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L.J. Hart & Company
16401 Swingley Ridge Road, Suite 210
Saint Louis, Missouri 63017-0740

 

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Comparisons of Call Features

A call feature allows the original issuer to repurchase and retire the bonds in advance of the original maturity date.

Exhibit A

Missouri General Obligation Bond Financings
Historical Comparisons of Call Features by Various Municipal Bond Underwriting Firms

G.O. Bonds Registered with Missouri State Auditor in 2013

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 68 68 $212,040,000
George K. Baum & Co. 37 1 $335,825,000
Piper Jaffary & Co. 12 2 $78,385,000
Stifel, Nicolaus & Co. (2) 23 1 $213,972,109
UMB Bank, N.A. 3 0 $17,090,000
Robert W. Baird & Company

3

0 $4,875,000
McLiney and Company 8 7 $1,770,000
Commerce Bank 5 0 $16,375,000
Raymond James & Associates 1 0 $3,585,000
KeyBanc Capital Markets, Inc. 1 0 $13,575,000
D.A. Davidson & Company 1 0 $48,000
First Bankers' Banc Securities, Inc. 2 0 $2,375,000

G.O. Bonds Registered with Missouri State Auditor in 2012

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 80 76 $214,890,151
George K. Baum & Co. 35 5 $288,370,000
Piper Jaffary & Co. 21 6 $184,190,000
Stifel, Nicolaus & Co. (2) 23 1 $229,718,894
Oppenheimer & Co. (3) 6 0 $58,785,000
UMB Bank, N.A.

6

1 $8,849,999
WM Financial 2 0 $12,545,000
McLiney and Company 4 1 $1,020,000
Crews & Associates 2 0 $40,255,000
Commerce Bank 2 0 $2,640,000
Raymond James & Associates 2 0 $13,335,000
Merrill Lynch 2 0 $162,855,000
  • (1) Four issues are non-callable QZABs
  • (2) Two issues with final maturity five years or less
  • (3) One issue with final maturity five years or less

G.O. Bonds Registered with Missouri State Auditor in 2011

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 82 78 $247,584,168
George K. Baum & Co.(2) 24 2 $170,985,000
Piper Jaffary & Co. (3) 21 6 $143,195,676
Stifel, Nicolaus & Co. (4) 16 1 $169,209,902
Crews & Associates 2 1 $3,085,000
Oppenheimer & Co. 3 0 $22,800,000
UMB Bank, N.A. 5 2 $13,675,000
Hutchinson, Shockey, Erley 3 0 $2,000,000
McLiney and Company 3 3 $450,000
Morgan, Keegan & Co. (5) 1 0 $5,150,000
Raymond James & Associates 1 0 $10,000,000
Robert W. Baird & Co. 1 0 $8,000,000
  • (1) Two issues are non-callable QZAB and two issues with final maturity five years or less
  • (2) One issue with final maturity five years or less
  • (3) Four issues with final maturity five years or less
  • (4) Three issues with final maturity five years or less
  • (5) One issue with final maturity five years or less

G.O. Bonds Registered with Missouri State Auditor in 2010

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 115 71 $273,801,675
George K. Baum & Co.(2) 71 4 $422,313,000
Piper Jaffary & Co. (3) 28 3 $134,739,000
Stifel, Nicolaus & Co. (4) 39 0 $318,886,816
Crews & Associates 11 1 $19,805,000
Oppenheimer & Co. 3 0 $22,500,000
UMB Bank, N.A. 10 1 $23,660,000
Hutchinson, Shockey, Erley 2 0 $17,135,000
McLiney and Company 4 4 $575,000
Country Club Bank 2 0 $9,250,000
D.A. Davidson & Co. 4 1 $2,854,000
Robert W. Baird & Co. 5 0 $73,315,000
  • (1) Forty-three issues are non-callable QSCB/QZAB and one issue with final maturity five years or less
  • (2) Seventeen issues are non-callable QSCB and two issues with final maturity five years or less
  • (3) Four issues are non-callable QSCB and one issue with final maturity five years or less
  • (4) Six issues are non-callable QSCB and two issues with final maturity five years or less
  • (5) One issue is non-callable QSCB and one issue with final maturity five years or less

G.O. Bonds Registered with Missouri State Auditor in 2009

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 78 69 $190,952,735
George K. Baum & Co.(2) 39 4 $232,929,942
Piper Jaffary & Co. (3) 27 2 $197,451,000
Stifel, Nicolaus & Co. (4) 24 0 $289,108,673
Crews & Associates 3 0 $12,000,000
WM Financial Strategies 3 0 $24,000,000
UMB Bank, N.A. 4 0 $10,590,000
Commerce Bank (5) 1 0 $9,185,000
McLiney and Company 5 5 $3,180,000
Country Club Bank 1 0 $2,600,000
D.A. Davidson & Co. 1 1 $5,895,000
Mercantile Investments Inc. 1 1 $3,646,000
  • (1) Eight issues are non-callable QSCB and one issue with final maturity five years or less
  • (2) Eleven issues are non-callable QSCB and 2 issues with final maturity five years or less
  • (3) Four issues are non-callable QSCB and one issue with final maturity five years or less
  • (4) Five issues are non-callable QSCB and 4 issues with final maturity five years or less
  • (5) Only issue is non-callable QSCB

