The Bond Buyer articles from September 2004

The Bond Buyer archives from September 2004

The Digest.
September 1, 2004... Municipal bonds followed Treasuries higher yesterday as government bonds rallied on the back of weaker-than-expected consumer confidence and regional manufacturing data, which raised questions about the sustainability of economic growth in the...

Volume In August Is 3d Highest: Refundings Provide Boost to Issuance.
September 1, 2004... Aided by the decline in interest rates, issuers in the long-term municipal bond market sold just enough bonds to eclipse the total amount sold in August 2003 -- resulting in the third largest August issuance on record. In addition, refundings...

Questions on Casino Plan: Angelides Cites Insufficient Information.
September 1, 2004... California Treasurer Phil Angelides is raising objections to Gov. Arnold Schwarzenegger's $1 billion-plus plan to securitize payments from five Indian tribal casinos. The securitization bonds were incorporated into renegotiated gambling...

Kansas Supreme Court Hears Arguments on School Funding.
September 1, 2004... The Kansas Supreme Court heard oral arguments from both sides Monday in a lawsuit seeking to overturn the state's school funding formula. Attorneys for the state's Board of Education urged the seven justices to overturn a lower court's...

News In Brief: Chicago PMI Slides To 57.3 in August.
September 1, 2004... The Chicago Purchasing Manager's Business Barometer fell to 57.3 in August from 64.7 in July, the fifteenth straight month of expansion as defined by a reading above 50.0, the Purchasing Management Association of Chicago said Tuesday. The...

News In Brief: Consumer Confidence Index Drops in August.
September 1, 2004... The consumer confidence index slid dramatically in August, falling to 98.2 from a downwardly revised 105.7 last month, the Conference Board reported yesterday. The July index reading was originally reported as 106.1, the Conference Board...

News In Brief: NAPM-NY BCI Rises To 307.1 in August.
September 1, 2004... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business posted a monthly gain in August, the 12th straight monthly rise in the index, and again a record high. The BCI grew...

News In Brief: Treasury 4-Weeks Go at 1.425% High.
September 1, 2004... The Treasury Department yesterday auctioned $22 billion of four-week bills at a 1.425% high yield and a price of 99.889. The coupon equivalent was 1.449%. The bid-to-cover ratio was 2.05. Tenders at the high rate were allotted 10.14%....

News In Brief: Cash Managements Draw 1.480% High.
September 1, 2004... The Treasury yesterday sold $16 billion 14-day cash management bills, dated Sept. 1, due Sept. 15 at a 1.480% high tender rate. The bid to cover ratio was 2.42. The coupon equivalent was 1.513%. The price was 99.942. The low bid was 1.400%....

Tuesday's Market: Munis Follow Treasuries Higher On Weaker Economic Numbers.
September 1, 2004... Municipal bonds followed Treasuries higher yesterday as government bonds rallied on the back of weaker-than-expected consumer confidence and regional manufacturing data, which raised questions about the sustainability of economic growth in the...

Louisiana Governor, Saints Owner to Discuss Stadium Alternatives.
September 1, 2004... Louisiana Gov. Kathleen Blanco will meet with the owner of the National Football League's New Orleans Saints today to discuss financing arrangements to keep the team in the state. The discussion will include possibly reducing the size of a...

No Credit Impact Seen Following Connecticut Agency's Cash Recoup.
September 1, 2004... The Connecticut Resources Recovery Authority's recent deal with an investment bank to recoup about half of the $220 million it lost in an arrangement with Enron Corp. will not impact the agency's credit, analysts said yesterday. Both...

Favorable Market Spurs Providence to Refund $46.7 Million of GOs.
September 1, 2004... In what appears to be a trend in the market, Providence plans to sell $46.7 million of general obligation refunding bonds in an insured deal next week that was delayed in the spring because of rising interest rates. This week, for example,...

Cook County Forest District Weighs First New Deal Since '96.
September 1, 2004... The Cook County Forest Preserve District will consider an ordinance this month that would allow for the sale of $100 million of tax-exempt bonds, a new-money deal that could mean the first tax increase for the Illinois district since it last...

Arizona School District Misses Deadline to Get New Bond Issue on Ballot.
September 1, 2004... A planned $1.5 million bond election in an Arizona school district controlled by the largest polygamous community in the United States has been cancelled because the district missed a public notice seeking voters' comments on the bond proposal,...

