$9,690,000*
Borough of State College, Centre County, Pennsylvania
General Obligation Bonds, Series of 2019

(1) S&P has assigned an AA- stable outlook rating to the Bonds.

(2) In accordance with the "Municipal Bond Insurance and Credit Rating" section of the Invitation to Bid for the Bonds, bidders only have the option to bid for the Bonds without insurance, or with insurance from one of the following insurers at the respective premiums: 

  
     Insurer   Premium
     -------   -------
     BAM       16,300

The cost of insurance and rating will be paid by the issuer.

*Preliminary, subject to change

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