The rating on Cuyahoga County, Ohio's bonds reflects investments with 'AAA' rated providers and an escrow account funded with HOPE VI and HUD Capital Fund Program grant monies (HUD funds). At closing, bond proceeds will be deposited into the project fund and invested at a guaranteed rate equal to the interest rate due on the bonds. Bayerische Landesbank ('AAA/A-1+') will provide the investment agreement, which will expire on Nov. 1, 2005. Additionally, an escrow fund pledged to the bondholders provides security to the bonds. HUD funds received by the Cuyahoga Metropolitan Housing Authority will be deposited into the escrow fund, also held in an investment agreement provided by Bayerische Landesbank at the same rate as the project fund investment. Disbursements
