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COLTON PUBLIC FINANCING AUTHORITY <br />1998 WATER REVENUE BONDS <br />Results of Competitve Sale of Bonds <br />Bidder (1) True Interest Cost <br />Piper Jaffray <br />4.911812% <br />Stone & Youngberg <br />4.913722°x6 <br />Salomon Smith Barney <br />4.924231% <br />PaineWebber, Inc. <br />4.925603°x6 <br />First Security Capital Markets <br />4.934837°x6 <br />Merrill Lynch & Company <br />4.973891% <br />(1) True Interest Cost - True Interest Cost is a financial statistic which <br />considers the proposed interest cost and the underwriters discount. <br />Although the the bonds are insured, this cost is not included in the calculation. <br />Prepared by Michael Williams, City Treasurer <br />h�isc AhI <br />