Investing in New York-The Empire State

Under no circumstances shall this announcement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Series 2009 Bonds in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under securities laws of any such jurisdiction. The Series 2009 Bonds will be sold only by means of an Official Statement. Please call Ramirez & Co. at 1-800-888-4086 or click here if you would like a copy of the Preliminary Official Statement.

The New York State Urban Development Corporation to Issue $1.5 billion State Personal Income Tax Revenue Bonds (General Purpose)*

$501 million Series 2009C, $224 million Series 2009D (Federally Taxable) and $775 million Series 2009E (Federally Taxable - Build America Bonds)*

Personal Income Tax Bonds issued by the State of New York are secured by 25 percent of the receipts from the New York State Personal Income Tax, which exclude refunds owed to taxpayers, deposited into a Revenue Bond Tax Fund

The strength of the security behind this issue is the requirement that the State Comptroller deposit in the Revenue Bond Tax Fund all the receipts collected from payroll withholding taxes until an amount equal to 25 percent of the estimated monthly receipts has been deposited into the Revenue Bond Tax Fund. When the amount in the Fund is equal to 125% of the next month’s financing requirement for debt service, the remaining taxes are distributed to the State’s general fund

Personal Income Taxes represent more than half of New York State’s revenues. For 2008-09 fiscal year, Personal Income Tax Receipts were $36.9 billion with a withholding component of $27.7 billion. Revenue Bond Tax Fund Receipts were $9.2 billion. Currently, Revenue Bond Tax Fund Receipts cover maximum annual debt service on all outstanding Personal Income Tax Bonds approximately 4.9 times*, including the projected debt service on the Series 2009 Bonds

Based on the strength of the security, Fitch rates the Bonds AA- and S&P assigns its highest rating of AAA

I have an account with Ramirez & Co.
If you already have an account with us, simply call your Investment Representative and they will provide you with complete information regarding New York State Urban Development Corporation State Personal Income Tax Revenue Bonds.

I would like to open an account with Ramirez & Co.
Just call us at (800) 888-4086 ext 531 and one of our Investment Representatives will be happy to assist you with the account opening process. We will gather information about you and your investment goals, and discuss how New York State Urban Development Corporation State Personal Income Tax Revenue Bonds can help you fulfill these goals. It is a simple process and one that we have been helping investors with for over 38 years.

More Information on Municipal Bonds

For over 38 years, Ramirez & Co. has helped individuals throughout the country create comprehensive investment portfolios using tax-free municipal bonds. Call a Ramirez Investment Representative at (800) 888-4086 ext 531 to discuss the benefits of investing in municipal bonds. We will be happy to send you an information package tailored to your specific investment goals.

Investment Representatives who speak Spanish and English are available at (866) 783-6788.

* Preliminary, subject to change