S&P Upgrades Inova Health's $631M of Debt Sold by Virginia County Agency.
September 1, 2004... Citing excellent management and increasing patient volumes, Standard & Poor's yesterday raised its rating to AA-plus from AA on the $631 million in outstanding debt issued for Inova Health System Foundation by the Fairfax County, Va.,...

Virginia Assesses Richmond Storm Damage.
September 1, 2004... Virginia state and local officials are still assessing the cost of damage to infrastructure after severe flooding, courtesy of Tropical Storm Gaston, ravaged the Richmond area, killing at least five and causing city officials to condemn about...

Placentia, Calif., OnTrac for Traffic Flow Project?
September 1, 2004... Placentia, Calif., plans to price $6.9 million in unrated certificates of participation today, as the suburban Orange County community struggles to keep an ambitious railroad grade-separation project on track. Proceeds from the deal, to be...

U. of Arkansas Takes Upgrade & Runs to Market.
September 1, 2004... Hot on the heels of a ratings upgrade from Moody's Investors Service, the University of Arkansas will price this week a $41.3 million offering of tax-exempt debt to finance a number of renovation and construction projects at its Little Rock...

People: Merrill Research Analyst John Hallacy Taking Post With Insurer MBIA.
September 1, 2004... John Hallacy, managing director in charge of municipal research at Merrill Lynch & Co., is leaving the Wall Street broker-dealer after 15 years to join the public finance division of the Armonk, N.Y.-based monoline bond insurer MBIA Insurance...

Mutual Funds: Muni Outflows Ease Up in July, Slipping to $1.28 Billion.
September 1, 2004... Municipal bond mutual fund net outflows continued to slow in July as the funds lost $1.28 billion, according to the Investment Company Institute. The loss compared to net outflows of $3.29 billion from the funds in June, and just over $5...

Competitive Bond Offerings.
September 1, 2004... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
September 1, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Wednesday, September 1 Everett MA...

Negotiated Bond Offerings.
September 1, 2004... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of August 30 Univ of...

Negotiated Note Offerings.
September 1, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of August 30 Cincinnati CSD OH Bond Antic 29,600 Seasongood & Mayer - -...

Results of Negotiated Sales.
September 1, 2004... CALIFORNIA Grand Terrace Community Redevelopment Agency Aug 16, 2004 $13,000,000 Refunding Tax Allocation Bonds, (Community Redevelopment Project Area), Series 2004 (Ambac Insured) (book entry). Dated Aug 26, 2004. Due...

Municipal Bond Elections.
September 1, 2004... This table lists bond elections involving $500,000 or more and gives the dates when voters are scheduled to cast their ballots (,000 omitted). Tuesday, September 07, 2004 $13,800 Golder Ranch Fire Dt #12, AZ $40,000 ...

Results of Competitive Sales.
September 1, 2004... ALABAMA St Clair County Board of Education Aug 31, 2004 $6,615,000 School Tax Anticipation Warrants (6 Mill Tax), Series 2004-B (FSA insured) (book entry). Dated Sep 1, 2004. Due Feb 1, 2006 to 2029. Callable Feb 1,...

Deal in Focus: Chicago Closes Complex and Unique Multifamily Sale.
September 1, 2004... The city of Chicago closed yesterday on a complex, privately placed $11.3 million multifamily housing revenue bond issue that employed a unique forward delivery-like structure that allows for the incremental issuance of bonds as needed over the...

ILLINOIS: Gaming Board Crippled.
September 1, 2004... Two members of the Illinois Gaming Board resigned, leaving the board unable to function until Gov. Rod Blagojevich appoints replacements. Board chairman Elzie Higginbottom resigned last week and Violet Clark resigned this week, according...

ILLINOIS: A Losing Proposition.
September 1, 2004... Illinois' failed plan to mortgage its downtown Chicago state office headquarters in order to raise $216 million in cash for the fiscal 2004 budget ended up costing the state $532,000, according to the Department of Central Management Services,...

ILLINOIS: Joliet Junk to Default?
September 1, 2004... Fitch Ratings last week downgraded Joliet Junior College's $14.5 million of student housing revenue bonds from 2002 to C from CC along and an analyst warned that a default "appears inevitable." Will County, just south and southwest of...

INDIANA: Indy Panel Named.
September 1, 2004... Indianapolis Mayor Bart Peterson announced the members of a panel of local leaders - including a veteran in Indiana politics - to study his proposal to revamp the way in which government functions in the city and county. Derrick Burks, a...

