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2010A SECOND GENERAL DEDICATED HIGHWAY AND BRIDGE TRUST FUND BONDS

NOTE: Series 2010B will be used should a taxable BABs issuance occur in conjunction with a tax- exempt issuance

Par Amount:  TBD

New Money Generated:  $ 600,000,000 (estimated)

Closing Date:  March 17, 2010 (expected)

Dated Date:  March 17, 2010  (expected)

First Maturity:  04/01/2011

Final Maturity:  04/01/2030

Interest Payment Dates:  April 1 and October 1, commencing October 1, 2010

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.

Security:  The bonds are payable from and secured by revenues of the Dedicated Highway and Bridge Trust Fund held in the joint custody of the Commissioner of Taxation and Finance and the State Comptroller, subject to appropriation by the State Legislature.

Pricing Dates:
Retail – 03/08/2010  (expected)
Institutional – 03/09/2010  (expected)

Insured By:    TBD

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

Bookrunner:  RBC Capital Markets

Co- Coordinating Manager:  M.R. Beal & Company

Senior Managers: 
BofA Merrill Lynch
Citi
Jefferies & Company

Co- Managers:
Fidelity Capital Markets
KeyBanc Capital Markets
Loop Capital Markets, LLC
Morgan Keegan
Stifel, Nicolaus & Co.
Stone & Youngberg

Bond Counsel:  Hawkins Delafield & Wood LLP

Underwriters’ Counsel:  Hiscock & Barclay, LLP

Financial Advisor:  First Southwest Company

Trustee:  The Bank of New York Mellon

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