Security for the series 1994B insured health facility revenue bonds issued by the California Health Facilities Financing Authority, Calif. for the Small Facilities Pooled Loan Program is based on the state of California's Health Facilities Construction Loan Insurance Program. In the event of a default, the state can continue to make regularly scheduled debt service payments or issue debentures to the trustee for the benefit of the bondholders having a total face value of and bearing interest at the rate on the respective bonds they replace. Thus the ultimate backing for this issue is the credit of the State of California. Proceeds will be used to refund the phase I variable rate taxable issue from 1992. There are 15 participants
