Jersey 

1 

1,174.0 

New Mexico 

45 

16.6 

Nevada 

42 

24.1 

New York 

7 

413.9 

Ohio 

9 

281.9 

Oklahoma 

36 

53.7 

Oregon 

39 

39.9 

Pennsylvania 

10 

281.2 

Rhode Island 

2 

1,007.9 


20 

151.5 

South Dakota 

46 

10.7 

Tennessee 

19 

152.8 

Texas 

26 

94.7 

Utah 

41 

33.9 

Virginia 

14 

199.1 

Vermont 

30 

67.2 

Washington 

25 

100.1 

Wisconsin 

23 

104.11 

West Virginia 

29 

75.6 

Wyoming 

49 

5.6 

0 200 400 600 800 1,000 1,200 

86 


‐2000.00 ‐1500.00 ‐1000.00 ‐500.00 0.00 500.00 1000.00 1500.00


BOND TABLES 


87


BOND TABLES 

BOND TABLES 

Build America Bond Issues by Maturity Size ($ in U.S. Millions) 

Maturity 

Issue Moody's/ Award 

Liquidity Factors* 

Issuer 

State Maturity Size Coupon Spread S&P/Fitch Date CUSIP Volume Frequency Score 

CALIFORNIA ST CA 04/01/2039 $3,000.0 7.550 365.0 A1 / A‐ / A‐ 04/22/2009 13063A5G5 0.3 41.6 439.3 

CALIFORNIA ST CA 04/01/2034 $2,000.0 7.500 365.0 A1 / A‐ / A‐ 04/22/2009 13063A5E0 0.2 31.5 214.5 

CALIFORNIA ST CA 10/01/2039 $1,750.0 7.300 325.0 A1 / A‐ / A‐ 10/08/2009 13063A7D0 0.3 39.9 436.3 

NEW JERSEY ST TPK AUTH TPK REV NJ 01/01/2040 $1,375.0 7.414 370.0 A3 / A+ / A 04/20/2009 646139W35 0.2 23.5 175.3 

BAY AREA TOLL AUTH CALIF TOLL CA 04/01/2049 $1,300.0 6.263 200.0 Aa3 / AA / AA‐ 10/28/2009 072024ND0 0.1 18.7 67.6 

LOS ANGELES CALIF UNI SCH DIST CA 07/01/2034 $1,250.6 6.758 200.0 Aa2 / AA‐ / NA 02/18/2010 544646ZR6 0.2 25.9 197.7 

CALIFORNIA ST CA 03/01/2040 $1,250.0 7.625 286.8 A1 / A‐ / A‐ 03/25/2010 13063BFR8 0.2 28.1 220.4 

MUNICIPAL ELEC AUTH GA GA 04/01/2057 $1,224.3 6.637 205.0 A2 / A+ / A+ 03/03/2010 626207YF5 0.5 35.0 559.5 

TEXAS ST TRANSN COMMN TX 04/01/2030 $1,204.0 5.178 115.0 Aaa / AAA / NA 07/27/2010 88283LHU3 0.0 0.0 0.0 

TEXAS ST TX 04/01/2039 $1,148.5 5.517 120.0 Aaa / AA+ / AAA 08/19/2009 882722KF7 0.3 19.3 181.7 

LOS ANGELES CALIF UNI SCH DIST CA 07/01/2034 $1,029.8 5.750 170.0 Aa2 / AA‐ / NA 10/01/2009 544646XZ0 0.2 24.8 149.2 

MUNICIPAL ELEC AUTH GA GA 04/01/2057 $1,012.2 6.655 200.0 A2 / A+ / A+ 03/05/2010 626207YM0 0.7 26.2 559.6 

CALIFORNIA ST CA 03/01/2036 $1,000.0 7.950 319.3 A1 / A‐ / A‐ 03/25/2010 13063BFV9 0.2 25.6 165.7 

CALIFORNIA ST CA 11/01/2039 $908.0 7.350 300.0 A1 / A‐ / A‐ 11/03/2009 13063BBU5 0.1 6.1 10.6 

BAY AREA TOLL AUTH CALIF TOLL CA 04/01/2050 $850.0 7.043 300.0 A1 / A+ / NA 06/24/2010 072024NV0 0.2 25.0 NA 

NORTH TEX TWY AUTH REV TX 01/01/2049 $825.0 6.718 230.0 A2 / A‐ / NA 08/05/2009 66285WFB7 0.2 16.4 91.6 

UNIVERSITY CALIF REVS CA 05/15/2043 $758.3 5.770 145.0 Aa1 / AA / AA+ 08/19/2009 91412F7Y7 0.1 14.5 59.8 

MASSACHUSETTS ST MA 12/01/2039 $756.5 5.456 120.0 Aa1 / AA / AA+ 12/01/2009 57582PUE8 0.2 8.1 53.0 

NEW JERSEY ECONOMIC DEV AUTH NJ 06/15/2013 $750.0 1.480 65.7 Aa3 / AA‐ / AA‐ 05/13/2010 645918YG2 0.6 11.0 NA 

METROPOLITAN TRANSN AUTH N Y D NY 11/15/2039 $750.0 7.336 350.0 NA / AA / AA‐ 04/23/2009 59259NZH9 0.2 17.0 138.5 

LOS ANGELES CALIF CMNTY COLLEG CA 08/01/2049 $650.0 6.750 270.0 Aa1 / AA / NA 07/15/2010 54438CPA4 1.3 45.5 NA 

CHICAGO ILL MET WTR RECLAMATIO IL 12/01/2038 $600.0 5.720 125.0 Aaa / AAA / AAA 08/11/2009 167560PL9 0.2 11.9 87.3 

NEW YORK ST DORM AUTH ST PERS NY 03/15/2039 $577.2 5.628 130.0 NA / AAA / AA 08/18/2009 649902ZQ9 0.2 12.8 76.1 

NEW YORK ST URBAN DEV CORP REV NY 03/15/2039 $576.1 5.770 150.0 NA / AAA / AA 11/17/2009 650035TD0 0.3 17.7 167.6 

SAN DIEGO CNTY CALIF WTR AUTH CA 05/01/2049 $526.1 6.138 160.0 Aa2 / AA+ / AA+ 01/21/2010 79741TAR5 0.2 9.7 51.5 

ILLINOIS ST IL 02/01/2035 $520.0 6.630 205.0 A1 / A+ / A 01/28/2010 452152BM2 0.2 18.0 141.1 

