MICHAEL J. MURPHY
State Treasurer


State of Washington
Office of the Treasurer


For immediate release:  March 30, 1999
For more information:  Barton Potter (360) 902-9033

$38,555,000 Motor Vehicle Fuel Tax Bond Sale

OLYMPIA—On March 30, 1999, The Washington State Finance Committee approved Resolution #887, which awarded the sale of $38,555,000 State of Washington Motor Vehicle Fuel Tax General Obligation Bonds, Series 1999C, to NationsBank (also known as Seafirst Bank) with a true interest cost (TIC) bid of 4.9521707%.

There were six bids received in total on the offering; the other five bids were from J.P. Morgan, with a (TIC) bid of 4.9624635%; Salomon Smith Barney, with a (TIC) bid of 4.9705519%; Goldman Sachs, with a (TIC) bid of 4.9880495%; Merrill Lynch, with a (TIC) bid of 4.9944275%; and U.S. Bancorp, with a (TIC) bid of 5.0231286%.

“Today’s winning bid demonstrates how hard these companies are working to get our business,” Washington State Treasurer Michael J. Murphy stated.  “Best of all, Washington’s taxpayers are the big winners by having such a hotly contested, competitive bidding process,” Treasurer Murphy added.

Treasurer Murphy is chairman of the State Finance Committee.  Mr. Murphy serves on the Committee along with Governor Locke and Lieutenant Governor Brad Owen.

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