Municipal Bond New Issues

$167,540,000*
City of Chicago
Second Lien Wastewater Transmission Revenue Bonds, Series 2008A


MOODY’S: Aaa S&P: AAA FITCH: AAA

A2 Positive A+ Stable AA-
Positive

Berkshire Hathaway Assurance Corp. Insured

[More:]

DATED:11/18/2008 FIRST COUPON:07/01/2009 INTEREST
ACCRUES:11/18/2008

DUE: 01/01

ADD’L

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )
01/01/2010 1,700M 5.00% 2.30 1/4
(Approx. $ Price 102.964)
01/01/2011 2,835M 5.00% 2.92 1/4
(Approx. $ Price 104.241)
01/01/2012 2,975M 3.50% 3.28 1/4
(Approx. $ Price 100.644)
01/01/2013 3,080M 4.00% 3.54 1/4

(Approx. $ Price 101.745)
01/01/2014 3,205M 4.00% 3.76 3/8
(Approx. $ Price 101.104)
01/01/2015 3,330M 5.00% 3.96 3/8
(Approx. $ Price 105.598)
01/01/2016 3,500M 5.00% 4.17 3/8
(Approx. $ Price 105.062)
01/01/2017 3,675M 5.50% 4.37 3/8
(Approx. $ Price 107.648)

01/01/2018 3,875M 5.00% 4.56 3/8
(Approx. $ Price 103.247)
01/01/2019 4,070M 5.50% 4.74 3/8
(Approx. $ Price PTC 01/01/2018 105.568 )
01/01/2020 4,295M 5.50% 4.92 3/8
(Approx. $ Price PTC 01/01/2018 104.214 )
01/01/2021 4,530M 5.00% 5.05 3/8
(Approx. $ Price 99.545)
01/01/2022 4,755M 5.00% 5.13 3/8

(Approx. $ Price 98.763)
01/01/2023 4,995M 5.00% 5.19 3/8
(Approx. $ Price 98.109)
01/01/2024 5,245M 5.125% 5.25 3/8
(Approx. $ Price 98.700)
01/01/2025 5,515M 5.25% 5.30 3/8
(Approx. $ Price 99.456)
01/01/2026 5,800M 5.25% 5.34 3/8
(Approx. $ Price 98.992)

01/01/2027 6,105M 5.25% 5.37 3/8
(Approx. $ Price 98.614)
01/01/2028 6,425M 5.25% 5.40 3/8
(Approx. $ Price 98.218)
01/01/2029 6,765M 5.25% 5.44 3/8
(Approx. $ Price 97.687)
01/01/2030 7,120M 5.375% 5.48 3/8
(Approx. $ Price 98.689)
01/01/2031 7,500M 5.375% 5.52 3/8

(Approx. $ Price 98.154)
01/01/2032 7,905M 5.50% 5.55 3/8
(Approx. $ Price 99.346)
01/01/2033 8,340M 5.50% 5.58 3/8
(Approx. $ Price 98.939)

01/01/2038 50,000M 5.50% 5.69 3/8
(Approx. $ Price 97.305)

—————————————

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


—————————————





* - APPROXIMATE SUBJECT TO CHANGE

Order period until today 12:00 PM, Central, Wednesday, 11/05/08.

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.

PRIORITY OF ORDERS AS FOLLOWS:
1. Net Designated
2. Illinois Retail
3. National Retail
4. Member

The following maturities are considered retail maturities -
2014,2021,2024,2027&2033

PRIORITY OF ORDERS FOR RETAIL MATURITIES:
1. Illinois Retail
2. National Retail
3. Net Designated
4. Member

Selling Group members may enter retail orders in any maturity, but
retail orders only take priority in the retail maturities.

PRIORITY POLICY:

At least 3 firm(s) must be designated.

At least 2 minority firm(s) must be designated.

No firm may receive more than 50% of any designation.

Each designee must receive a minimum of 15.00% for each priority order.

The Senior Manager requests the identification of all priority orders at
the time the orders are entered.

There are to be no soft-dollar designations.
The Senior Manager will pay out all designations.

Selling Group members may not enter institutional orders and may not be
designated.

Maximum Retail order is 500m.

The Award is expected on Thursday, November 6, 2008.

Delivery is expected on Tuesday, November 18, 2008.

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


Cabrera Capital Markets Inc.
RBC Capital Markets

Grigsby & Associates, Inc.
Loop Capital Markets