ILLINOIS ST IL 07/01/2035 $504.0 7.350 325.0 A1 / A+ / A 07/14/2010 452152GS4 0.9 45.5 NA 

NEW JERSEY ST TRANSN TR FD NJ 12/15/2040 $500.0 6.561 187.6 Aa3 / AA‐ / AA‐ 01/07/2010 646136XR7 0.4 21.1 303.1 

NEW YORK N Y CITY TRANSITIONAL NY 08/01/2036 $472.0 5.767 152.3 Aa1 / AAA / AAA 10/16/2009 64971MZG0 0.1 6.8 28.0 

DALLAS TEX AREA RAPID TRAN SAL TX 12/01/2044 $467.0 5.999 150.0 Aa2 / AAA / NA 06/16/2009 235241LS3 0.2 7.8 55.1 

CLARK CNTY NEV ARPT REV NV 07/01/2045 $454.3 6.820 225.0 Aa2 / AA‐ / NA 02/09/2010 18085PMT8 0.1 9.6 35.8 

MASSACHUSETTS ST SCH BLDG AUTH MA 08/15/2039 $450.0 5.715 125.0 Aa1 / AA+ / AA+ 12/10/2009 576000KV4 0.2 8.0 46.6 

CHICAGO ILL TRANSIT AUTH SALES IL 12/01/2040 $441.5 6.200 160.0 Aa3 / AA / NA 03/24/2010 16772PAQ9 0.1 7.4 29.6 

UTAH ST UT 07/01/2024 $417.6 4.554 110.0 Aaa / AAA / AAA 09/16/2009 917542QR6 0.1 7.4 16.7 

NEW YORK N Y CITY MUN WTR FIN NY 06/15/2041 $403.4 5.750 140.0 Aa2 / AA+ / AA+ 10/27/2009 64972FH25 0.0 4.1 4.8 

METROPOLITAN WASHINGTON D C AR DC 10/01/2046 $400.0 7.462 300.0 Baa1 / BBB+/ NA 08/05/2009 592643AA8 0.0 3.4 3.7 

BAY AREA TOLL AUTH CALIF TOLL CA 04/01/2040 $400.0 6.918 287.5 A1 / A+ / NA 06/24/2010 072024NU2 1.5 46.9 NA 

ILLINOIS ST TOLL HWY AUTH TOLL IL 01/01/2034 $400.0 6.184 200.0 Aa3 / AA‐ / AA‐ 05/12/2009 452252FH7 0.1 7.1 26.4 

EAST BAY CALIF MUN UTIL DIST W CA 06/01/2040 $400.0 5.874 120.0 Aa1 / AAA / AA+ 02/11/2010 271014TU6 0.3 21.8 249.4 

DALLAS TEX CONVENTION CTR HOTE TX 01/01/2042 $388.2 7.088 275.0 A1 / A+ / NA 08/18/2009 235417AA0 0.0 4.2 6.8 

WASHINGTON ST WA 08/01/2040 $383.7 5.140 105.0 Aa1 / AA+ / AA+ 05/25/2010 93974CRE2 0.5 13.1 NA 

MUNICIPAL ELEC AUTH GA GA 04/01/2057 $383.4 7.055 237.5 Baa2 / A‐ / A‐ 03/08/2010 626207YS7 0.7 22.5 535.3 

SAN ANTONIO TEX ELEC & GAS TX 02/01/2039 $375.0 5.985 145.0 Aa1 / AA / AA+ 06/02/2009 796253T93 0.1 6.8 27.2 

NEW YORK N Y CITY MUN WTR FIN NY 06/15/2042 $375.0 6.011 131.0 Aa2 / AA+ / AA+ 03/09/2010 64972FL20 0.6 13.1 256.0 

UNIVERSITY CALIF REGTS MED CTR CA 05/15/2049 $368.9 6.583 225.0 Aa2 / AA‐ / NA 12/03/2009 913366DF4 0.0 1.7 0.4 

ILLINOIS ST IL 04/01/2035 $364.0 6.725 205.0 A1 / A+ / A 04/20/2010 452152FA4 0.0 2.1 2.5 

METROPOLITAN TRANSN AUTH N Y NY 11/15/2039 $363.9 6.668 200.0 A2 / A / A+ 01/06/2010 59259YBY4 0.2 15.0 104.3 

DALLAS TEX AREA RAPID TRAN SAL TX 12/01/2034 $362.6 6.249 175.0 Aa2 / AAA / NA 06/16/2009 235241LT1 0.2 5.3 34.1 

OREGON ST DEPT TRANSN HWY USER OR 11/15/2034 $357.4 5.834 110.0 Aa2 / AA+ / AA 03/31/2010 68607DNL5 0.1 9.6 43.5 

NEW YORK N Y NY 10/01/2031 $355.3 5.206 118.0 Aa2 / AA / AA 09/30/2009 64966HMV9 0.1 4.7 12.8 

MARYLAND ST TRANSN AUTH TRANSN MD 07/01/2043 $349.4 5.888 140.0 Aa3 / AA‐ / AA‐ 12/10/2009 574300HZ5 0.0 2.7 3.9 

NEW YORK ST DORM AUTH ST PERS NY 03/15/2040 $344.6 5.600 150.8 NA / AAA / AA 05/26/2010 649902T37 0.4 15.3 NA 

DALLAS CNTY TEX HOSP DIST TX 08/15/2044 $344.0 5.621 140.0 NA / AAA / AAA 08/27/2009 234667JL8 0.2 9.4 60.1 

LOS ANGELES CALIF UNI SCH DIST CA 07/01/2029 $340.0 5.755 170.0 Aa2 / AA‐ / NA 10/01/2009 544646XY3 0.1 4.8 10.3 

CHICAGO ILL BRD ED IL 12/01/2039 $334.6 6.138 180.0 Aa2 / AA‐ / AA‐ 09/10/2009 167505KH8 0.1 5.4 19.3 

UNIVERSITY TEX UNIV REVS TX 08/15/2041 $330.5 6.276 160.0 Aaa / AAA / AAA 06/10/2009 915137X73 0.1 6.9 32.9 

NEW YORK N Y NY 06/01/2035 $326.8 6.246 210.0 Aa2 / AA / AA 06/09/2010 64966HYX2 0.2 6.5 NA 

METROPOLITAN TRANSN AUTH N Y NY 11/15/2039 $325.0 5.871 180.0 A2 / A / A+ 10/06/2009 59259YBF5 0.1 9.3 32.1 

88 



BOND TABLES 


Moody's/ 

Maturity 

Issue 

Award 


Issuer State Maturity Size Coupon Spread S&P/Fitch Date CUSIP Volume Frequency Score 

