SEPTA

Event Notice Pursuant to SEC RULE 15c2-12(b)(5)(C):
Disclosure of Issuer's Intent to bid at Auction of Bonds

Issuer: Southeastern Pennsylvania Transportation Authority (the “Issuer”)

Issue to which this
report relates: $125,600,000 outstanding principal amount Variable Rate Revenue Refunding Bonds, Series of 2007 (the “Bonds”)

CUSIP Number: 842039AA7

Date of Auction: May 8, 2008 (the “Auction Date”)

Broker-Dealer: Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Broker-Dealer”)

Event Reported: Intent of Authority to Bid For Auction Rate Bonds

The Bonds

The Bonds currently bear interest in the Auction Mode with an Auction Period of 7 days. Auctions are generally conducted on Thursdays.

As has been reported in the national business press, the tax-exempt auction rate markets have experienced extreme disruptions in the past few months. While the Issuer has not experienced a failed auction for the Bonds, the Auction Rate for the Bonds has increased dramatically during this period over prior levels.

Regulatory Guidance

Federal regulators have issued guidance on the ability of issuers to bid on their own auction rate bonds, including a Securities and Exchange Commission (SEC) Letter dated March 14, 2008 (the “SEC Letter”) and Internal Revenue Service (IRS) Notice 2008-41 (March 25, 2008). In reliance on this guidance, the Issuer intends to bid from time to time on a portion of the Bonds in order to reduce a portion of its interest rate expense.

Issuer Intends to Bid on Bonds

In the auction on the Auction Date, the Issuer intends to submit a bid for the purchase of $30,000,000 of the Bonds at an interest rate equal to the SIFMA Municipal Swap Index as of the Wednesday before the Auction Date plus 140 basis points. The SIFMA Municipal Swap Index resets each Wednesday at 4:00 p.m. EST and can be found at http://archives1.sifma.org/swapdata.html.

The Issuer is bidding on a portion of the Bonds in order to reduce a portion of its interest rate expense by holding a portion of the Bonds. The Issuer has no current intention of bidding on or attempting to hold all or nearly all of the Bonds although it reserves the right to do so. To the extent the Issuer is successful in its bid for a portion of the Bonds on the Auction Date, it is the Issuer’s current intention to submit a Hold Order with respect to such Bonds in future auctions although it reserves the right not to do so.

The Issuer is considering its financing options with respect to the Bonds, including without limitation,

conversion of the Bonds to another Mode,
continuing to bid for Bonds in subsequent auctions,
permitting the continuation of the auction process without bids being made by the Issuer, and
restructuring, redeeming or refunding all or a part of the Bonds.

The Issuer does not currently intend to purchase Bonds outside of the auction process but it reserves the right to do so.

Investors who currently hold the Bonds or who choose to submit bids in any auction in which the Issuer submits a bid should understand that the interests of the Issuer are different from, and, in fact may be contrary to, the interests of other investors in the Bonds in that the Issuer would benefit from lower interest rates on the Bonds whereas investors generally seek higher interest rates on the Bonds.

Information Regarding the Immediately Preceding Auction for the Bonds

The Issuer hereby provides the following information regarding the immediately preceding auction of the Bonds which took place on May 1, 2008.

The principal amount of Bonds for sale (i.e., the total dollar amount of Bonds for which Hold Orders were not submitted):	$81,075,000
Number of bids made:	17
Aggregate dollar amount of bids made:	$391,025,000
High bid:	5.00%
Low bid:	3.50%
Median bid:	4.50%
Clearing rate:	4.49%
Number, interest rate and amount of bids by the Issuer:	Number: None Interest Rate(s): N/A Amount: N/A
Number, interest rate(s) and amount of bids by the Broker-Dealer:	Number: 1 Interest Rate(s): 5.00% Amount: $125,600,000
Number of bidders other than the Issuer and the Broker-Dealer:	16

Dissemination of this Notice and the Results of the Auction

The Issuer has contracted with Digital Assurance Certification LLC (“DAC”) to disseminate this notice. This notice will be disseminated by DAC to the following nationally recognized municipal securities information repositories:

Bloomberg Municipal Repository (http://www.bloomberg.com/markets/rates/municontacts.html),
DPC Data Inc. (http://www.Munifilings.com)
Interactive Data Pricing and Reference Data, Inc. (http://www.interactivedata-prd.com)
Standard & Poor’s Securities Evaluations, Inc. (http://www.disclosuredirectory.standardpoors.com/).

This notice will also be posted on the Issuer’s public website at:  http://www.septa.org/news/public_notices/intent.html and on the Broker-Dealer’s website at http://ml.com/index.asp?id=7695_8425_8016_7296#ARS1 (through a link to http://www.dacbond.com/dacContent/todaysARSs.jsp).
This notice will also be emailed by DAC to The Wall Street Journal, The Bond Buyer and other financial media.

Following the Auction Date, the Issuer will disclose, in a subsequent notice, information regarding the results of the auction held on the Auction Date. Such notice will be disseminated using the same methods described above for the dissemination of this notice.

Additional Information Concerning the Issuer

The Bonds were issued pursuant to an Official Statement dated February 27, 2007 (the “Official Statement”). Since that date, the Issuer has filed certain limited information with the NRNSIRs pursuant to its continuing disclosure obligations as described in the Official Statement. The Issuer is not providing any additional information regarding its business affairs or financial performance. The Issuer will provide a paper or electronic copy of the Official Statement, at no cost, to any person upon request submitted to: Kurt Weidenhammer, Southeastern Pennsylvania Transportation Authority, 1234 Market Street, 9th Floor, Philadelphia, PA 191907; Telephone No.: (215) 580-7889.

Date Submitted: May 2, 2008
SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY