25000000 the Pittsburgh Water and Sewer Authority
REOFFERING CIRCULAR Book-Entry Only RATINGS: See “Ratings of the Reoffered Bonds” herein At the time of original issuance and delivery of the Reoffered Bonds, Bond Counsel delivered its opinion (the “Original Opinion”) to the effect that, as of the date of issuance of the Reoffered Bonds, under then existing law, and assuming compliance with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”) and covenants regarding the use, expenditure and investment of proceeds of the Reoffered Bonds, interest on the Reoffered Bonds would be excluded from gross interest of the owners of the Reoffered Bonds for federal income tax purposes. The Original Opinion has not been updated or reissued in connection with the remarketing of the Reoffered Bonds. On September 1, 2010, Bond Counsel will deliver an opinion to the effect that the remarketing of the Reoffered Bonds will not in and of itself adversely affect the exclusion of interest on the Reoffered Bonds from gross income for purposes of federal income taxation. Bond Counsel will not express an opinion regarding the current status of such interest for federal income tax purposes. See “Tax Matters” herein. $25,000,000 THE PITTSBURGH WATER AND SEWER AUTHORITY $10,000,000 Water and Sewer System Subordinate Revenue Refunding Bonds, Series C-1A of 2008 (Term Mode) (CUSIP 725304 RH4) Price: 100% Term Rate: 0.45% $10,000,000 Water and Sewer System Subordinate Revenue Refunding Bonds, Series C-1B of 2008 (Term Mode) (CUSIP 725304 RJ0) Price: 100% Term Rate: 0.45% $5,000,000 Water and Sewer System Subordinate Revenue Refunding Bonds, Series C-1C of 2008 (Term Mode) (CUSIP 725304 RK7) Price: 100% Term Rate: 0.45% Dated: Date of Original Issuance Mandatory Tender Date: September 1, 2011 Due: September 1, 2035 The Pittsburgh Water and Sewer Authority (the “Authority” or “PWSA”) is reoffering its (Variable Rate Demand) Water and Sewer System Subordinate Revenue Refunding Bonds, Series C-1 of 2008 (Term Mode) (the “Series 2008C-1 Bonds”).
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