The rating on Hamilton County, Ohio's bonds is based on the FNMA collateral agreement delivered at closing. Pursuant to the terms of the collateral agreement, FNMA is obligated to make any mortgage payments not paid by the borrower. FNMA will also cover for preference while the collateral agreement is outstanding. Subsequent to the delivery of the collateral agreement but, in no event later than July 1, 1999, FNMA will deliver a FNMA pass-through certificate to the trustee. If the certificate is not delivered by this date, the bonds will be redeemed. Once the certificate is delivered, the collateral agreement will terminate. The certificate is expected to generate sufficient revenues to pay debt service and fees. Bonds will be subject to
