The rating on Illinois Development Finance Authority's variable-rate demand educational facilities project revenue bonds, issued on behalf of the Trinity International University ("Trinity"), is a based on an LOC provided by Firstar Bank. The series 2000A bonds are excludable from gross income for federal income tax purposes and the series 2000B bonds are taxable. Bond proceeds are being used to provide Trinity with funds to refinance indebtedness incurred for certain real property improvements to its campus in Bannokburn, Ill. The LOC will permit the trustee to draw for payment upon redemption, maturity, acceleration, and to pay for unremarketed tendered bonds. The initial LOC will cover 35 days' interest coverage at the maximum interest rate of 10% per annum. CIB Bank
