$164,350,000*
THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA
WATER REVENUE REFUNDING BONDS, 2012 SERIES A

MOODY’S: Aa1                S&P: AAA                FITCH:
DATED:03/20/2012   FIRST COUPON:10/01/2012
DUE: 10/01

The Award is expected on Wednesday, February 22, 2012.
Delivery is firm for Tuesday, March 20, 2012.

This Issue is book entry. This issue is clearing through DTC.
CCONTACTS:
De La Rosa & Co.
William Blair & Company, L.L.C.
Loop Capital Markets
Ramirez & Co., Inc.
Siebert Brandford Shank & Co.

By: De La Rosa & Co.  Los Angeles, CA

RE: $68,765,000*
CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK
REFUNDING REVENUE BONDS
(THE J.PAUL GETTY TRUST) SERIES 2012A

$55,755,000*
SERIES 2012A-1

MOODY’S: Aaa                S&P: AAA                FITCH:

DATED:02/22/2012   FIRST COUPON:04/01/2012

DUE: 10/01
AND:

$13,010,000*
SERIES 2012A-2

MOODY’S: Aaa                S&P: AAA                FITCH:
DATED:02/22/2012   FIRST COUPON:04/01/2012
DUE: 10/01
The Award is expected on Thursday, February 2, 2012.
Delivery is firm for Wednesday, February 22, 2012.
This Issue is book entry. This issue is clearing through DTC.
A reasonable number of preliminary statements are available from:

Morgan Stanley & Co. LLC
Estrada Hinojosa & Company

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

RE: $47,190,000*
ABAG FINANCE AUTHORITY FOR NON PROFIT CORPORATIONS (CALIFORNIA)
REVENUE BONDS (SHARP HEALTHCARE), SERIES 2012A

MOODY’S: A2                 S&P: A+                 FITCH: NR
(POSITIVE)              (STABLE)

DATED:01/24/2012   FIRST COUPON:08/01/2012

The Award is expected on Friday, January 13, 2012.

Delivery is firm for Tuesday, January 24, 2012.

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

Contact:
Citigroup Global Markets Inc
By: Citigroup Global Markets Inc  New York, NY

DUE: 08/01

OK, there at it again. Attacking the Tax FREE status of municipal bonds.

Just like they found a way to tax social security, now their after your tax free interest from municipal bonds:

On September 12, 2011, the Obama Administration announced a legislative proposal entitled the American Jobs Act of 2011.

For tax years beginning on or after January 1, 2013, the American Jobs Act of 2011 would  limit the tax benefit of the tax exemption (along with several other listed tax benefits) to the 28% tax bracket.

The American Jobs Act of 2011 or other legislative proposals, if enacted into law,  may cause interest on the Bonds to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation.

This act could prevent Beneficial Owners from realizing the full current benefit of the tax status of current tax exempt interest.

The introduction or enactment of any such legislative proposals, may also affect the market price for, or marketability of, municipal Bonds.

Prospective purchasers of the Bonds should consult their own tax advisors regarding any such pending or proposed federal or state tax legislation,  regulations or litigation, as to which Bond Counsel expresses no opinion.

Stay tuned for more information as it develops….

On September 8th 2011 Moody’s announce the results of its review oa all tobacco settlement revenue bonds.

Moody’s concluded based on cash flow modeling that:

• Moody’s has downgraded 60 tranches in 13 securitizations (approximately$3.5 billion).
• Moody’s also confirmed seven tranches in three securitizations ($1.1 billion)
• upgraded 134 tranches in 27 securitizations (approximately $3.5 billion).

Here are the results for Californina:
Issuer: California County Tobacco Securitization Agency (Los Angeles
County Securitization Corporation) Series 2006A Convertible Turbo Bonds

Cl. 2006A-1, Downgraded to Ba1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Cl. 2006A-2, Downgraded to B1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Cl. 2006A-3, Downgraded to B1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Cl. 2006A-4, Downgraded to B1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Cl. 2006A-5, Downgraded to B1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Issuer: California County Tobacco Securitization Agency (Merced County
Tobacco Funding Corporation) – Tobacco Settlement Asset-Backed Refunding
Bonds

2005A-1, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2005A-2, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2005A-3, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2005B, Downgraded to B1 (sf); previously on Dec 21, 2010 Baa3 (sf) Placed
Under Review for Possible Downgrade

Issuer: California Statewide Financing Authority (Pooled Tobacco
Securitization Program) , Series 2002