MET GOVT NASHVILLE & DAVIDSON TN 07/01/2043 $324.7 6.731 205.0 Aa2 / A / AA‐ 04/15/2010 592125AM0 0.2 12.7 103.7 

NEW YORK N Y CITY MUN WTR FIN NY 06/15/2042 $324.0 5.724 158.0 Aa2 / AA+ / AA+ 06/22/2010 64972FT30 0.8 24.2 NA 

PUERTO RICO ELEC PWR AUTH PWR PR 07/01/2040 $320.2 6.125 148.9 A3 / BBB+/ BBB+ 04/22/2010 74526QXT4 0.0 3.2 3.2 

LOS ANGELES CALIF DEPT WTR & P CA 07/01/2039 $316.0 5.716 148.0 Aa3 / AA‐ / AA‐ 05/19/2010 544495UG7 0.2 9.1 NA 

CHICAGO ILL O HARE INTL ARPT IL 01/01/2040 $315.5 6.395 170.0 A1 / A‐ / A 04/15/2010 167593AN2 0.1 3.0 6.4 

COOK CNTY ILL IL 11/15/2034 $308.6 6.229 200.0 Aa2 / AA / AA 06/11/2010 213185DV0 0.7 35.6 NA 

AMERICAN MUN PWR‐OHIO INC OH 02/15/2044 $308.4 6.449 215.0 A2 / A / A 11/19/2009 02765UCY8 0.1 6.9 32.1 

CLARK CNTY NEV ARPT REV NV 07/01/2042 $300.0 6.881 262.5 Aa2 / AA‐ / NA 09/16/2009 18085PLL6 0.1 6.5 26.2 

LOS ANGELES CALIF DEPT WTR & P CA 07/01/2040 $300.0 6.166 193.0 Aa3 / AA‐ / AA‐ 05/19/2010 544495UH5 0.1 6.1 NA 

NEW YORK N Y CITY MUN WTR FIN NY 06/15/2042 $300.0 5.952 140.0 Aa2 / AA+ / AA+ 01/26/2010 64972FK88 0.2 7.8 59.0 

CENTRAL PUGET SOUND WASH REGL WA 11/01/2039 $300.0 5.491 125.0 Aa2 / AAA / NA 09/16/2009 15504RET2 0.2 7.1 35.6 

DISTRICT COLUMBIA INCOME TAX R DC 12/01/2034 $300.0 5.591 120.0 Aa1 / AAA / AA+ 12/09/2009 25477GCY9 0.1 1.8 3.3 

MASSACHUSETTS ST MA 05/01/2029 $300.0 4.910 52.0 Aa1 / AA / AA+ 05/05/2010 57582PUT5 0.0 0.0 0.0 

GEORGIA ST GA 11/01/2025 $297.4 4.503 98.3 Aaa / AAA / AAA 11/04/2009 373384NZ5 0.1 4.2 18.5 

TEXAS ST TRANSN COMMN TX 04/01/2026 $296.0 5.028 100.0 Aaa / AAA / NA 07/27/2010 88283LHT6 0.0 0.0 0.0 

WASHINGTON ST WA 08/01/2039 $295.4 5.481 120.0 Aa1 / AA+ / AA+ 10/15/2009 93974CPM6 0.3 8.5 73.7 

SAN FRANCISCO CALIF CITY & CNT CA 11/01/2040 $295.2 6.000 185.0 Aa2 / AA‐ / NA 06/09/2010 79765RSV2 0.1 4.3 NA 

EAST BATON ROUGE LA SWR COMMN LA 02/01/2045 $295.2 6.087 195.0 Aa2 / AA‐ / AA 05/20/2010 270618CN9 0.0 0.0 0.0 

METROPOLITAN TRANSN AUTH N Y NY 11/15/2040 $290.0 6.687 275.0 A2 / A / A+ 06/30/2010 59259YDC0 1.6 48.0 NA 

NEW YORK N Y NY 12/01/2036 $289.8 5.985 150.0 Aa2 / AA / AA 12/10/2009 64966HTX8 0.4 16.9 245.1 

NEW YORK ST DORM AUTH ST PERS NY 03/15/2030 $283.9 5.500 141.0 NA / AAA / AA 05/26/2010 649902T29 0.0 0.0 0.0 

MICHIGAN ST MI 09/15/2027 $281.9 7.625 325.0 Aa3 / AA / NA 06/17/2009 5946105T0 0.0 0.3 0.0 

ILLINOIS ST TOLL HWY AUTH TOLL IL 12/01/2034 $280.0 5.851 157.0 Aa3e / AA‐ / AA‐ 11/24/2009 452252FK0 0.3 4.1 46.4 

SAN ANTONIO TEX ELEC & GAS TX 02/01/2041 $280.0 5.718 100.0 Aa1 / AA / AA+ 03/10/2010 796253U91 0.2 8.1 48.5 

PENNSYLVANIA ST TPK COMMN TPK PA 12/01/2039 $275.0 6.105 165.0 Aa3 / A+ / A+ 06/22/2009 709223VZ1 0.1 3.8 11.9 

PENNSYLVANIA ST PA 05/01/2030 $274.1 5.350 111.0 Aa1 / AA / AA+ 05/19/2010 70914PNE8 0.7 16.4 NA 

NEW JERSEY ST TRANSN TR FD NJ 12/15/2039 $273.5 6.875 240.0 Aa3 / AA‐ / AA‐ 05/27/2009 646136WV9 0.1 3.3 9.8 

MISSOURI ST HWYS & TRANS COMMN MO 05/01/2033 

$273.3 3 5.445 120.0 0 Aa1 / AA+ / AA‐ 09/16/2009 60636WNU5 0.1 5.5 5 21.1 1 

AMERICAN MUN PWR‐OHIO INC OH 02/15/2043 $272.5 6.053 200.0 A1 / A / A 10/01/2009 02765UCR3 0.1 6.1 23.8 

COMMONWEALTH FING AUTH PA REV PA 06/01/2039 $269.8 6.218 182.8 Aa3 / AA‐ / AA 11/04/2009 20281PCT7 0.1 4.2 17.2 

VIRGINIA COMWLTH TRANSN BRD TR VA 05/15/2035 $266.1 5.350 87.0 Aa1 / AA+ / AA+ 05/12/2010 927793TC3 0.4 5.4 NA 

WASHINGTON ST WA 08/01/2033 $265.3 5.090 100.0 Aa1 / AA+ / AA+ 05/25/2010 93974CRF9 0.1 9.8 NA 

METROPOLITAN TRANSN AUTH N Y D NY 11/15/2040 $264.1 6.089 150.0 NA / AA / AA‐ 03/17/2010 59259NZN6 0.2 7.0 38.3 