IOWA: Special Session Set.
September 1, 2004... Gov. Tom Vilsack on Friday formally declared that a special legislative session to address a lack of funding in the state's economic development fund - known as the Grow Iowa Values Fund - will start Sept. 7. "Now is the time to move...

OHIO: Norwood in Crisis.
September 1, 2004... Ohio auditor of state Betty Montgomery might soon declare a fiscal emergency in Hamilton County's second largest city, Norwood, according to local news reports. The city is one of several that have come under state scrutiny for financial...

NEW-ISSUE VOLUME NOTES.
September 1, 2004... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Tuesday, August 31, 2004. All figures are preliminary and subject to revision. Long-term bonds have final stated...

LONG-TERM BONDS: January-August.
September 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $241,241,800 8,806 $264,955,900 10,230 -9.0 % January 21,498,500 846 27,103,200 973 -20.7 February 26,556,100 1,060 30,278,500 1,101...

BOND SALES BY STATE: January-August.
September 1, 2004... 2004 2003 State Rank Volume Rank Volume Pct Chg Alabama 36 $1,057,800 18 $4,044,000 -73.8 % Alaska 47 593,500 37 1,287,300 -53.9 Arizona 12 5,733,800 14 4,631,300 +23.8 Arkansas 45 720,200 33 1,613,600 -55.4 ...

LONG-TERM BONDS: August.
September 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $26,170,500 990 $25,974,600 1,125 +0.8 % Development 719,100 29 435,100 37 +65.3 Education 7,886,200 320 7,586,000 310 +4.0 ...

LARGEST ISSUES: August 2004.
September 1, 2004... Amount Issuer Date $807.5 New Jersey Economic Development Authority, hospitals Aug 12 665.5 Georgia (State), GOs (NM/ref) (cpt) Aug 3 645.6 Massachusetts Water Pollution Abatement Trust (ref) Aug 25 630.0 New York City, GOs...

U.S. Securities Prices.
September 1, 2004... Prices as of 3 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 9/23/2004 1.420/405 1.410/405 1.441 3M -- 12/2/2004 1.570/565...

Short-Term Tax-Exempt Yields.
September 1, 2004... Aug 31, 2004 Aug 30, 2004 Sep 2, 2003 Selected MIG-1/SP-1+ Notes Los Angeles Co Trans 3s (June 05) 1.45 1.44 1.08 New Jersey Trans 3s (June 05) 1.45 1.54 n.a. Texas Trans 3s (Aug 05) 1.58 1.56 1.16 Municipal Market Data...

Municipal Market Data General Obligation Yields.
September 1, 2004... Aaa Aaa (pure) (ins) Aa A Baa 2005 1.48 1.54 1.53 1.63 1.98 2009 2.63 2.73 2.72 2.89 3.33 2014 3.50 3.63 3.61 3.84 4.24 2019 3.98 4.10 4.08 4.29 4.67 2024 4.43 4.54 4.52 4.67 5.00 2029 4.67 4.77 4.76 4.89 5.19...

Market Indicators.
September 1, 2004... Dollar amounts are in millions Day's 2004 2004 Daily Yesterday Change High Date Low Date Municipal Bond Index 111-13 +17/32 116-02 (3/11) 104-30 (5/13) 40 Average Dollar Price 101.03 +0.47 105.30 (3/11) 95.18 (5/13) ...

Merrill Lynch Corporate Bond Indexes.
September 1, 2004... Performance Comparisons for August 30, 2004 Aaa-Baa Rated Corporates Index Avg. Pct. of Total Return % Close Yield Market Prior Wk. Y-T-D ML Corporate Master 1483.11 4.63 100.00 +0.66 +3.09 Intermediate (1-10 years)...

Reoffering Yields.
September 1, 2004... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa -- AAA 8/25 12.0 Roma Ind. Sch. Dist., Tex. (PSF gtd.) 1.25 2.85 3.83 4.41 4.85..........

New-Issue Balances.
September 1, 2004... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $50,000 8/31 Sarasota Co. Sch. Bd., Fla. $40,785 $9,215 27,155 8/31 Minneapolis Special Sch. Dist. #1,...

Municipal Bond Prices.
September 1, 2004... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. Dollar Change...

Municipal Bond Index.
September 1, 2004... Yesterday Previous Day Week Ago The Bond Buyer Municipal Bond Index 111-13 110-28 110-15 Tuesday, August 31, 2004 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1 Texas Turnpike Authority 5s...

Municipal Bond Index Update.
September 1, 2004... The list of bonds used to calculate the Municipal Bond Index was revised after the August 31 pricing. The new coefficient is 1.0199. It was derived by dividing the August 31 index (111.417323) by the average converted price of the new set...

