Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Cuyahoga County, Ohio's housing revenue bonds series 2010 (Garden Valley Housing Partnership II L.P. Project), reflecting investments in U.S. government treasuries that mature as needed in amounts sufficient to pay debt service. At closing, bond proceeds will be deposited into the project fund and invested in U.S. government treasuries that mature as needed in amounts sufficient to pay debt service. An additional negative arbitrage deposit, in the form of an underwriter premium, will be deposited into the project fund at closing. An assignment fund pledged to bondholders also provides security to the bonds. Prior to any disbursements from the project fund, the trustee must first confirm receipt of available
