The long-term component of the ratings on District of Columbia's multimodal general obligation refunding bonds series 2001C and 2001D are based on a bond insurance policy provided by FGIC and the short-term component of the ratings is based on a liquidity facility in the form of a standby bond purchase agreement (SBPA) from FGIC Securities Purchase Inc. (FGIC-SPI). The obligations of FGIC-SPI under the SBPA are secured by General Electric Capital Corp. pursuant to a standby loan agreement. The SBPA covers purchase price of tendered bonds and 184 days' interest calculated at a maximum rate of 10%. The SBPA will expire on Dec. 5, 2006, unless extended or earlier terminated pursuant to its terms. The bonds will be issued in
