The 'SP-1' rating on the County of Cuyahoga, Ohio's mortgage housing refunding revenue bonds, series 2005 (East Side Neighborhood Homes L.P. Project) reflects investments with Bayerische Landesbank ('A/A-1'). At closing, the prior escrow funds, consisting of HUD public housing HOPE VI funds, will be transferred to the new escrow that will support the new notes. Proceeds from the 2005 issue will be used to redeem prior debt. The escrow agreement will hold a guaranteed investment agreement from Bayerische Landesbank that will expire at note maturity on May 1, 2006. The documents provide for the trustee to access the escrow fund and bond fund for debt service. The only debt service payment is for maturity on May 1, 2006. The bonds
