The yields on fixed-rate, tax exempt bonds issued under programs staffed by the service area (i.e. general obligations bonds, bonds issued by the Virginia Public Building Authority, Virginia College Building Authority, and the Virginia Public School Authority) will be benchmarked against the Municipal Markets Data (MMD) spot yield.  The average life of the issue is rounded up to the nearest whole number of years and the bond yield obtained at the average life point is compared to the MMD.  The difference between the bond yield and MMD is computed.  A negative result means the bond sale resulted in a yield more favorable than the MMD.  The average for the quarter is taken.  The result should not exceed the average MMD yields by more than 10%.  Resulting averages will be averaged for the fiscal year.