UNIVERSITY CALIF REVS CA 05/15/2031 $264.0 6.270 195.0 Aa1 / AA / AA+ 08/19/2009 91412F7X9 0.1 4.5 10.5 

NORTH CAROLINA TPK AUTH NC 01/01/2039 $262.0 6.700 240.0 Aa2 / AA / AA‐ 07/15/2009 65830TAG0 0.1 4.6 18.3 

PENNSYLVANIA ST PA 02/15/2030 $262.0 5.450 80.0 Aa1 / AA / AA+ 01/13/2010 70914PMJ8 0.2 3.1 18.9 

DENVER COLO CITY & CNTY CO 08/01/2030 $261.9 5.650 154.0 Aaa / AAA / AAA 06/09/2010 249164LJ1 0.0 4.3 NA 

UTAH TRAN AUTH SALES TAX REV UT 06/15/2039 $261.5 5.937 185.0 Aa2 / AAA / AA+ 05/13/2009 917565LB7 0.2 7.2 46.2 

SAN FRANCISCO CALIF CITY & CNT CA 11/01/2040 $260.9 6.000 200.0 Aa2 / AA‐ / NA 07/22/2010 79765RTK5 0.0 0.0 0.0 

NORTH TEX TWY AUTH REV TX 02/01/2030 $260.0 8.910 470.0 Baa3 / NA / NA 05/06/2010 66285WFS0 0.3 15.2 NA 

CURATORS UNIV MO SYS FACS REV MO 11/01/2039 $256.3 5.960 155.0 Aa1 / AA / NA 07/16/2009 231266FD4 0.2 7.6 46.4 

PENNSYLVANIA ST PA 02/15/2026 $256.0 4.650 90.0 Aa1 / AA / AA+ 01/13/2010 70914PME9 0.6 9.9 206.2 

LOS ANGELES CALIF DEPT ARPTS A CA 05/15/2039 $253.0 6.582 233.0 A1 / AA‐ / AA‐ 11/17/2009 544435C32 0.2 7.3 41.4 

MASSACHUSETTS ST WTR POLLUTN A MA 08/01/2040 $252.6 5.192 125.0 Aaa / AAA / AAA 06/30/2010 57604P5P5 0.2 3.8 NA 

MET GOVT NASHVILLE & DAVIDSON TN 07/01/2034 $252.0 5.707 145.0 Aa1 / AA / NA 06/03/2010 592112DR4 0.7 13.5 NA 

UNIVERSITY TEX UNIV REVS TX 08/15/2042 $252.0 5.134 104.0 Aaa / AAA / AAA 06/22/2010 9151375F6 0.0 0.0 0.0 

METROPOLITAN TRANSN AUTH N Y NY 11/15/2039 $251.0 6.648 210.0 A2 / A / A+ 02/04/2010 59259YBZ1 0.5 12.3 212.2 

NEW YORK N Y NY 06/01/2040 $250.2 5.846 170.0 Aa2 / AA / AA 06/09/2010 64966HYV6 0.3 6.5 NA 

CALIFORNIA ST CA 03/01/2022 $250.0 6.650 278.0 A1 / A‐ / A‐ 03/25/2010 13063BFS6 0.6 14.9 315.6 

LAS VEGAS VY NEV WTR DIST NV 06/01/2039 $250.0 7.013 251.3 Aa1 / AA+ / NA 12/10/2009 517840S54 0.1 4.4 16.8 

PHOENIX ARIZ AZ 07/01/2034 $250.0 5.269 126.9 Aa1 / AAA / NA 10/07/2009 718814ZZ2 0.2 3.5 20.8 

CALIFORNIA ST PUB WKS BRD CA 10/01/2034 $250.0 8.361 412.0 A2 / BBB+/ BBB+ 10/22/2009 130685WB2 0.1 4.4 16.2 

BAY AREA TOLL AUTH CALIF TOLL CA 04/01/2030 $250.0 6.793 275.0 A1 / A+ / NA 06/24/2010 072024NT5 0.2 12.5 NA 

LOS ANGELES CALIF CMNTY COLLEG CA 08/01/2042 $250.0 6.600 255.0 Aa1 / AA / NA 07/15/2010 54438CNZ1 3.0 54.5 NA 

UNIVERSITY VA UNIV REVS VA 09/01/2039 $250.0 6.200 250.0 Aaa / AAA / AAA 04/15/2009 915217RY1 0.4 7.8 105.8 

SACRAMENTO CALIF MUN UTIL DIST CA 05/15/2036 $250.0 6.156 225.0 A1 / A+ / A 07/21/2010 786005PN2 0.4 25.0 NA 

CHICAGO ILL O HARE INTL ARPT IL 01/01/2038 $250.0 6.845 215.0 A1 / A‐ / Ae 04/15/2010 167593AM4 0.2 9.9 59.0 

METROPOLITAN TRANSN AUTH N Y NY 11/15/2031 $250.0 6.548 200.0 A2 / A / A+ 02/04/2010 59259YCA5 0.5 12.3 199.3 

LOS ANGELES CALIF DEPT WTR & P CA 07/01/2039 

$250.0 6.008 175.0 Aa2 / AA / AA+ 11/19/2009 544525NZ7 0.1 4.1 11.9 

BOND TABLES 


89


BOND TABLES 

BOND TABLES 


Moody's/ 

Maturity 

Issue 

Award 



INDIANAPOLIS IND LOC PUB IMPT IN 01/15/2040 $250.0 6.116 150.0 Aa1 / AA+ / AA+ 02/24/2010 45528S5S1 0.7 17.2 391.8 

NEW YORK ST DORM AUTH ST PERS NY 03/15/2039 $250.0 5.427 145.0 NA / AAA / AA 10/08/2009 649902H48 0.0 2.4 3.9 

NEW YORK N Y NY 03/01/2036 $250.0 5.968 137.0 Aa2 / AA / AA 03/18/2010 64966HYM6 0.4 18.1 209.1 

DENVER COLO CITY & CNTY SCH DI CO 12/01/2033 $250.0 5.664 130.0 Aa2 / AA‐ / NA 12/08/2009 249174MQ3 0.1 1.8 4.5 

CONNECTICUT ST CT 12/01/2029 $250.0 5.632 110.0 Aa2 / AA / AA 12/15/2009 20772G4Z8 0.3 6.8 58.3 

UNIVERSITY TEX PERM UNIV FD TX 07/01/2039 $250.0 5.262 100.0 Aaa / AAA / AAA 09/10/2009 9151153X5 0.2 7.6 38.6 


IOWA ST SPL OBLIG IA 06/01/2034 $221.0 6.750 250.0 Aa2 / AA / NA 07/14/2009 46257TBC2 0.0 1.9 3.1 

