An `AAA' rating is assigned to Cuyahoga County's revenue refunding bonds based on a collateral agreement provided by FNMA. FNMA provides credit support for this transaction. FNMA is a U.S. government-sponsored agency whose payment ability is assessed `AAA' by Standard&Poor's. FNMA is not a full faith and credit agency. The collateral agreement provided by FNMA provides credit support by ensuring timely and full mortgage payments of interest or principal and interest to the trustee. If the borrower misses a scheduled mortgage payment, FNMA makes the missed payment and subsequent mortgage payments. Under various circumstances, FNMA has the right to redeem or accelerate the bonds. FNMA will pay principal and interest on the bonds up to the principal mortgage
