Municipal Bond New Issues

(Preliminary offering subject to change.)

RE: $177,045,000*
AUGUSTA, GEORGIA
WATER AND SEWERAGE REVENUE REFUNDING BONDS
SERIES 2007

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WE HAVE A RELEASE. ORDERS UNTIL 10:45AM EDT TODAY.

MOODY’S: Aaa S&P: AAA FITCH:

A2 Underlying A+ Underlying

FSA INSURED

DATED:10/18/2007 FIRST COUPON:04/01/2008

DUE: 10/01

ADD’L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )
10/01/2008 2,065M 4.50% 3.46 0.40
(Approx. $ Price 100.964)
10/01/2009 1,750M 5.00% 3.49 0.40
(Approx. $ Price 102.824)

10/01/2010 1,825M 4.00% 3.52 0.40
(Approx. $ Price 101.333)
10/01/2011 1,895M 4.00% 3.55 0.40
(Approx. $ Price 101.644)
10/01/2012 1,975M 4.00% 3.58 0.40
(Approx. $ Price 101.889)
10/01/2013 7,920M 5.00% 3.62 0.40

(Approx. $ Price 107.328)
10/01/2014 8,320M 5.00% 3.67 0.40
(Approx. $ Price 108.094)
10/01/2015 8,735M 5.00% 3.75 0.40
(Approx. $ Price 108.525)
10/01/2016 9,170M 5.00% 3.84 0.40
(Approx. $ Price 108.716)

10/01/2017 9,630M 5.00% 3.93 0.40
(Approx. $ Price 108.741)
10/01/2018 5,925M 5.00% 4.03 0.40
(Approx. $ Price 108.519)
10/01/2019 10,595M 5.00% 4.12 0.40
(Approx. $ Price PTC 10/01/2017 107.789 )
10/01/2020 11,130M 5.00% 4.18 0.40

(Approx. $ Price PTC 10/01/2017 107.281 )
10/01/2021 11,680M 5.00% 4.23 0.40
(Approx. $ Price PTC 10/01/2017 106.859 )
10/01/2022 12,265M 5.00% 4.27 0.40
(Approx. $ Price PTC 10/01/2017 106.523 )
10/01/2023 7,505M 5.00% 4.31 0.40
(Approx. $ Price PTC 10/01/2017 106.188 )

10/01/2024 7,880M 5.00% 4.35 0.40
(Approx. $ Price PTC 10/01/2017 105.855 )
10/01/2025 8,270M 5.00% 4.39 0.40
(Approx. $ Price PTC 10/01/2017 105.522 )
10/01/2026 8,680M 5.00% 4.42 0.40
(Approx. $ Price PTC 10/01/2017 105.274 )

10/01/2027 9,120M 5.00% 4.45 0.40
(Approx. $ Price PTC 10/01/2017 105.026 )
10/01/2028 9,570M 5.00% 4.48 0.40
(Approx. $ Price PTC 10/01/2017 104.779 )

10/01/2030 21,140M 5.00% 4.53 0.40
(Approx. $ Price PTC 10/01/2017 104.369 )

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CALL FEATURES: Optional call in 10/01/2017 @ 101.00

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* - APPROXIMATE SUBJECT TO CHANGE

Order period until today 10:45 AM, Eastern, Tuesday, 09/25/07. Please
enter orders on (704) 374-6660, or if available use Electronic Order
Entry.

The Award is expected on Wednesday, September 26, 2007.

Delivery is expected on Thursday, October 18, 2007.

This Issue is book entry. This issue is clearing through DTC.

Wachovia Bank, National Association

Merrill Lynch & Co.
Morgan Keegan & Co.
Banc of America Securities LLC
UBS Securities LLC
Gardnyr Michael Capital
Siebert Brandford Shank & Co.