ILLINOIS MUN ELEC AGY PWR SUPP IL 02/01/2035 $206.5 6.832 240.0 A1 / A+ / A+ 07/15/2009 452024GT3 0.0 1.1 0.8 

MICHIGAN ST UNIV REVS MI 02/15/2050 $205.0 6.173 150.0 Aa1 / AA / NA 04/20/2010 594712PP0 0.1 1.1 2.2 

FLORIDA ST TPK AUTH TPK REV FL 07/01/2039 $200.5 6.800 250.0 Aa1 / AA‐ / AA‐ 06/26/2009 343136L70 0.1 4.1 14.5 

MARYLAND ST TRANSN AUTH TRANSN MD 07/01/2041 $200.1 5.754 165.0 Aa3 / AA‐ / AA‐ 07/14/2010 574300JQ3 0.0 0.0 0.0 

SACRAMENTO CALIF MUN UTIL DIST CA 05/15/2036 $200.0 6.322 225.0 A1 / A+ / A 05/05/2009 786005PM4 0.2 3.9 25.1 

ORLANDO FLA UTILS COMMN UTIL FL 10/01/2040 $200.0 5.662 115.0 Aa1 / AA / AA 01/21/2010 686507CW2 0.1 5.9 21.9 

MASSACHUSETTS ST MA 01/01/2030 $200.0 5.306 105.0 Aa1 / AA / AA+ 12/01/2009 57582PUD0 0.2 0.4 2.5 

INDIANA ST FIN AUTH REV IN 02/01/2039 $191.6 6.596 220.0 Aa2 / AA+ / AA+ 06/23/2009 455057SV2 0.0 1.5 2.4 

UNIVERSITY VA UNIV REVS VA 09/01/2040 $190.0 5.000 94.5 Aaa / AAA / AAA 07/21/2010 915217SB0 3.9 25.0 NA 

CALIFORNIA INFRASTRUCTURE & EC CA 05/15/2049 $188.0 6.486 190.0 Aa2 / AA‐ / NA 03/19/2010 13033W3Y7 0.0 0.0 0.0 

PUBLIC PWR GENERATION AGY NEB NE 01/01/2041 $185.2 7.242 300.0 A2 / A‐ / NA 07/10/2009 744434CW9 0.0 0.0 0.0 

DETROIT MICH CITY SCH DIST MI 05/01/2039 $181.1 7.747 325.0 Aa2 / AA‐ / NA 12/16/2009 2511295D0 0.4 10.0 137.6 

ILLINOIS ST IL 07/01/2021 $180.0 6.200 310.0 A1 / A+ / A 07/14/2010 452152GR6 3.9 54.5 NA 

LOUISVILLE & JEFFERSON CNTY KY KY 05/15/2040 $180.0 5.980 170.0 Aa3 / AA‐ / AA‐ 11/18/2009 546589QW5 0.3 8.1 90.9 

MASSACHUSETTS BAY TRANSN AUTH MA 07/01/2039 $177.0 5.569 140.0 Aa1 / AAA / NA 10/20/2009 575579VP9 0.0 1.1 0.9 

NORTHERN CALIF PWR AGY REV CA 06/01/2040 $176.6 7.311 312.5 A3 / A‐ / A‐ 06/16/2010 664845DQ4 0.2 10.3 NA 

NEW YORK N Y NY 10/01/2034 $174.5 5.676 165.0 Aa2 / AA / AA 09/30/2009 64966HMT4 0.1 4.4 16.4 

CONNECTICUT ST SPL TAX OBLIG CT 12/01/2029 $171.0 5.740 150.0 Aa3 / AA / AA 10/28/2009 207758KH5 0.0 0.0 0.0 

NEW YORK N Y NY 10/01/2022 $170.2 4.589 130.0 Aa2 / AA / AA 09/30/2009 64966HMU1 0.1 0.3 0.7 

MIAMI‐DADE CNTY FLA TRANSIT SA FL 07/01/2039 

$169.3 6.910 265.0 Aa3 / AA / AA‐ 09/17/2009 59334PCP0 0.3 4.2 45.2 

PENNSYLVANIA ECONOMIC DEV FING PA 06/15/2039 $167.9 6.532 182.0 Aa3 / NA / AA‐ 04/16/2010 70869PFT9 0.1 4.0 18.3 

UNIVERSITY MASS BLDG AUTH PROJ MA 05/01/2039 $167.1 6.573 230.0 Aa2 / A+ / NA 10/15/2009 914440KK7 0.0 1.1 1.0 

KENTUCKY ST PPTY & BLDGS COMMN KY 11/01/2029 $166.3 6.155 190.0 Aa2 / A+ / AA‐ 10/28/2009 49151E4G5 0.0 0.4 0.1 

SOUTHERN CALIF PUB PWR AUTH PW CA 07/01/2040 $159.3 5.943 180.0 Aa3 / AA‐ / AA‐ 05/26/2010 842475F75 0.0 1.7 NA 

METROPOLITAN WTR DIST SOUTHN C CA 07/01/2039 $157.4 6.538 200.0 Aa1 / AAA / AAA 07/30/2009 59266TCJ8 0.1 2.5 4.4 

NEW YORK ST TWY AUTH SECOND NY 04/01/2030 $156.2 5.883 120.0 NA / AA / AA 03/09/2010 650014TJ2 0.4 2.2 26.4 

CYPRESS‐FAIRBANKS TEX INDPT SC TX 02/15/2038 $155.9 6.629 210.0 Aa2 / AA‐ / AA 07/30/2009 232760T57 0.0 0.6 0.5 

DALLAS CNTY TEX HOSP DIST TX 08/15/2034 $155.2 6.171 195.0 NA / AAA / AAA 08/27/2009 234667JA2 0.0 0.9 0.9 

MET GOVT NASHVILLE & DAVIDSON TN 07/01/2043 $152.4 7.431 275.0 A1 / NA / AA‐ 04/15/2010 592125AA6 0.8 13.7 338.8 

BEXAR CNTY TEX HOSP DIST TX 02/15/2039 $152.3 6.904 240.0 Aa1 / AA+ / AAA 08/05/2009 088365DU2 0.0 1.1 1.0 

TUOLUMNE WIND PROJ AUTH CALIF CA 01/01/2034 $151.6 6.918 250.0 A1 / A+ / A+ 06/24/2009 89978KAV8 0.0 0.0 0.0 

PUERTO RICO COMWLTH GOVT DEV B PR 08/01/2025 $151.3 5.750 276.0 NA / BBB / NA 07/23/2010 745177EP6 0.0 0.0 0.0 

METROPOLITAN WASHINGTON D C AR DC 10/01/2047 $150.0 8.000 378.0 Baa2 / BBB / NA 05/18/2010 592643BN9 0.1 4.4 NA 

