The rating on Cuyahoga County, Ohio's bonds, issued on behalf of Eliza Jennings Group, is based on an irrevocable direct-pay LOC provided by LaSalle National Bank. The LOC, which expires on Feb. 15, 2004, provides coverage for principal, the purchase price of tendered bonds, and up to 46 days' interest at a maximum rate of 10%. The bonds initially bear interest at a weekly floating taxable interest rate, but upon mandatory tender may be converted to other modes, which are tax-exempt. For most mandatory tender events, bondholders may exercise an affirmative retention option. Proceeds from the bond sale will be used to advance refund prior outstanding debt.
