The 'AA+/A-1+' rating on Colorado Housing and Finance Authority's multifamily housing revenue bonds, series 2007, issued for the Terrace Park Apartments Project, is based on an irrevocable direct pay letter of credit provided by U.S. Bank National Association ('AA+/A-1+'). The LOC provides coverage for payment of principal of and interest on the bonds, including payment for unremarketed tendered bonds. The initial LOC provides for a maximum of 43 days of interest coverage at 10% annually. The stated expiration date of the LOC is Oct. 1, 2025. Initially, the bonds shall bear interest at the weekly rate but can be converted to the daily, monthly, quarterly, semiannual, annual, fixed or five-year term modes. The LOC will terminate upon conversion to any
