The original rating assigned to Illinois Development Finance Authority's bonds, issued for The Presbyterian Home Lake Forest, was upgraded as a result of the LOC, provided by LaSalle National Bank, being replaced with a bond insurance policy provided by FSA and a liquidity facility in the form of a standby bond purchase agreement (SBPA) provided by First Union National Bank. The SBPA, which will expire on June 15, 2004, unless earlier terminated pursuant to its terms, will cover purchase price of tendered but unremarketed bonds. The bonds will be offered at a weekly interest rate but may be converted to either monthly, adjustable-long, or fixed interest rates. While bonds bear interest during weekly or monthly modes, bondholders may tender their
