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<br />Assured Guaranty Corp. (the "Bond Insurer") will issue a financial guaranty insurance policy for each series of <br />the Bonds that will unconditionally and irrevocably guarantee to pay that portion of principal of and interest on the Bonds <br />that becomes due for payment but shall be unpaid by reason of nonpayment by the Issuer, each of which will be issued <br />concurrently with the delivery of the Bonds, by. See "BOND INSURANCE" herein. <br /> <br />[LOGO OF BOND INSURER] <br /> <br />NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE ISSUER, THE <br />STATE OF NORTH DAKOTA OR ANY POLITICAL SUBDIVISION THEREOF SHALL IN ANY EVENT BE <br />PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON THE <br />BONDS OR FOR THE PERFORMANCE OF ANY PLEDGE, MORTGAGE, OBLIGATION OR AGREEMENT <br />OF ANY KIND WHATSOEVER THAT MAY BE UNDERTAKEN BY THE ISSUER. NEITHER THE BONDS <br />NOR ANY OF THE AGREEMENTS OR OBLIGATIONS OF THE ISSUER SHALL BE CONSTRUED TO <br />CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, THE STATE OF NORTH DAKOTA OR ANY <br />POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR <br />STATUTORY LIMITATIONS. <br /> <br />The Bonds are offered when, as and if issued and received by Piper Jaffray & Co. and Goldman, Sachs & Co. (the <br />"Underwriters ''), subject to prior sale, withdrawal or modifications of the offer without any notice, and to the approval of <br />legality of the Bonds by Dorsey & Whitney LLP, bond counsel. Certain legal matters will be passed upon for the <br />Borrower by its General Counsel, for the Bond Insurer by , and for the Underwriters by their counsel, <br />Jones Day, Chicago, Illinois. It is expected that the Bonds will be available for delivery to the Underwriters via The <br />Depository Trust Company in New York, New York ("DTC'') on or about , 2008. <br /> <br />Piper Jaffray & Co. <br /> <br />Goldman, Sachs & Co. <br /> <br />The date of this Official Statement is _,2008. <br /> <br />C'rl '::-.,':O()O.,l <br />