Municipal Bond New Issues

RE: $616,975,000*
NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
SCHOOL FACILITIES CONSTRUCTION BONDS

LADIES AND GENTLEMEN:

WE HAVE RECEIVED THE VERBAL AWARD.


$34,225,000*
J-4

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

FSA Insured

[More:]

DATED:08/31/2004 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/30/2008

DUE: 09/01

ADD’L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )
09/01/2008 3,150M 4.00% SEALED BID
09/01/2009 3,300M 4.00% 2.35 0.175
(Approx. $ Price 102.155)
09/01/2010 3,450M 4.00% 2.75 1/4
(Approx. $ Price 102.806)
09/01/2011 3,600M 4.00% 2.95 3/8
(Approx. $ Price 103.309)
09/01/2012 3,775M 4.00% 3.26 3/8
(Approx. $ Price 102.966)
09/01/2013 3,950M 4.00% 3.42 3/8
(Approx. $ Price 102.803)
09/01/2014 4,150M 4.00% 3.59 1/2
(Approx. $ Price 102.301)
09/01/2015 4,325M 4.00% 3.75 1/2
(Approx. $ Price 101.586)
09/01/2016 4,525M 4.00% 3.92 1/2
(Approx. $ Price 100.559)

—————————————

CALL FEATURES: No optional call


—————————————



$82,525,000*
J-4

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

FSA Insured

DATED:08/31/2004 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/30/2008

DUE: 09/01


MANDATORY ADD’L
MATURITY TENDER DATE AMOUNT* COUPON PRICE TAKEDOWN
( Pts )
09/01/2029 09/01/2014 82,525M 5.00% 4.12 1/2
(Approx. $ Price 104.858)

—————————————

CALL FEATURES: No Optional Call

—————————————



$34,225,000*
J-5

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

FSA Insured

DATED:08/31/2004 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/28/2008

DUE: 09/01


ADD’L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )

09/01/2008 3,150M 4.00% SEALED BID
09/01/2009 3,300M 4.00% 2.35 0.175
(Approx. $ Price 102.164)
09/01/2010 3,450M 4.00% 2.75 1/4
(Approx. $ Price 102.813)
09/01/2011 3,600M 4.00% 2.95 3/8
(Approx. $ Price 103.314)
09/01/2012 3,775M 4.00% 3.26 3/8
(Approx. $ Price 102.969)
09/01/2013 3,950M 4.00% 3.42 3/8
(Approx. $ Price 102.806)
09/01/2014 4,150M 4.00% 3.59 1/2
(Approx. $ Price 102.303)
09/01/2015 4,325M 4.00% 3.75 1/2
(Approx. $ Price 101.587)
09/01/2016 4,525M 4.00% 3.92 1/2
(Approx. $ Price 100.560)

—————————————

CALL FEATURES: No optional call


—————————————



$82,525,000*
J-5

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

FSA Insured

DATED:08/31/2004 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/28/2008

DUE: 09/01


MANDATORY ADD’L
MATURITY TENDER DATE AMOUNT* COUPON PRICE TAKEDOWN
( Pts )
09/01/2029 09/01/2015 82,525M 5.00% 4.22 1/2
(Approx. $ Price 104.874)

—————————————

CALL FEATURES: No Optional Call



$49,275,000*
T-1

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

FSA Insured

DATED:10/04/2007 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/29/2008

DUE: 09/01


ADD’L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )

09/01/2009 11,455M 4.00% 2.35 0.175
(Approx. $ Price 102.159)
09/01/2010 12,015M 4.00% 2.75 1/4
(Approx. $ Price 102.809)
09/01/2011 12,595M 5.00% 2.95 3/8
(Approx. $ Price 106.469)
09/01/2012 13,210M 5.00% 3.26 3/8
(Approx. $ Price 106.982)

—————————————

CALL FEATURES: No optional call


—————————————



$71,975,000*
T-3

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

FSA Insured

DATED:10/04/2007 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/30/2008

DUE: 09/01


MANDATORY ADD’L
MATURITY TENDER DATE AMOUNT* COUPON PRICE TAKEDOWN
( Pts )
09/01/2020 09/01/2014 71,975M 5.00% 4.12 1/2
(Approx. $ Price 104.858)

—————————————

CALL FEATURES: No Optional Call



$59,375,000*
Q-1

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

FSA Insured

DATED:12/21/2005 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/29/2008

DUE: 03/01


ADD’L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )

