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INVESTORS RESPOND TO CITY OF WINSTON-SALEM TAX-EXEMPT CITIZEN BONDS

 WINSTON-SALEM, N.C., Nov. 29 /PRNewswire/ -- Investors responded enthusiastically Monday to the first issue of tax-exempt Citizen Bonds offered by the City of Winston-Salem.
 Loris R. Colclough, director of finance for the city, said that bonds with maturities of three through nine years were completely sold out by 11 a.m. and that considerable interest was shown in longer- maturity bonds.
 "We're extremely pleased with the results because this is the first time these bonds have been offered in North Carolina. We reached many people who were investing in municipal bonds for the first time," Colclough added. He said that the sale will continue until all bonds are sold.
 The bonds that are still available are capital appreciation bonds that have maturities of 10 to 20 years with interest rates that range from 4.75 percent to 5.6 percent. The prices of these bonds are deeply discounted, and interest in reinvested until maturity, when bondholders receive $1,000 for each bond.
 The bonds are exempt from Federal and North Carolina income taxes and intangibles taxes. No commissions or fees are charged, and principal and interest are guaranteed if the bonds are held until maturity.
 Colclough said the bonds are called "citizen bonds" because of the smaller investment required. The minimum investment is $1,000, compared to usual minimums of $5,000 for municipal bond issues. The maximum investment is $25,000.
 The city has five telephone lines that connect directly with individuals who accept orders and answer questions. The telephone number is 910-727-2468.
 -0- 11/29/93
 /C0NTACT: Jerry E. McLeese of McLeese Marketing, 910-759-0195, for the City of Winston-Salem/


CO: City of Winston-Salem ST: North Carolina IN: SU: OFR

CM -- CH004 -- 8431 11/29/93 16:34 EST
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Publication:PR Newswire
Date:Nov 29, 1993
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