MSRB NOTICE (JULY 31, 2000)

FIVE NEW BOARD MEMBERS ELECTED

The Municipal Securities Rulemaking Board is pleased to announce the selection of five new Board members.

The Municipal Securities Rulemaking Board was established in 1975 by Congress to develop rules regulating securities firms and banks involved in underwriting, trading and selling municipal securities¾bonds and notes issued by states, cities, and counties or their agencies to help finance public projects. The Board is a self-regulatory organization that sets standards for the industry.  The Board's rulemaking authority is subject to oversight by the Securities and Exchange Commission.

The Board consists of 15 members¾five representatives of bank dealers, five representatives of securities firms, and five public members not associated with any bank dealer or securities firm.  At least one public member must be a representative of issuers and one of investors to ensure that all perspectives of the municipal securities market are represented.

Serving three-year terms beginning on October 1, 2000, will be:

Hill A. Feinberg is Chairman and CEO of First Southwest Company.  He is a former Senior Managing Director of Bear, Stearns & Co., Inc., and prior to joining Bear, Stearns & Co. he served as Vice President and Manager of Salomon Brothers’ Dallas office.  Mr. Feinberg is active in Dallas community affairs, serving on the Advisory Committee of the Cattle Baron’s Ball benefiting the American Cancer Society.  He is also on the Board of Directors of the Phoenix Houses of Texas, the Menninger Foundation, the Cardiopulmonary Research Science and Technology Institute, and Zale Lipshy University Hospital.  Mr. Feinberg received his B.B.A. in Finance from the University of Georgia.

Peter J. Hill is Managing Director, Head of Public Finance for J.P. Morgan & Co.  Prior to joining J.P. Morgan in 1992, he was a Vice President of the Transportation Finance Group for Smith Barney, Harris Upham & Co.  He began his career in municipal finance in 1982 with the Standard & Poor’s Corp., working as an analyst in the Revenue Bond Group.  He is a support spouse in the Juvenile Diabetes Association, American Diabetes Association and Molly Foundation for Diabetes Research.  Mr. Hill received his B.A. from College of The Holy Cross and earned M.B.A. credits from the Stern School of Finance and Administration at New York University.

Mark G. Muller is Senior Vice President and Senior Portfolio Manager of Loews Corporation.  Before joining Loews Corporation in 1995, he was a Vice President for Goldman Sachs & Co., where he established their Municipal Asset Management Service.  Prior to working for Goldman Sachs, he spent six years at Van Kampen Merritt, Inc., where he was an Assistant Vice President.  He is active in the New York Municipal Forum and the Society of Municipal Analysts.  Mr. Muller received a B.S. from the University of Southern California and an M.B.A. from J.L. Kellogg Graduate School of Management, Northwestern University.

Suzanne F. Shank is President and CEO of Siebert Brandford Shank & Co., LLC.  She was a founder of the firm and is co-owner and a member of the Board of Directors.  Prior to founding Siebert Brandford Shank, she was a Managing Director for Grigsby Brandford & Company.  She is active in various civic and social organizations, including the Board of Trustees of the National Kidney Foundation of Michigan (NKFM), Chair of the Detroit Executive Leadership Committee for the NKFM, Board Member of the Detroit Executive Leadership Committee for the NKFM, Board Member of the Detroit Summer Finance Institute, and the Board of Trustees of Friends of Wayne County Parks.  Ms. Shank is a graduate of The Wharton School, University of Pennsylvania with an M.B.A. in Finance, and the Georgia Institute of Technology with a B.S. in Civil Engineering.

Richard J. Tito is Senior Managing Director at PNC Capital Markets, Inc.  Before joining PNC, he served as a managing director of NationsBanc Montgomery Securities, Inc. in a number of senior management positions.  Prior to joining NationsBanc, he managed institutional sales and trading functions for both C&S/Sovran Corp. and Mellon Bank Corp.  Mr. Tito currently serves as a Board Member of The Bond Market Association and as chairman of  TBMA’s Bond PAC.  He is a member of the Board of the Western Pennsylvania Chapter of the Juvenile Diabetes Foundation.  He also serves as a Board Member for Strategic Solutions International, a performance improvement consulting firm.  Mr. Tito is a graduate of Union College and has an M.B.A. from West Virginia University. 

July 31, 2000