The rating on Galesburg, Ill.'s bonds, issued for Knox College, is based on an irrevocable direct-pay LOC provided by LaSalle Bank National Association. The LOC covers principal of and interest on the bonds and purchase price for tendered bonds. The LOC expires on July 31, 2004, unless extended or earlier terminated in accordance with its terms. The bonds will be initially in floating-rate mode, bearing interest at a weekly interest rate. Holders may tender their bonds when the bonds bear interest in the floating-rate mode. Bond proceeds will be used to finance a portion of the costs of educational facilities.