SEC Lawyers' Attempt to Block Expert Testimony Rejected.
September 1, 2004... In an unusual action for a municipal securities case, Securities and Exchange Commission lawyers last month urged an administrative law judge to exclude or strike the report and testimony of Robert Doty, who appeared as an expert witness for...

The Digest.
September 2, 2004... Municipal bonds finished little changed yesterday as the bid side faded after Treasuries reversed earlier gains on disappointing manufacturing data, while in the new-issue market South Carolina Transportation Infrastructure Bank sold $153...

Alternative Tax Penalties: IRS, Treasury, GFOA Reviewing NABL Plan.
September 2, 2004... The National Association of Bond Lawyers unveiled a revised proposal late yesterday aimed at providing alternative penalties to the taxation of bondholders when a tax-exempt bond issue violates the tax law. However, Congress would have to...

Florida Could Issue Billions If Hurricane Frances Hits Home.
September 2, 2004... Should Hurricane Frances strike Florida and cause devastation similar to Hurricane Charley, the state will likely be forced to sell up to billions of dollars in bonds to help pay insurance claims. The state-run Citizens Property Insurance...

S.F. College District to Sell $110M: GO Issue Will Be CCD's Largest Yet.
September 2, 2004... Faster-than-expected progress on some of its bond-funded capital projects has prompted the San Francisco Community College District to competitively sell $110 million of general obligation bonds Sept. 14, its largest sale to date. The...

News In Brief: ISM Index Falls To 59.0 in August.
September 2, 2004... The overall economy expanded for the 34th straight month in August, while the manufacturing sector expanded for the fifteenth time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly...

News In Brief: Construction Outlays Up to $997.2B in July.
September 2, 2004... Construction spending increased 0.4% to an all-time high in July as both private and public construction reached record levels, Commerce Department figures released Wednesday show. Total construction spending was estimated at a record...

News In Brief: North Texas MWD Raised to A by S&P.
September 2, 2004... Standard & Poor's said yesterday it raised its underlying rating on North Texas Municipal Water District's Stewart Creek West Regional Wastewater Plant's outstanding contract revenue bonds, issued for Frisco and the Colony to A from A-minus,...

Wednesday's Market: Modest Dip in Manufacturing Index Disappoints; Munis End Unchanged.
September 2, 2004... Municipal bonds finished little changed yesterday, as the bid side faded after Treasuries reversed earlier gains on disappointing manufacturing data, while in the new-issue market the South Carolina Transportation Infrastructure Bank sold $153...

A Correction.(Correction Notice)
September 2, 2004... Fitch Ratings last week assigned AAA ratings to $1.73 billion of New York City Transitional Finance Authority refunding bonds. A Bond-Watch item on Monday incorrectly implied that the TFA's long-term credit rating had been upgraded. ...

Everett, Mass., Sells $35M of Bans; Moody's Downgrades $29M of Debt.
September 2, 2004... Everett, Mass., yesterday sold $35 million in general obligation bond anticipation notes yesterday at the same time Moody's Investors Service downgraded the rating on the city's $29.27 million in long-term parity debt to A2 from A1. ...

CDR Financial Products Opens New Office in Philadelphia, Hires Director.
September 2, 2004... Beverly Hills, Calif.-based CDR Financial Products is opening a new office in Philadelphia and has tapped Mark Salimena as a director of the northeast region there. Salimena will join the firm on Sept. 13. Until today, he worked as a...

Merrill Names Van Kuller Head of Municipal Credit Research.
September 2, 2004... Merrill Lynch & Co. yesterday announced that it has promoted Kurt van Kuller to head of municipal credit research, replacing John Hallacy, who recently resigned from the company to join MBIA Insurance Corp. Merrill also said that in May it...

Municipal Bond Activities.
September 2, 2004... September 8-10 The National Association of Bond Lawyers will host its 29th Annual Bond Attorneys' Workshop at the Sheraton Chicago Hotel & Towers. A comprehensive offering of programs is supplemented by a major reference book and CD for...

Oklahoma City Officials Mull Tax Hike to Help Horse Shows.
September 2, 2004... Oklahoma City's effort to keep lucrative horse shows at the city-owned State Fair Park would get a boost from $50 million to $55 million of bonds if voters approve an increase in the hotel occupancy tax this December. City Council members...

