Municipal Bond New Issues

Tuesday, October 21, 2008 10:24AM
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MSS Wire #44971 == RETAIL ORDER PERIOD
==
MSS Master Message #2833591
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TO: Merrill Lynch & Co.
(Co-Senior)
Your Internal Deal Code is Unknown

RE: $240,000,000*
NEW YORK CITY
MUNICIPAL WATER FINANCE AUTHORITY
WATER AND SEWER SYSTEM REVENUE BONDS
FISCAL 2009 SERIES A

[More:]

WE HAVE A RELEASE ON THE FOLLOWING FOR THE RETAIL ORDER PERIOD. RETAIL
ORDERS, AS DEFINED BELOW, WILL BE ACCEPTED UNTIL 4:00PM EASTERN TODAY,
TUESDAY, OCTOBER 21ST.

THE FOLLOWING ARE THE RETAIL ORDER PERIOD RULES AS SET BY THE AUTHORITY:

RETAIL IS DEFINED AS AN ORDER PLACED FOR THE ACCOUNT OF AN INDIVIDUAL
AND INCLUDES ORDERS ENTERED ON BEHALF OF INDIVIDUALS FROM TRUST
DEPARTMENTS AND INVESTMENT ADVISORS FOR AMOUNTS UP TO 5000M. LARGER
ORDERS WILL BE ACCEPTED AT THE DISCRETION OF THE AUTHORITY.

1. THE AUTHORITY RETAINS THE RIGHT TO REPRICE BONDS FOR WHICH ORDERS
WERE TAKEN DURING THE RETAIL ORDER PERIOD. BUYERS SHOULD BE
INFORMED
OF THIS.

2. IF MORE ORDERS ARE RECEIVED THAN BONDS ARE AVAILABLE FOR A MATURITY,
THE ORDERS WILL BE ALLOCATED PRO-RATA AGAINST THE AVAILABLE BONDS
FOR THAT MATURITY.

3. THE AUTHORITY MAY CLOSE MATURITIES WHICH ARE FULLY SUBSCRIBED.
THE SYNDICATE WILL BE INFORMED OF THE CLOSED MATURITIES VIA DALNET.

4. THE STATUS OF THE RETAIL ORDERS WILL BE COMMUNICATED VIA DALNET
AT THE END OF THE RETAIL ORDER PERIOD.

5. THE AUTHORITY MAY HAVE ITS STAFF OR ITS AGENTS AUDIT ORDERS DURING
OR AFTER THE ORDER PERIOD TO VERIFY THAT SUCH ORDERS REPRESENT
LEGITIMATE RETAIL BUYERS. FULL DISCLOSURE OF INFORMATION RELEVANT
TO
ANY AUDIT WILL BE PROVIDED BY THE FIRM SUBMITTING ORDERS. FIRMS
MUST
IMMEDIATELY PROVIDE ZIP CODES AND ACCOUNT NUMBERS OF RETAIL BUYERS
PLACING ORDERS IF REQUESTED. IF THIS OR ANY OTHER REQUESTED
INFORMATION
CANNOT BE PROVIDED AND VERIFIED, THE AUTHORITY, AT ITS SOLE
DISCRETION,
MAY TAKE REMEDIAL ACTION INCLUDING:
1) EXCLUSION FROM FUTURE AUTHORITY TRANSACTIONS AS AN UNDERWRITING
SYNDICATE MEMBER OR SELLING GROUP MEMBER, 2) DISALLOWANCE OF THE
TAKEDOWN, 3) CANCELLATION OF THE ORDER, 4) OTHER MEASURES DEEMED
APPROPRIATE BY THE AUTHORITY OR 5) A COMBINATION OF ANY OR ALL OF
THE
ABOVE.

6. THE SCALE IS SUBJECT TO CHANGE IN PRICING AND STRUCTURE.
ZIP CODES WILL BE REQUIRED ON ALL ORDERS.

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MOODY’S: Aa2 S&P: AAA FITCH: AA

DATED: 10/29/2008 FIRST COUPON: 12/15/2008

DUE: 06/15

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE
(pts)

06/15/2017 15,000M 5.00 % 100.00
1/2
06/15/2019 15,000M 5.25 % 5.35
1/2
06/15/2020 15,000M 5.375 % 5.50
1/2
06/15/2021 15,000M 5.50 % 5.65
1/2
06/15/2022 15,000M 5.75 % 100.00
1/2
06/15/2024 15,000M 5.75 % 5.90
1/2

06/15/2035 100,000M 6.125 % 6.30
5/8
(Approx. $ Price 97.745)

06/15/2040 50,000M 6.25 % 6.35
5/8
(Approx. $ Price 98.633)

CALL FEATURES: Optional call in 06/15/2018 @ 100.00

* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. Retail Orders during the Retail Order Period.

PRIORITY POLICY:

This issue will be blue skyed in all states.

Order period until 4:00 P.M., E.D.T., today, Tuesday, 10/21/08.

The compliance addendum MSRB Rule G-11 will apply.

The award is expected on Thursday, October 23, 2008.

Delivery is expected on October 29, 2008.

This issue is book entry through DTC.

A reasonable number of preliminary official statements are available.

M.R. Beal & Company
DEPFA First Albany Securities LLC
Merrill Lynch & Co.
Siebert Brandford Shank & Co.

Banc of America Securities LLC
Citigroup Global Markets Inc.
Goldman, Sachs & Co.
J.P. Morgan Securities Inc.
Barclays Capital
Loop Capital Markets
Morgan Stanley & Co. Incorporated
Raymond James & Associates
Wachovia Bank, National Association

Piper Jaffray
Prager, Sealy & Co., LLC
RBC Capital Markets
Roosevelt & Cross, Inc.