Security for California Health Facility Finance Authority's bonds, issued for the Southern California Alcohol&Drug Program, is based on 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 bond owners 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 California, and on that basis the bonds are rated 'A+'. The Southern California Alcohol&Drug Program is a 501(c)(3) corporation that provides residential and outpatient substance abuse and related services to residents of
