The rating on Austin, Texas' notes, issued for the City of Austin Airport System, is based on a direct pay LOC issued by Morgan Guaranty Trust Co. of New York. The LOC covers all principal and interest payments, as well as the purchase price on the bonds. The bonds will initially bear interest in the weekly rate mode but may be converted to a short-term rate, which consists of one or more bond interest terms. The bonds will mature Nov. 15, 2017. The bonds are subject to mandatory tender upon the occurrence of each of the following: * On the day following the last of each bond interest term; * On the first day of each interest-rate period; * On