Virginia County Earns Stable A From Fitch for Upcoming $70M School Deal.
September 2, 2004... Fitch Ratings yesterday assigned an A rating with a stable outlook to $70 million of lease revenue bonds and lease revenue notes that Warren County, Va., plans to issue later this month for school construction and renovation projects in the...

Indiana Port Agency's 1st Bond Issue an $11 Million Taxable Deal.
September 2, 2004... Indiana officials announced this week that the Ports of Indiana will issue $11 million of taxable revenue bonds through a private placement this month, marking the first sale of bonds under a law that allows the ports to issue debt to help...

Profile: Ranking Surge Has Houston's Coastal Looking East.
September 2, 2004... Houston-based Coastal Securities Inc., a 13-year-old financial advisory and underwriting firm, is looking to branch out in Texas and states to the east -- a drive fueled by its recent surge in the financial adviser rankings. The firm,...

Competitive Bond Offerings.
September 2, 2004... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
September 2, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Thursday, September 2 Jefferson Co SD...

Negotiated Bond Offerings.
September 2, 2004... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of August 30 Tempe ESD #3 ...

Negotiated Note Offerings.
September 2, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Thursday, September 2 Cincinnati CSD OH Bond Antic 29,600 Seasongood & Mayer - - ...

Results of Negotiated Sales.
September 2, 2004... ARIZONA Page Unified School District No. 8 Sep 1, 2004 $15,525,000 Impact Aid Revenue Bonds, Project of 2004, Series 2004A (MBIA Insured) (book entry). Dated Sep 1, 2004. Due Jul 1, 2008 to 2017. First coupon Jul 1,...

Results of Competitive Sales.
September 2, 2004... INDIANA Penn Township of St. Joseph County Sep 1, 2004 $2,500,000 Fire Station Building General Obligation Bonds of 2004 (bank qualified) (book entry). Dated Sep 15, 2004. Due Jan 15, 2006 to 2015. Non-callable. ...

Election Results.
September 2, 2004... APPROVED Saturday, Aug 28, 2004 TEXAS Magnolia ISD $68,100,000 Construction, expansion, renovation, land purchase, new buses and technology upgrades Magnolia ISD $14,500,000 New elementary school Magnolia ISD...

FLORIDA: Jupiter on the Horizon.
September 2, 2004... Voters in Jupiter, a fast-growing small town on Florida's east coast, Tuesday approved selling up to $17 million of general obligation bonds to protect remaining vacant land for conservation and right-of-way purposes. The referendum passed...

FLORIDA: U.S. Grant to Airport.
September 2, 2004... The U.S. Department of Transportation's Small Community Air Service Development Program on Monday notified the Sarasota-Bradenton International Airport Authority that it was awarded a $1.5 million grant, airport officials said. Airport...

FLORIDA: JEA Water Rises.
September 2, 2004... Fitch Ratings yesterday upgraded to AA from AA-minus its rating on JEA's outstanding subordinated-lien water and sewer system bonds, bringing them to the same rating as JEA's senior debt. Fitch removed all of the ratings for the credit from...

FLORIDA: Baptist Health Improves.
September 2, 2004... Standard & Poor's on Friday improved its outlook to positive from stable on $125 million of Series 2003 bonds issued by Jacksonville Health Facilities Authority's on behalf of Baptist Health System Inc. of Jacksonville. The revision...

NORTH CAROLINA: New CEO at Ports.
September 2, 2004... Thomas Eagar is the new chief executive officer for the North Carolina State Ports Authority. The board asked the authority's former CEO to resign in the spring. Eagar's appointment by the authority's board of directors became effective...

NORTH CAROLINA: Cabarrus' Question.
September 2, 2004... Cabarrus County will join the list of municipalities holding bond referendums in the Southeast on Nov. 2, after the board of commissioners voted unanimously last week to put a $97.7 million general obligation school bond request on the ballot....

SOUTH CAROLINA: Spartanburg Schools Up.
September 2, 2004... Standard & Poor's last week raised the underlying rating it assigns Spartanburg County School District No. 5 to AA-minus from A-plus. The upgrade affects about $26 million of debt and is based on the district's continued tax base growth,...

WEST VIRGINIA: First-Half Export Surge.
September 2, 2004... Gov. Bob Wise announced last week that the state's international exports showed a 46% increase during the first half of 2004 over the same period last year. West Virginia exported $1.75 billion of products during the first six months of...

U.S. Securities Prices.
September 2, 2004... Prices as of 3 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 9/30/2004 1.410/405 1.420/405 1.431 3M -- 12/2/2004 1.550/545...