Ser. 2002A Term Bonds 1, Downgraded to B2 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Ser. 2002A Term Bonds 2, Downgraded to B2 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Ser. 2002A Term Bonds 3, Downgraded to B2 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Ser. 2002A Serial Bonds 8, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002A Serial Bonds 9, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002A Serial Bonds 10, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002A Serial Bonds 11, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002A Serial Bonds 12, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002A Serial Bonds 13, Upgraded to Baa1 (sf); previously on May 26,
2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Ser. 2002B Term Bonds 1, Downgraded to B2 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Ser. 2002B Term Bonds 2, Downgraded to B2 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Ser. 2002B Term Bonds 3, Downgraded to B2 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Ser. 2002B Serial Bonds 8, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002B Serial Bonds 9, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002B Serial Bonds 10, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002B Serial Bonds 11, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002B Serial Bonds 12, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002B Serial Bonds 13, Upgraded to Baa1 (sf); previously on May 26,
2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Children’s Trust, Series 2002

Term Bond 1, Confirmed at Baa3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Term Bond 2, Confirmed at Baa3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Term Bond 3, Confirmed at Baa3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Serial Bond 7, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

Serial Bond 5, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

Serial Bond 6, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

Issuer: City of San Diego Tobacco Settlement Revenue Funding Corporation

Term Bonds, Upgraded to Baa1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade
Issuer: Golden State Tobacco Securitization Corporation (2007 Indenture)

TT Bds A-1-1, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

TT Bds A-1-2, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

TT Bds A-1-3, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

TT Bds A-1-4, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

CI Bds A-1-5, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

CI Bds A-1-6, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

CI Bds A-1-7, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

CI Bds A-1-8, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

CI Bds A-1-9, Upgraded to A1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

CI Bds A-1-10, Upgraded to A3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Upgrade

CI Bds A-1-11, Upgraded to Baa1 (sf); previously on Dec 21, 2010 Baa3
(sf) Placed Under Review for Possible Upgrade

CI Bds A-1-12, Upgraded to Baa1 (sf); previously on May 26, 2011 Baa3
(sf) Placed Under Review for Possible Downgrade

CI Bds A-1-13, Upgraded to Baa1 (sf); previously on May 26, 2011 Baa3
(sf) Placed Under Review for Possible Downgrade

CVT Bds A-2, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Issuer: The California County Tobacco Securitization Agency ( Fresno
County Tobacco Funding Corporation), Series 2002

Ser. 2002 Term Bonds 1, Upgraded to A3 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Term Bonds 2, Upgraded to Baa1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Term Bonds 3, Upgraded to Baa2 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Term Bond 4, Confirmed at Baa3 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Serial Bonds 4, Upgraded to A1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Serial Bonds 5, Upgraded to A1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Serial Bonds 6, Upgraded to A1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Serial Bonds 7, Upgraded to A1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Issuer: The California County Tobacco Securitization Agency (Alameda
County Tobacco Asset Securitization Corporation), Series 2002

Ser. 2002 Turbo Bond 1, Upgraded to A1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Turbo Bond 2, Upgraded to Baa1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Turbo Bond 3, Upgraded to Baa1 (sf); previously on Dec 21, 2010
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Turbo Bond 4, Confirmed at Baa3 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002 Serial Bonds 10, Upgraded to A1 (sf); previously on Dec 21,
2010 Baa3 (sf) Placed Under Review for Possible Upgrade

Issuer: The California County Tobacco Securitization Agency (Stanislaus
County Tobacco Funding Corporation), Series 2002

Ser. 2002A Term Bond 1, Upgraded to Baa1 (sf); previously on May 26, 2011
Baa3 (sf) Placed Under Review for Possible Upgrade

Ser. 2002A Term Bond 2, Upgraded to Baa1 (sf); previously on May 26, 2011
Baa3 (sf) Placed Under Review for Possible Upgrade

Issuer: Tobacco Securitization Authority of Northern California
(Sacramento County)

2005A-1-1, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2005A-1-2, Downgraded to Caa1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2005A-1-3, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2005A-2, Downgraded to Caa1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

Issuer: Tobacco Securitization Authority of Southern California (San
Diego)

2006A-1-1, Downgraded to B1 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2006A-1-2, Downgraded to B3 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

2006A-1-3, Downgraded to B2 (sf); previously on Dec 21, 2010 Baa3 (sf)
Placed Under Review for Possible Downgrade

For cusip by cusip review go to:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF260652