The long-term rating on Albuquerque, N.M.'s bonds is based on a bond insurance policy provided by MBIA and the short-term rating is based on a SBPA provided by Bank of America N.A. The SBPA, which expires on Jan. 20, 2005, provides coverage for unremarketed bonds and up to 200 days of interest at the maximum bond rate of 15%. The bonds initially will bear interest at a weekly floating rate, but upon mandatory tender may be converted to a daily or term rate period (which pays interest on the first business day following the last day of the period or semi-annually, depending upon the duration of the period). Upon conversion to a term rate to maturity period, the SBPA, and
