The rating assigned to Illinois Development Finance Authority's bonds, issued for the Glenwood School For Boys, is based on a direct pay LOC issued by Harris Trust&Savings Bank. Bond proceeds will be used to finance and reimburse the school for capital costs related to its industrial project. The bonds will initially bear interest at a weekly rate and may be converted to daily, adjustable, or fixed rates. The bonds are subject to optional tender while bearing interest at a daily or weekly rate. Variable rate bonds are subject to mandatory tender upon interest rate mode conversion and the occurrence of certain other events listed in the indenture. The bonds are also subject to optional, extraordinary optional, and mandatory