03/01/2009 5,935M 4.00% SEALED BID
03/01/2010 6,230M 4.00% 2.65 1/4
(Approx. $ Price 102.404)
03/01/2011 6,540M 5.00% 2.90 3/8
(Approx. $ Price 105.679)
03/01/2012 6,860M 5.00% 3.24 3/8
(Approx. $ Price 106.300)
03/01/2013 7,200M 5.00% 3.40 3/8
(Approx. $ Price 107.079)
03/01/2014 7,555M 5.00% 3.57 1/2
(Approx. $ Price 107.472)
03/01/2015 7,930M 5.00% 3.73 1/2
(Approx. $ Price 107.598)
03/01/2022 11,125M 4.50% 4.61 1/2
(Approx. $ Price 98.878)

—————————————

CALL FEATURES: Optional call in 03/01/2018 @ 100.00


—————————————



$76,955,000*
T-5

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

FSA Insured

DATED:10/04/2007 FIRST COUPON:09/01/2008 INTEREST ACCRUES:05/01/2008

DUE: 09/01


MANDATORY ADD’L
MATURITY TENDER DATE AMOUNT* COUPON PRICE TAKEDOWN
( Pts )
09/01/2027 09/01/2014 76,955M 5.00% 4.12 1/2
(Approx. $ Price 104.856)

—————————————

CALL FEATURES: No Optional Call



$59,360,000*
Q-2

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

FSA Insured

DATED:12/21/2005 FIRST COUPON:09/01/2008 INTEREST ACCRUES:04/28/2008

DUE: 03/01


ADD’L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )

03/01/2009 5,935M 4.00% SEALED BID
03/01/2010 6,225M 4.00% 2.65 1/4
(Approx. $ Price 102.408)
03/01/2011 6,535M 5.00% 2.90 3/8
(Approx. $ Price 105.684)
03/01/2012 6,860M 5.00% 3.24 3/8
(Approx. $ Price 106.305)
03/01/2013 7,200M 5.00% 3.40 3/8
(Approx. $ Price 107.082)
03/01/2014 7,555M 5.00% 3.57 1/2
(Approx. $ Price 107.475)
03/01/2015 7,930M 5.00% 3.73 1/2
(Approx. $ Price 107.601)
03/01/2022 11,120M 5.00% 4.61 1/2
(Approx. $ Price PTC 03/01/2018 103.051 )

—————————————

CALL FEATURES: Optional call in 03/01/2018 @ 100.00


—————————————



$66,535,000*
T-7

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

FSA Insured

DATED:10/04/2007 FIRST COUPON:09/01/2008 INTEREST ACCRUES:05/02/2008

DUE: 09/01


MANDATORY ADD’L
MATURITY TENDER DATE AMOUNT* COUPON PRICE TAKEDOWN
( Pts )
09/01/2032 09/01/2015 66,535M 5.00% 4.22 1/2
(Approx. $ Price 104.868)

—————————————

CALL FEATURES: No Optional Call





* - APPROXIMATE SUBJECT TO CHANGE
PRIORITY OF ORDERS AS FOLLOWS:
1. New Jersey Retail (Series J-4 Serials & J-4 Par Puts Only)
2. Net Designated
3. Member

New Jersey retail: a “retail’ order is defined as an order placed for the account of an in-state individual, bank trust or investment advisor, with a maximum of $500,000 per account. Retail orders do not include bank portfolios, insurance companies, mutual funds
or municipalities.

PRIORITY POLICY:

At least 4 firm(s) must be designated.

No firm may receive more than 55% of any designation.

Both Senior Managers (Morgan Stanley & UBS) must be designated.

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.

There will not be any clearance fee taken from designated sales in accordance with MSRB Rule G-17.

There are to be no soft-dollar designations.


The compliance addendum MSRB Rule G-11 will apply.


The Award is expected on Thursday, April 3, 2008.

Delivery is expected on Wednesday, April 30, 2008 ( for series: 1 )
Delivery is expected on Wednesday, April 30, 2008 ( for series: 2 )
Delivery is expected on Monday, April 28, 2008 ( for series: 3 )
Delivery is expected on Monday, April 28, 2008 ( for series: 4 )
Delivery is expected on Tuesday, April 29, 2008 ( for series: 5 )
Delivery is expected on Wednesday, April 30, 2008 ( for series: 6 )
Delivery is expected on Tuesday, April 29, 2008 ( for series: 7 )
Delivery is expected on Thursday, May 1, 2008 ( for series: 8 )
Delivery is expected on Monday, April 28, 2008 ( for series: 9 )
Delivery is expected on Friday, May 2, 2008 ( for series: 10 )

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


Morgan Stanley & Co. Incorporated
UBS Securities LLC
Banc of America Securities LLC
BB&T Capital Markets, Inc. a div of Scott &
Stringfellow
George K. Baum & Company

By: Morgan Stanley & Co. Incorporated New York, NY