Municipal Bond New Issues

RE:$126,640,000*
NEW YORK STATE DORMITORY AUTHORITY
MONTEFIORE MEDICAL CENTER
SERIES 2008 FHA-INSURED MORTGAGE REVENUE BONDS

WE HAVE A RELEASE.

ORDERS UNTIL 11AM EASTERN.

PRELIMINARY PRICING IS AS FOLLOWS:

[More:]

–
–

MOODY’S: Aa2 S&P: AAA FITCH:

DATED: 02/07/2008 FIRST COUPON: 08/01/2008

DUE: 08/01 & 02/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE
(pts)

08/01/2008 1,845M 4.00 % 2.55
1/4
02/01/2009 2,705M 4.00 % 2.60
1/4
08/01/2009 2,760M 4.00 % 2.63
1/4
02/01/2010 2,815M 5.00 % 2.70
1/4
08/01/2010 2,890M 4.00 % 2.72
3/8
02/01/2011 2,945M 5.00 % 2.82
3/8
08/01/2011 3,020M 4.00 % 2.85
3/8
02/01/2012 3,080M 5.00 % 3.05
3/8
08/01/2012 3,160M 4.00 % 3.07
3/8
02/01/2013 3,225M 5.00 % 3.21
3/8
08/01/2013 3,305M 4.00 % 3.23
3/8
02/01/2014 3,375M 5.00 % 3.34
3/8
08/01/2014 3,460M 4.00 % 3.34
3/8
02/01/2015 3,530M 5.00 % 3.45
3/8
08/01/2015 3,615M 4.00 % 3.45
3/8
02/01/2016 3,690M 4.00 % 3.56
3/8
08/01/2016 3,765M 5.00 % 3.56
3/8
02/01/2017 3,860M 4.00 % 3.66
3/8
08/01/2017 3,940M 5.00 % 3.66
3/8
02/01/2018 4,040M 5.00 % 3.77
3/8
08/01/2018 4,140M 5.00 % 3.77
1/2
(Approx. $ PTC 02/01/2018
110.153)

08/01/2019 8,575M 4.00 % 3.92
1/2
(Approx. $ PTC 02/01/2018
100.655)

08/01/2020 8,950M 5.00 % 3.98
1/2
(Approx. $ PTC 02/01/2018
108.335)

08/01/2021 9,405M 5.00 % 4.08
1/2
(Approx. $ PTC 02/01/2018
107.481)

08/01/2022 9,885M 5.00 % 4.16
1/2
(Approx. $ PTC 02/01/2018
106.804)

08/01/2023 7,620M 4.25 % 4.29
1/2

08/01/2024 12,090M 5.00 % 4.31
1/2
(Approx. $ PTC 02/01/2018
105.549)

CALL FEATURES: Optional call in 02/01/2018 @ 100.00

SINKING FUND SCHEDULE

2019 TERM BOND

08/01/2008 20
02/01/2009 20
08/01/2009 20
02/01/2010 25
08/01/2010 15
02/01/2011 25
08/01/2011 25
02/01/2012 25
08/01/2012 20
02/01/2013 25
08/01/2013 25
02/01/2014 20
08/01/2014 25
02/01/2015 25
08/01/2015 25
02/01/2016 30
08/01/2016 25
02/01/2017 30
08/01/2017 25
02/01/2018 25
08/01/2018 30
02/01/2019 4,275
08/01/2019 3,795

2020 TERM BOND

08/01/2019 565
02/01/2020 4,455
08/01/2020 3,930

2021 TERM BOND

08/01/2020 635
02/01/2021 4,680
08/01/2021 4,090

2022 TERM BOND

08/01/2021 710
02/01/2022 4,920
08/01/2022 4,255

2023 TERM BOND

08/01/2022 790
02/01/2023 5,165
08/01/2023 1,665

2024 TERM BOND

08/01/2023 12,090

* - APPROXIMATE SUBJECT TO CHANGE

–
–
PRIORITY OF ORDERS AS FOLLOWS:
1. New York Retail
2. NATIONAL RETAIL
3. Net Designated
4. Member

PRIORITY POLICY:

At least 3 firms must be designated.

No firm may receive more than 70% 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.

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 Wednesday, January 24, 2007.

Delivery is expected on February 7, 2008.

This issue is book entry through DTC.

Merrill Lynch & Co.
Banc of America Securities LLC
Goldman, Sachs & Co.
J.P. Morgan Securities Inc.
Piper Jaffray
Ramirez & Co., Inc.
Roosevelt & Cross, Inc.

By: Merrill Lynch & Co. New York, NY
Wednesday, January 23, 2008 9:05AM