2008A State Personal Income Tax Revenue Bonds (Transportation)

Par Amount:  TBD (To Be Determined)

New Money Generated:   $357,000,000  (estimated)

Closing Date:  Expected August, 2008

Dated Date:  TBD

First Maturity:  3/15/09

Final Maturity:  TBD

Interest Payment Dates:  March 15 and September 15, commencing March 15, 2009

Call Provisions:  TBD

TIC (True Interest Cost):  TBD

Purpose of Issue:  To provide the Authority with funds to make grants to reimburse municipalities and other project sponsors throughout the State for highway, bridge and multi-modal capital projects pursuant to established State programs.

Pricing Dates:  TBD

Insured by:  TBD

Ratings:  S&P = AAA (expected)
Fitch = AA- (expected)

Bookrunner:  TBD

Senior Managers:  All TBD

Co-Managers: All TBD

Bond Counsel:  TBD

Underwriters’ Counsel:  TBD

Financial Advisor:  First Southwest Company

Trustee:  The Bank of New York

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2008B Second General Dedicated Highway and Bridge Trust Fund Bonds

Par Amount:  TBD (To Be Determined)

New Money Generated:  $350,000,000  (estimated)

Closing Date:  Expected July, 2008

Dated Date:  TBD

First Maturity:  4/01/09

Final Maturity:  TBD

Interest Payment Dates:  April 1 and October 1, commencing TBD

Call Provisions:  TBD

TIC (True Interest Cost):  TBD

Purpose of Issue:  To provide funds to reimburse the State for certain expenditures made or to be made by the State Department of Transportation in connection with the State’s Multi-Year Highway and Bridge Capital Program.

Pricing Dates:  TBD

Insured by:  TBD

Ratings:  S&P = AA (expected)
Fitch = AA- (expected)

Bookrunner:  TBD

Senior Managers:  All TBD

Co-Managers: All TBD

Bond Counsel:  TBD

Underwriters’ Counsel:  TBD

Financial Advisor:  First Southwest Company

Trustee:  The Bank of New York

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2008C Local Highway and Bridge Service Contract Auction Rate Bond Refunding/Conversion

Par Amount:  Not to exceed $575,000,000

New Money Generated:   TBD

Closing Date:  Expected May, 2008

Dated Date:  TBD

First Maturity:  TBD

Final Maturity:  TBD

Interest Payment Dates:  TBD

Call Provisions:  TBD

TIC (True Interest Cost):  TBD

Purpose of Issue:  To provide funds to convert and/or refund certain maturities of the Authority’s outstanding Local Highway and Bridge Service Contract Auction Rate Bonds (Series 2003C).  For additional information, please visit the NYS Division of Budget website at www.budget.state.ny.us.

Pricing Dates:  TBD

Insured by:  TBD

Ratings: S&P = AA- (expected)
Fitch = A+ (expected)

Senior Remarketing Agent: Citi

Remarketing Agents: 
Goldman, Sachs & Co.
JP Morgan
Merrill Lynch
Morgan Stanley
UBS Investment Bank

Bond Counsel:  Hawkins Delafield & Wood, LLP

Underwriters’ Counsel:  TBD

Financial Advisor:  First Southwest Company

Trustee:  The Bank of New York

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