CALIFORNIA ST UNIV REV CA 11/01/2041 $146.9 6.484 190.0 Aa2 / A+ / NA 03/17/2010 13077CTL8 0.1 3.1 7.7 

KENTUCKY ST PPTY & BLDGS COMMN KY 08/01/2029 $137.2 6.573 215.0 Aa2 / A+ / AA‐ 06/24/2009 49151E2Q5 0.0 0.5 0.3 

SEDGWICK CNTY KANS UNI SCH DIS KS 10/01/2028 $132.5 6.220 215.0 Aa2 / AA / NA 05/05/2009 815626GQ3 0.1 2.3 5.1 

FLORIDA ST DEPT MGMT SVCS CTFS FL 08/01/2029 $129.7 6.825 250.0 Aa2 / AA+ / AA 10/28/2009 34160PDF3 0.0 0.4 0.1 

CALIFORNIA ST PUB WKS BRD CA 03/01/2035 $129.5 7.004 230.0 Aa2 / AA‐ / AA 04/14/2010 130685F39 0.3 5.9 60.2 

PENNSYLVANIA ST TPK COMMN OIL PA 12/01/2037 $127.2 5.848 180.0 Aa3 / AA / NA 10/07/2009 709221TF2 0.3 5.5 45.8 

TRIBOROUGH BRDG & TUNL AUTH N NY 11/15/2039 $126.7 5.500 125.0 Aa2 / AA‐ / AA 09/10/2009 89602NUN2 0.2 3.2 23.3 

HOUSTON TEX INDPT SCH DIST TX 02/15/2034 $126.4 6.168 195.0 Aaa / AA+ / NA 10/22/2009 442403FR7 0.0 0.4 0.1 

NEW YORK N Y CITY TRANSITIONAL NY 08/01/2039 $125.0 6.267 202.7 Aa1 / AAA / AAA 10/16/2009 64971MZH8 0.0 1.4 2.3 


CHICAGO ILL BRD ED IL 12/01/2029 $123.6 6.038 170.0 Aa2 / AA‐ / AA‐ 09/10/2009 167505KG0 0.2 3.5 23.4 

COLORADO ST CTFS PARTN CO 09/15/2039 $122.9 6.450 205.0 Aa2 / AA‐ / NA 07/16/2009 196711LZ6 0.0 0.0 0.0 

LOUISIANA ST GAS & FUELS TAX R LA 05/01/2043 $121.3 FLTR 250.0 Aa2 / AA / NA 05/27/2009 546475KH6 0.0 0.2 0.1 

COOK CNTY ILL IL 11/15/2031 $120.2 6.310 185.0 Aa2 / AA / AA 06/18/2009 213185BP5 0.2 2.3 11.4 

NEW YORK N Y CITY TRANSITIONAL NY 02/01/2040 $120.2 5.800 179.0 Aa1 / AAA / NA 07/23/2010 64971MQ62 0.0 0.0 0.0 

ILLINOIS ST IL 07/01/2035 $120.0 7.100 297.0 A1 / A+ / A 06/17/2010 452152GB1 0.4 7.7 NA 

MISSOURI JT MUN ELEC UTIL COMM MO 01/01/2042 $119.9 6.890 240.0 A3 / NA / A‐ 12/10/2009 606092ET7 0.0 2.2 2.7 

PHILADELPHIA PA SCH DIST PA 06/01/2040 

$119.1 6.765 205.0 Aa2 / A+ / AA 03/10/2010 717883KL5 0.6 7.4 142.4 

90 



BOND TABLES 


Moody's/ 

Maturity 

Issue 

Award 



NORTH LAS VEGAS NEV NV 06/01/2040 $118.8 6.572 235.0 Aa2 / A+ / AA‐ 05/27/2010 660393L80 0.1 6.9 NA 

STOCKTON CALIF PUB FING AUTH CA 10/01/2038 $118.6 7.942 350.0 NA / A / A 08/11/2009 861398AY1 0.1 0.3 0.6 

CENTRAL UTAH WTR CONSERVANCY D UT 10/01/2040 $117.0 5.700 165.0 NA / AA+ / AA+ 05/26/2010 155675CL3 0.0 0.0 0.0 

UNIVERSITY N C CHAPEL HILL REV NC 12/01/2039 $112.8 5.757 146.7 Aaa / AA+ / AA+ 11/18/2009 914713C83 0.1 1.6 4.4 

WASHINGTON ST WA 08/01/2029 $112.5 5.381 110.0 Aa1 / AA+ / AA+ 10/15/2009 93974CPL8 0.1 1.1 3.4 

GRANT CNTY WASH PUB UTIL DIST WA 01/01/2040 $112.4 5.830 110.0 Aa3 / AA‐ / AA 04/15/2010 387883PP0 0.2 2.0 11.4 

SOUTH BROWARD HOSP DIST FLA RE FL 05/01/2044 $110.0 7.278 300.0 Aa3 / AA‐ / NA 10/16/2009 836753JG9 0.1 0.4 0.7 

LONG ISLAND PWR AUTH N Y ELEC NY 05/01/2041 $110.0 5.850 145.0 A3 / A‐ / A 05/05/2010 542690W99 0.0 0.0 0.0 

WASHINGTON ST WA 08/01/2031 $110.0 5.040 95.0 Aa1 / AA+ / AA+ 05/25/2010 93974CRD4 0.0 0.0 0.0 

INDIANAPOLIS IND LOC PUB IMPT IN 01/15/2030 $109.3 5.966 135.0 Aa1 / AA+ / AA+ 02/24/2010 45528S5R3 0.2 5.3 42.9 

RIVERSIDE CALIF SWR REV CA 08/01/2039 $109.1 7.200 270.0 A1 / AA / NA 08/06/2009 769047HB0 0.1 3.1 13.9 

WEST VY MISSION CMNTY COLLEGE CA 08/01/2035 $106.4 6.540 235.0 Aa1 / AA / NA 05/19/2009 95640HBV9 0.2 1.2 6.2 

MISSOURI ST HWYS & TRANS COMMN MO 05/01/2029 $106.2 5.633 137.0 Aa2 / AA+ / AA 10/28/2009 60636WPE9 0.0 0.0 0.0 

LAS VEGAS NEV CTFS PARTN NV 09/01/2039 $105.4 7.800 380.0 Aa2 / AA‐ / AA 12/02/2009 517705AP4 0.0 2.1 3.5 

NORTHERN CALIF PWR AGY REV CA 06/01/2035 $105.0 5.679 150.0 Aa2 / AAA / NA 06/10/2010 664845DG6 0.4 2.2 NA 

UNIVERSITY MASS BLDG AUTH PROJ MA 05/01/2029 $104.8 6.423 215.0 Aa2 / A+ / NA 10/15/2009 914440KJ0 0.1 1.4 3.3 