G.O. Bonds Registered with Missouri State Auditor in 2008

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 41 40 $154,015,000
George K. Baum & Co. 25 0 $198,800,000
Piper Jaffary & Co. 9 0 $117,205,000
Stifel, Nicolaus & Co. 6 0 $75,780,000
Crews & Associates 4 2 $4,700,000
  • (1) One issue with final maturity five years or less

G.O. Bonds Registered with Missouri State Auditor in 2007

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company 45 45 $148,035,000
George K. Baum & Co. 27 0 $327,320,000
Piper Jaffary & Co. 5 0 $25,015,000
Stifel, Nicolaus & Co. 9 0 $272,405,615
Crews & Associates 3 0 $7,719,998

G.O. Bonds Registered with Missouri State Auditor in 2006

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 45 38 $179,632,000
George K. Baum & Co. 31 0 $323,030,000
Piper Jaffary & Co. (2) 23 1 $149,794,000
Stifel, Nicolaus & Co. 12 0 $105,557,729
Bank of America Securities 5 0 $131,695,000
McLiney and Company (3) 5 3 $1,906,000
Commerce Bank 4 0 $11,519,998
WM Financial Strategies 3 0 $12,440,000
Country Club Bank 3 0 $15,575,000
First St. Louis Securities 2 1 $4,765,000
D.A. Davidson & Co. 2 0 $522,000
Kirkpatrick Pettis 1 1 $670,000
Openheimer & Co. 1 0 $72,040,000
Edward D. Jones & Company 1 0 $7,000,000
  • (1) Six issues are non-callable QZAB
  • (2) One issue with final maturity five years or less
  • (3) Three issues with five year call are called with a premium

G.O. Bonds Registered with Missouri State Auditor in 2005

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 62 58 $167,278,000
George K. Baum & Co.(2) 32 3 $279,275,000
Piper Jaffary & Co. 23 1 $215,164,000
Stifel, Nicolaus & Co. 14 1 $206,337,764
Commerce Bank (3) 14 1 $38,917,992
Bank of America Securities (4) 10 0 $96,504,999
UMB Bank, N.A. (5) 8 2 $28,145,000
WM Financial Strategies 3 0 $68,490,000
McLiney and Company (6) 2 2 $1,172,000
Kirkpatrick Pettis 2 2 $2,470,000
Stem Brothers 2 0 $9,510,000
Openheimer & Co. 2 0 $66,295,000
Edward D. Jones & Company 1 0 $2,285,000
  • (1) Four issues are non-callable QZABs
  • (2) Two issues with final maturity five years or less
  • (3) One issue with five year call with a premium
  • (4) One issue is non-callable QZAB
  • (5) One issue with final maturity five years or less
  • (6) All issues are called with a premium

G.O. Bonds Registered with Missouri State Auditor in 2004

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 52 46 $123,781,000
George K. Baum & Co.(2) 42 3 $283,485,000
Piper Jaffary & Co. (3) 30 2 $184,013,000
Stifel, Nicolaus & Co. 14 1 $114,019,794
McLiney and Company (4) 7 6 $2,299,230
Bank of America Securities 6 0 $60,478,640
Kirkpatrick Pettis 4 1 $1,882,000
WM Financial Strategies (5) 3 0 $36,165,000
UMB Bank, N.A. (6) 3 1 $32,625,000
Commerce Bank 3 1 $5,890,000
First St. Louis Securities Inc. 1 1 $1,645,000
Openheimer & Co. 1 0 $15,998,305
  • (1) Two issues are non-callable QZABs and one issue with final maturity five years or less
  • (2) Two issues with final maturity five years or less
  • (3) One issue with final maturity five years or less
  • (4) Three issues with the five year call are called with a premium
  • (5) One issue with final maturity five years or less

G.O. Bonds Registered with Missouri State Auditor in 2003

Underwriter G.O. Bond Issues Call Features 5 Years or Less Total Par Value
L.J. Hart & Company (1) 91 87 $189,699,250
George K. Baum & Co.(2) 27 0 $173,270,000
Piper Jaffary & Co. (3) 24 2 $123,500,000
McLiney and Company (4) 24 21 $14,624,985
Stifel, Nicolaus & Co. (5) 10 0 $175,893,024
WM Financial Strategies 6 0 $63,455,000
UMB Bank, N.A. (6) 5 0 $4,420,000
Commerce Bank 4 1 $13,445,000
Bank of America Securities 3 0 $163,635,000
Stem Brothers & Company 2 0 $4,725,000
Openheimer & Co. 1 0 $22,000,000
Fahnnestock & Co. Inc. 1 0 $9,185,000
  • (1) Four issues with final maturity five years or less
  • (2) Two issues with final maturity five years or less
  • (3) One issue with final maturity five years or less
  • (4) All the five year calls are called with a premium
  • (5) One issue with final maturity five years or less
  • (6) Two issues with final maturity five years or less

Exhibit B

L.J. Hart & Company
Savings from Refundings
 2012

2012 Refundings Total Par Amount Total Savings Count
General Obligation Refunding Bonds $176,723,000 $24,830,227 56
Lease Refunding Certificates of Participation $48,215,000 $7,698,736 27
Total $224,938,000 $32,528,963 83
Total Savings to Clients in 2008, 2009, 2010, 2011, and 2012 from Refundings $91,493,237