The rating on the Massachusetts Development Finance Agency's bonds, issued for Harvard University, reflects: The university's overwhelming financial resources, provided by a $19.1 billion endowment, valued on June 30, 2000; Strong management of admissions, investments, and operations; and Demand for Harvard's academic programs, which are impressive. The series CC bonds will be GOs of the university. Bond proceeds will be used to refinance certain debt obligations used to fund a portion of the costs of acquiring pieces of property in Watertown, Mass., (the Watertown Arsenal) and Allston, Mass., and for other eligible corporate purposes. The university is also expected to issue $58 million of tax-exempt debt over the next several weeks for the same general category of projects. The future
