MSRB NOTICE 2005-39 (JULY 21, 2005)

BOARD ELECTS OFFICERS

The Municipal Securities Rulemaking Board is pleased to announce the election of its Chairman and Vice Chairman for its 2006 fiscal year.  Ms. Amelia A.J. Bond will serve as Chairman and Mr. Kenneth E. Williams as Vice Chairman.  They will begin their terms on October 1, 2005.

Amelia A.J. Bond is Senior Vice President, Director of Public Finance Department, and a member of the firm’s Board of Directors at A.G. Edwards & Sons, Inc.  Ms. Bond has 23 years of experience as a public finance investment banker working predominantly with issuers in the Midwest.  She has been involved in a broad range of tax-exempt financings, including municipal, health-care, housing, utility, transportation, state revolving fund, primary and secondary education.  She received her M.B.A. from Washington University and B.A. from Kenyon College.

Kenneth E. Williams is President and Chief Executive Officer of Stone & Youngberg and a member of the firm’s executive committee.  He oversees all the firm’s activities as well as managing the fixed income department, which includes municipal bond underwriting, trading, sales, and taxable fixed income trading and sales.  Mr. Williams began his career in municipal finance in 1971 at the Bank of America.  He received his B.A. from the University of the Pacific.

Ms. Bond replaces Francis J. Ingrassia as Chairman.  Mr. Ingrassia is Managing Director and Co-Head of the Municipal Bond Department for Goldman, Sachs & Co. in New York, New York.  Mr. Williams replaces Phillip D. Smith.  Mr. Smith is a Managing Director, and the Public Finance Market Executive for the Public Finance Group within Banc of America Securities in Charlotte, NC.

July 21, 2005