The rating on Illinois Development Finance Authority's variable-rate demand revenue bonds, issued on behalf of North Park University, is based on an irrevocable direct-pay letter of credit (LOC) issued by American National Bank&Trust Co. of Chicago. The bond proceeds will be used to construct a library and learning center as well as parking facilities. Initially, the bonds bear interest at the initial rate, and thereafter, will bear interest at the weekly rate. Following the conversion to the weekly rate, the bonds are subject to conversion to a six-month rate, adjustable rate, or fixed rate. The bonds are subject to optional tenders while in the weekly and adjustable rate. All bonds are subject to mandatory tender upon the conversion
