Municipal Bond New Issues

RE: $418,275,000*
Indiana Municipal Power Agency
2007 Series A (Tax - Exempt)
2007 Series B (Taxable)
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398,235,000*
Power Supply System Revenue Bonds
2007 Series A
(Tax - Exempt)

MOODY’S: Aaa / A1 S&P: AAA / A+ FITCH: AAA / A+

MBIA INSURED

DATED: 09/27/2007 FIRST COUPON: 01/01/2008

DUE: 01/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)

01/01/2023 465M 4.50 % 4.47 0.475
(Approx. $ PTC 01/01/2017 100.219 Approx. YTM 4.479)
01/01/2024 490M 4.50 % 4.51 0.475
(Approx. $ Price 99.879)
01/01/2025 505M 4.50 % 4.55 0.475
(Approx. $ Price 99.4 )
01/01/2026 530M 4.50 % 4.58 0.475
(Approx. $ Price 99.01 )
01/01/2027 560M 4.50 % 4.61 0.475
(Approx. $ Price 98.599)

01/01/2032 3,190M 4.625 % 4.75 0.475
(Approx. $ Price 98.204)

01/01/2037 172,430M 5.00 % 4.74 1/2
(Approx. $ PTC 01/01/2017 101.923 Approx. YTM 4.875)

01/01/2042 220,065M 5.00 % 4.83 1/2
(Approx. $ PTC 01/01/2017 101.249 Approx. YTM 4.924)

CALL FEATURES: Optional call in 01/01/2017 @ 100.00

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20,040,000*
Taxable Power Supply System Revenue Bonds
2007 Series B

*********************** ATTENTION **********************
THE BONDS ARE TAXABLE MUNICIPAL SECURITIES AND THIS OFFERING IS
SUBJECT TO REGULATION BY THE MUNICIPAL SECURITIES RULEMAKING BOARD. ALL
ACTIVITY UNDERTAKEN WITH RESPECT TO THIS OFFERING MUST BE SUPERVISED BY A
MUNICIPAL SECURITIES PRINCIPAL.

MOODY’S: Aaa / A1 S&P: AAA / A+ FITCH: AAA / A+

MBIA INSURED

DATED: 09/27/2007 FIRST COUPON: 01/01/2008

DUE: 01/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)

01/01/2022 20,040M 0.475

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TAXABLE INFORMATION

MATURITY SPREAD VS TREASURY TREASURY COUPON
Years Over Coupon Maturity

01/01/2022 +112 4.75 08/15/2017

CALL FEATURES: No optional call

PRO RATA SINKING FUND SCHEDULE

2022 TERM BOND

01/01/2019 4,600
01/01/2020 4,865
01/01/2021 5,140
01/01/2022 5,435

* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. Net Designated
2. Member

PRIORITY POLICY:

At least 3 firms must be designated.

No firm may receive more than 65% of any designation.

The Senior Manager will pay out all designations.

The Senior Manager requests the identification of all priority orders at the time the orders are entered.

Order period until 11:15 A.M., E.D.T., today, Thursday, 09/20/07.

The compliance addendum MSRB Rule G-11 will apply.

The award is expected on Friday, September 21, 2007.

Delivery is expected on September 27, 2007.

This issue is book entry. DTC is pending.

A reasonable number of final official statements are available from Image Master Printing & Publishing Inc.

Underwriters:

Citigroup Global Markets Inc.
Bear, Stearns & Co. Inc.
Goldman, Sachs & Co.
J.P. Morgan Securities Inc.
Wachovia Bank, National Association

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