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THE BANK OF NEW YORK SELECTED AS LEAD FISCAL AGENT FOR THE STATE OF WASHINGTON AND PARTICIPATING MUNICIPALITIES

 NEW YORK, Feb. 8 /PRNewswire/ -- The Bank of New York announced today that it has finalized plans with The State of Washington to assume the duties of Lead Fiscal Agent for all debt issued by The State of Washington and its Participating Municipalities. Effective today, The Bank of New York and its co-agent, First Interstate Bank of Washington, will assume all processing responsibilities for approximately 3,700 issues representing over $4 billion in debt obligations for more than 240 obligors throughout the state.
 The Bank of New York and First Interstate Bank of Washington will process all March 1, 1993 principal and interest payments to bondholders. Bonds which have been called for redemption may be presented at the following addresses:
 The Bank of New York First Interstate Bank of Washington, N.A.
 Fiscal Agency Department Corporate Trust Department
 101 Barclay Street, 7E 14th Floor - M/S 257
 New York, NY 10286 999 Third Avenue
 1-800-438-5473 Seattle, WA 98104
 6:00 a.m.-4:00 p.m. PST (or any FIB-Washington Branch Office)
 The State of Washington's arrangements with The Bank of New York provide the state and many of its local municipalities and financing authorities with the benefits of consolidated processing and economies of scale. While several other states have taken a similar approach, The State of Washington has gained a well deserved reputation for taking an active and progressive role in administering its own obligations and investments.
 Daniel K Grimm, Washington State Treasurer, said, "Our selection of The Bank of New York resulted from an extensive review of all the primary Fiscal Agents in the country. Their commitment to actively meet client needs in a cost efficient manner weighed heavily in The Bank of New York's favor when making our selection."
 Joseph M. Velli, Executive Vice President in charge of the Bank's Corporate Trust and Agency Services Sector said, "We have made tremendous strides during the past two years in getting the message out that the Bank of New York is the leading securities processing bank in the country. Our expanded relationship with the State of Washington serves as further evidence that we assumed that lead position by committing to meet our clients' needs today and in the future."
 The Bank of New York, through its combined Securities Processing Services business units is a worldwide leader in issuer and investor related securities services such as Depositary Receipts, Stock Transfer, Master Trust/Master Custody, Securities Lending, Global/Domestic Custody, Government Securities Clearance and Corporate Trust. The Bank is the principal subsidiary of the Bank of New York Company, Inc. (NYSE: BK), one of the largest U.S. bank holding companies with total consolidated assets of $41 billion as of Dec. 31, 1992. The Company provides a complete range of banking and financial services to corporations and individuals worldwide through its five core businesses: Securities Processing, Trust & Investment Management, Corporate Banking, Retail Banking, and Financial Market Services.
 -0- 2/8/93
 /CONTACT: Michael M. Pascale, VP, 212-495-1041, or Margaret Southerland, AVP, 212-495-1725, both of the Bank of New York/
 (BK)


CO: Bank of New York Selected as Lead Agent for Washington ST: Washington, New York IN: FIN SU:

LR -- NY071 -- 4116 02/08/93 12:26 EST
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Publication:PR Newswire
Date:Feb 8, 1993
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