NEW JERSEY ECONOMIC DEV AUTH NJ 12/15/2035 $104.1 6.425 175.0 Aa3 / AA‐ / AA‐ 04/23/2010 645918YE7 0.4 9.7 111.2 

LOUISIANA ST GAS & FUELS TAX R LA 05/01/2043 $103.1 FLTR 275.0 Aa2 / AA / NA 05/06/2009 546475KG8 0.0 0.0 0.0 

SACRAMENTO CNTY CALIF SANTN DI CA 08/01/2040 $102.9 6.325 220.0 Aa2 / AA / AA 07/30/2010 786134RN8 0.0 0.0 0.0 

SEATTLE WASH MUN LT & PWR REV WA 02/01/2040 $102.6 5.570 112.5 Aa2 / AA‐ / NA 05/13/2010 812643DB7 0.0 1.4 NA 

INDIANAPOLIS IND LOC PUB IMPT IN 01/15/2040 $102.6 6.004 145.0 Aa1 / AA+ / AAA 02/03/2010 45528S4Z6 0.1 0.6 2.1 

PENNSYLVANIA ST TPK COMMN OIL PA 12/01/2037 $102.5 6.378 233.0 A2 / A+ / NA 10/07/2009 709221TG0 0.3 5.9 49.3 

MARYLAND ST TRANSN AUTH TRANSN MD 07/01/2029 $101.1 5.788 130.0 Aa3 / AA‐ / AA‐ 12/10/2009 574300HY8 0.0 0.0 0.0 


HAMILTON CNTY OHIO SEWER SYS R OH 12/01/2034 $100.2 6.500 200.0 Aa2 / AA+ / NA 08/11/2009 407288WT2 0.0 0.6 0.5 

ILLINOIS ST TOLL HWY AUTH TOLL IL 01/01/2024 $100.0 5.293 210.0 Aa3 / AA‐ / AA‐ 05/12/2009 452252FJ3 0.1 2.8 12.0 


TACOMA WASH ELEC SYS REV WA 01/01/2035 

$100.0 0 5.966 187.5 Aa3 / AA / AA‐ 07/13/2010 873519ML3 1.3 8.3 NA 

NEW YORK N Y NY 06/01/2027 $100.0 5.646 150.0 Aa2 / AA / AA 06/09/2010 64966HYW4 0.0 0.0 0.0 

SAN ANTONIO TEX ELEC & GAS TX 02/01/2041 $100.0 6.168 145.0 Aa1 / AA / AA+ 03/10/2010 796253V25 0.0 1.5 0.7 

SUFFOLK CNTY N Y WTR AUTH NY 06/01/2035 $100.0 5.500 133.0 NA / AA+ / AAA 11/09/2009 864784BK8 0.0 0.0 0.0 

*Liquidity Factors are measures of secondary trading activity. For a detailed description see “Liquidity Factors.” 

BOND TABLES 


91


BOND TABLES 

BOND TABLES 

Build America Bond Issues by Maturity ($ in U.S. Millions) 

Maturity Issue Moody's/ Award 













NORTH TEX TWY AUTH REV TX 01/01/2049 $825.0 6.718 230.0 A2 / A‐ / NA 08/05/2009 66285WFB7 0.2 16.4 91.6 





DALLAS TEX AREA RAPID TRAN SAL TX 12/01/2044 $467.0 5.999 150.0 Aa2 / AAA / NA 06/16/2009 235241LS3 0.2 7.8 55.1 













CLARK CNTY NEV ARPT REV NV 07/01/2042 $300.0 6.881 262.5 Aa2 / AA‐ / NA 09/16/2009 18085PLL6 0.1 6.5 26.2 






DALLAS TEX CONVENTION CTR HOTE TX 01/01/2042 $388.2 7.088 275.0 A1 / A+ / NA 08/18/2009 235417AA0 0.0 4.2 6.8 






















92 



BOND TABLES 


Moody's/ 

S&P/Fitch 

Maturity Issue Award 


Issuer State Maturity Size Coupon Spread 

Date CUSIP Volume Frequency Score 









PHILADELPHIA PA SCH DIST PA 06/01/2040 $119.1 6.765 205.0 Aa2 / A+ / AA 03/10/2010 717883KL5 0.6 7.4 142.4 












GRANT CNTY WASH PUB UTIL DIST WA 01/01/2040 $112.4 5.830 110.0 Aa3 / AA‐ / AA 04/15/2010 387883PP0 0.2 2.0 11.4 























LOS ANGELES CALIF DEPT WTR & P CA 07/01/2039 $250.0 6.008 175.0 Aa2 / AA / AA+ 11/19/2009 544525NZ7 0.1 4.1 11.9 




MIAMI‐DADE CNTY FLA TRANSIT SA FL 07/01/2039 $169.3 6.910 265.0 Aa3 / AA / AA‐ 09/17/2009 59334PCP0 0.3 4.2 45.2 









BOND TABLES 


93


BOND TABLES 

BOND TABLES 


Moody's/ 

S&P/Fitch 






































TACOMA WASH ELEC SYS REV WA 01/01/2035 $100.0 5.966 187.5 Aa3 / AA / AA‐ 07/13/2010 873519ML3 1.3 8.3 NA 





















MISSOURI ST HWYS & TRANS COMMN MO 05/01/2033 $273.3 5.445 120.0 Aa1 / AA+ / AA‐ 09/16/2009 60636WNU5 0.1 5.5 21.1 


94 



BOND TABLES 


Moody's/ 

S&P/Fitch 























KENTUCKY ST PPTY & BLDGS COMMN KY 08/01/2029 $137.2 6.573 215.0 Aa2 / A+ / AA‐ 06/24/2009 49151E2Q5 0.0 0.5 0.3 

















NEW YORK N Y NY 10/01/2022 $170.2 4.589 130.0 Aa2 / AA / AA 09/30/2009 64966HMU1 0.1 0.3 0.7 





BOND TABLES 


95


BOND TABLES 

BOND TABLES 

Build America Bond Issues by State ($ in U.S. Millions) 

































