The benefits of conducting competitive sales of bonds and notes over this Internet auction web site are summarized below. To learn more, interested parties can contact Fiscal Advisors & Marketing.

Feature	Benefits
Auction Format	Bids are submitted in either an Open or Closed format. An Open format allows each bidder to see its standing (i.e., "leader", "cover", "3rd", etc.) during an auction, while the Closed format does not.
Multiple Bids	Bids are submitted using an auction system whereby bids can be improved. This fosters increased demand for an issuer's bonds.
Bid Error Elimination	All bid information is entered into a web-based table with strict error control, reducing the possibility of bid errors.
Process Transparency	The issuer and issuer-invited guests can observe the auction in real time, viewing all elements of the auction process.
Instant Bid Calculation	Upon the end of an auction period, the results are verified within seconds and released to the public.
Electronic Documents	The Preliminary Official Statement (POS) and Notice of Sale (NOS) are posted on the auction site and distributed electronically, at no cost to the issuer.
Cost Reduction	The posting of documents online coupled with electronic advertising can save issuers thousands of dollars in issuance costs.
Security	No funds are transmitted over the Internet.
Confidentiality	Only pre-authorized bidders are granted admission to bid in the auctions. Bidders have unique password/ID combinations and their identities are anonymous during the auction.
Flexibility	Allows a competitive sale to be held with short notice. Auction, Electronic documents, and Auction Announcement to bidders can be set up on the web site and distributed electronically within minutes.
Modernization	Allows issuer to illustrate a commitment to technology by using the latest technology to reduce financing costs.
Electronic Records	A permanent electronic record of auction activity is maintained by the auction site. An Analysis showing every bid submitted in the auction is available to the issuer and issuer-invited guests observing the auction in real-time.