Municipal Bond New Issues

RE: $31,480,000*
CITY OF BEVERLY HILLS PUBLIC FINANCING AUTHORITY
2008 WATER REVENUE BONDS, SERIES A
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MOODY’S: Aa1 S&P: AAA FITCH: AA+

DATED: 04/10/2008 FIRST COUPON: 06/01/2008

DUE: 06/01

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TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)


06/01/2008 670M 3.00 % 1.95 1/8
(Approx. $ Price 100.145)
06/01/2009 1,475M 3.00 % 2.00 1/4
(Approx. $ Price 101.121)
06/01/2010 1,515M 4.00 % 2.32 1/4
(Approx. $ Price 103.488)
06/01/2011 1,580M 4.00 % 2.54 3/8
(Approx. $ Price 104.379)
06/01/2012 1,635M 4.00 % 2.74 3/8
(Approx. $ Price 104.898)
06/01/2013 1,705M 3.50 % 2.92 1/2
(Approx. $ Price 102.747)
06/01/2014 1,760M 4.50 % 3.10 1/2
(Approx. $ Price 107.771)
06/01/2015 1,845M 4.00 % 3.27 1/2
(Approx. $ Price 104.612)
06/01/2016 1,915M 4.50 % 3.45 1/2
(Approx. $ Price 107.394)
06/01/2017 2,010M 5.00 % 3.63 1/2
(Approx. $ Price 110.572)
06/01/2018 2,105M 4.00 % 3.81 1/2
(Approx. $ Price 101.582)
06/01/2019 2,190M 4.00 % 4.00 1/2
06/01/2020 2,275M 4.25 % 4.17 1/2
(Approx. $ PTC 06/01/2018 100.651)
06/01/2021 2,365M 4.75 % 4.24 1/2
(Approx. $ PTC 06/01/2018 104.163)
06/01/2022 2,485M 4.25 % 4.45 1/2
(Approx. $ Price 97.912)
06/01/2023 1,610M 4.50 % 4.56 1/2
(Approx. $ Price 99.343)
06/01/2024 1,680M 4.50 % 4.67 1/2
(Approx. $ Price 98.082)


CALL FEATURES: Optional call in 06/01/2018 @ 100.00




* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. CITY OF BEVERLY HILLS RETAIL
2. OTHER CALIFORNIA RETAIL

Retail is defined as individual investors, investment advisors and trust departments acting on behalf of individual investors domiciled in California. Retail orders do not include bank portfolios, insurance companies, bond funds or municipalities.

Only orders for California retail (including the City of Beverly Hills) will be accepted during the Retail Order Period.

The maximum California retail order amount for any one investor is $500,000 .

Zip codes of retail investors will be required for all retail sales.

Selling group members can place California retail orders during the retail order period only. Such orders will be filled subject to Senior Manager’s approval. Selling group members cannot place orders outside of the retail order period.

The City retains the right to re-price and restructure bonds for which orders were taken during the retail order period. Buyers should be informed of this potentiality.

The City may close maturities that are fully subscribed at the end of the retail order period. The syndicate will be informed of the closed maturities and the status of retail orders via DALNET at the end of the day.

The Senior Manager will endeavor to fill all bona fide California retail orders placed on behalf of Beverly Hills residents. The City may audit retail 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. If this or any other requested information cannot be provided and verified, the City may cancel the order at its sole discretion.


Order period until 1:00 P.M., P.D.T., today, Wednesday, 03/26/08.

The managers reserve the right to terminate or extend the order period prior to or later than the above mentioned time and date and to confirm bonds at their discretion.

The compliance addendum MSRB Rule G-11 will apply.

Delivery is expected on April 10, 2008.

This issue is book entry through DTC.


E.J. De La Rosa & Co., Inc.
Bear, Stearns & Co. Inc.

By: E.J. De La Rosa & Co., Inc. Los Angeles, CA