LOS ANGELES CALIF DEPT WTR & P CA 07/01/2039 $250.0 6.008 175.0 Aa2 / AA / AA+ 11/19/2009 544525NZ7 0.1 4.1 11.9 
























MIAMI‐DADE CNTY FLA TRANSIT SA FL 07/01/2039 $169.3 6.910 265.0 Aa3 / AA / AA‐ 09/17/2009 59334PCP0 0.3 4.2 45.2 





96 



BOND TABLES 
































KENTUCKY ST PPTY & BLDGS COMMN KY 08/01/2029 

$137.2 6.573 215.0 Aa2 / A+ / AA‐ 06/24/2009 49151E2Q5 0.0 0 0.5 0.3 


















MISSOURI ST HWYS & TRANS COMMN MO 05/01/2033 $273.3 5.445 120.0 Aa1 / AA+ / AA‐ 09/16/2009 60636WNU5 0.1 5.5 21.1 













CLARK CNTY NEV ARPT REV NV 07/01/2042 

$300.0 6.881 262.5 Aa2 / AA‐ / NA 09/16/2009 18085PLL6 0.1 6.5 26.2 

BOND TABLES 


97


BOND TABLES 

BOND TABLES 
































NEW YORK N Y NY 10/01/2022 

$170.2 4.589 130.0 0 Aa2 / AA / AA 09/30/2009 64966HMU1 0.1 0.3 0.7 






















PHILADELPHIA PA SCH DIST PA 06/01/2040 $119.1 6.765 205.0 Aa2 / A+ / AA 03/10/2010 717883KL5 0.6 7.4 142.4 









NORTH TEX TWY AUTH REV TX 01/01/2049 

$825.0 6.718 230.0 A2 / A‐ / NA 08/05/2009 66285WFB7 0.2 16.4 91.6 

98 



BOND TABLES 





DALLAS TEX AREA RAPID TRAN SAL TX $467.0 5.999 150.0 Aa2 / AAA / NA 06/16/2009 235241LS3 0.2 7.8 55.1 

DALLAS TEX CONVENTION CTR HOTE TX 12/01/2044 

01/01/2042 $388.2 7.088 275.0 A1 / A+ / NA 08/18/2009 235417AA0 0.0 4.2 6.8 


























GRANT CNTY WASH PUB UTIL DIST WA 01/01/2040 

$112.4 5.830 110.0 0 Aa3 / AA‐ / AA 04/15/2010 387883PP0 0.2 2.0 11.4 



TACOMA WASH ELEC SYS REV WA 01/01/2035 $100.0 5.966 187.5 Aa3 / AA / AA‐ 07/13/2010 873519ML3 1.3 8.3 NA 


BOND TABLES 


99


Cover 

Source: Airport photograph provided courtesy of Denver International Airport 

Exhibit 1 

Source: Securities Data Corp 

Exhibit 2 

Source: Bloomberg, Thomson Reuters 

Exhibit 3 


Exhibit 4 


Exhibit 5 

Source: Bloomberg, IPREO 

Exhibit 6 

Bloomberg 

Exhibit 7 

Moody’s Investors Service 

Exhibit 8 


State Pages 

U.S. Census 

World Atlas 

Bureau of Economic Analysis 

Center on Budget and Policy Priorities 

U.S. Bureau of Labor Statistics 


Standard & Poor’s 

IPREO 

Securities Data Corp 

MSRB 

Bloomberg 

Bond Tables 

Bloomberg 

MSRB 

Piper Jaffray 

100 



Piper Jaffray Companies (NYSE: PJC) is a leading, international middle market investment bank and institutional securities 

firm. Securities brokerage and investment banking services are offered in the United States through Piper Jaffray & Co., 

member SIPC and FINRA; in Europe through Piper Jaffray Ltd, authorized and regulated by the Financial Services Authority; 

and in Hong Kong through Piper Jaffray Asia Limited, Piper Jaffray Asia Securities Limited, and Piper Jaffray Asia Futures 

Limited, all of which are registered with the Hong Kong Securities and Futures Commission. Asset management products 

and services are offered through three separate investment advisory affiliates registered with the U.S. Securities and 

Exchange Commission: Fiduciary Asset Management, LLC; Piper Jaffray Investment Management LLC; and 

Piper Jaffray Private Capital, LLC. 

The material contained herein is not a product of any research department of Piper Jaffray & Co. or any of its affiliates. 

Nothing herein constitutes a recommendation of any security or regarding any issuer; nor is it intended to provide 

information sufficient to make an investment decision. 

The information contained in this communication has been compiled by Piper Jaffray & Co. from sources believed to be 

reliable, but no representation or warranty, express or implied, is made by Piper Jaffray & Co., its affiliates or any other 

person as to its accuracy, completeness or correctness. All opinions and estimates contained in this communication 

constitute Piper Jaffray & Co.’s judgment as of the date of this communication, are subject to change without notice and 

are provided in good faith but without legal responsibility. Past performance is not a guide to future performance, future 

returns are not guaranteed, and a loss of original capital may occur. 

Nothing in this communication constitutes legal, accounting or tax advice or individually tailored investment advice. This 

material is prepared for general circulation to clients and may have been prepared without regard to the individual financial 

circumstances and objectives of persons who receive it. The investments or services contained in this communication may 

not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt 

about the suitability of such investments or services. 

Every state in the U.S., and most countries throughout the world have their own laws regulating the types of securities and 

other investment products which may be offered to their residents, as well as the process for doing so. As a result, any 

specific securities discussed in this communication may not be eligible for sale in some jurisdictions. This communication 

is not, and under no circumstances should be construed as, a solicitation to act as securities broker or dealer in any 

jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer 

in that jurisdiction. 

To the fullest extent permitted by law neither Piper Jaffray & Co., nor any of its affiliates, nor any other person, accepts any 

liability whatsoever for any direct or consequential loss arising from any use of this communication or the information 

contained herein. No matter contained in this document may be reproduced or copied by any means without the prior 

consent of Piper Jaffray & Co. Piper Jaffray & Co. may buy from or sell to customers on a principal basis in the securities or 

related derivatives that are the subject of this communication. 

Piper Jaffray & Co. has or may have proprietary positions in the securities or in related derivatives that are the subject of 

this communication. Piper Jaffray & Co. may have been manager or co-manager of a public offering of securities of the 

issuer within the past twelve months. Additional information is available upon request. 

Piper Jaffray outgoing and incoming e-mail is electronically archived and recorded and is subject to review, monitoring 

and/or disclosure to someone other than the recipient. This e-mail may be considered an advertisement or solicitation for 

purposes of regulation of commercial electronic mail messages. If you do not wish to receive commercial e-mail 

communications from Piper Jaffray, visit: www.piperjaffray.com/do_not_email to review the details and submit your request 

to be added to the Piper Jaffray "Do Not E-mail" directory. For additional disclosure information, see 

www.piperjaffray.com/disclosures. 

© 2010 Piper Jaffray & Co., 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402-7020 


101


PIPER JAFFRAY FIXED INCOME SERVICES 

CORPORATE HEADQUARTERS 

Piper Jaffray & Co. 

800 Nicollet Mall 

Minneapolis, MN 55402-7020 

M. Brad Winges 

Head of Fixed Income Services 

612-303-2112 

Darci Doneff 

Head of Municipal Underwriting/Syndicate 

612-303-6666 

Scott Sodokoff 

Head of Taxable Municipal Institutional Trading 

212-284-9422 

Analysis Trading Underwriting 

Joel R. Denney, CFA James Wilford Brent Rivard 

Managing Director Managing Director Vice President 

612-303-6682 206-254-7255 612-303-5678 

joel.r.denney@pjc.com james.h.wilford@pjc.com brent.m.rivard@pjc.com 

Yaffa Rattner Patricia Mitchell Chris Bessette 

Managing Director Vice President Managing Director 

212-284-9307 206-254-7256 415-616-1666 

yaffa.s.rattner@pjc.com patricia.a.mitchell@pjc.com christopher.p.bessette@pjc.com 

102 





103

Since 1895. Member SIPC and NYSE.

Taxable Municipal Guide - Piper Jaffray

Create successful ePaper yourself

Delete template?

Save as template?