Security for California Health Facilities Financing Authority's bonds, issued for Casa de las Campanas, 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. The ultimate backing for this issue is the credit of the state, and on that basis, the bonds are rated 'A+.' Casa de las Campanas is a 501(c)(3) corporation that owns and operates a continuing care retirement community in Rancho Bernardo, near San Diego, Calif. Bond proceeds will
