The rating on Iowa Higher Education Loan Authority's private education working capital loan program revenue anticipation notes series 2001D, issued on behalf of Dubuque University, is based on a confirmation by Northern Trust Co. of an irrevocable, direct-pay LOC issued by American Trust&Savings Bank. The LOC covers principal and interest on the notes due at maturity. The trustee, Wells Fargo Bank, will draw on the confirming LOC prior to maturity to deposit funds in the university's LOC account. The trustee will immediately draw on the confirming LOC under the following circumstances: There is an acceleration of the series 2001D notes, or An event of default under the LOC agreement occurs. The confirming LOC expires at note maturity of
