BOARD ELECTS OFFICERS

For further information, please contact:

Christopher A. Taylor, Executive Director
Municipal Securities Rulemaking Board
1150 18th Street, NW, Suite 400
Washington, DC 20036
Telephone: (202) 223-9347
FAX: (202) 872-0347

September 14 , 1998

BOARD ELECTS OFFICERS

The Municipal Securities Rulemaking Board is pleased to announce the election of its Chairman and Vice Chairman for its 1999 fiscal year. Mr. Scott C. Sollers will serve as Chairman and Mr. Robert Dean Pope as Vice Chairman. They will begin their terms on October 1, 1998.

Mr. Sollers replaces Terry L. Atkinson as Chairman. Mr. Atkinson is Managing Director and Manager of the Municipal Securities Group for PaineWebber Incorporated in New York. Mr. Pope replaces Phyllis E. Currie as Vice Chairman. Ms. Currie is Chief Financial Officer for the Los Angeles Department of Water and Power.

Scott Sollers is a principal with Stone & Youngberg and has had overall management responsibilities for the firm’s investment banking activities since 1981. He began his career financing California public projects in 1976. In January 1991, Mr. Sollers was elected Chairman of the firm’s Executive Committee. He is currently serving as a member of the Technical Advisory Committee to the California Debt Advisory Commission. Mr. Sollers received his undergraduate degree and Master’s degree from the University of Pennsylvania.

Robert Dean Pope is a Partner with the law firm of Hunton & Williams. He is a member of the Anthony Commission on Public Finance, an advisory member, Committee on Governmental Debt and Fiscal Policy, Government Finance Officers Association and a former president of the National Association of Bond Lawyers. Mr. Pope received an A.B. magna cum laude in history from Princeton University and J.D. and Ph.D. from Yale University.

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The Board consists of 15 members -- five 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.