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Summary: Illinois Dev Fin Auth; Public Finance Structured, Letter of Credit Oct 00
Standard & Poors, October 2000
Rationale The rating assigned to Illinois Development Finance Authority's adjustable-rate demand revenue bonds, issued on behalf of the YMCA of Metropolitan Chicago, is based on an irrevocable direct-pay LOC provided by Harris Trust and Savings Bank. The LOC covers principal of and interest on the bonds and purchase price for unremarketed tendered bonds. The anticipated expiration date of the LOC is Dec. 31, 2003, unless extended or earlier terminated pursuant to its terms. Initially, the bonds will be issued in the daily interest rate mode, but may be converted to a weekly, adjustable or fixed interest rate mode. Holders may tender their bonds when the bonds bear interest in a daily or weekly rate mode upon providing appropriate notice. The...
Companies mentioned in this report are:
- Illinois Fin Auth
Action: New Rating
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- Illinois Fin Auth