The 'A-1+' rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 2002, issued for the San Miguel Apartments Project, reflects the sufficiency of the principal investment along with investment income to pay interest and principal due until the mandatory tender and remarketing date. Bond proceeds will be deposited at closing into an investment agreement with Transamerica Life Insurance and Annuity Company ('AA+/A-1+'). Bonds are subject to optional redemption beginning April 15, 2003 at par. Upon the satisfaction of certain conditions established in the indenture, bonds will be subject to mandatory tender on a date no earlier than April 15, 2003 and no later than July 15, 2003, with no right for bondholders to retain their bonds.
