The rating on Illinois Development Finance Authority's bonds, issued for Metropolitan Family Services, is based upon a direct-pay LOC issued by Bank of America NT&SA. Initially, the bonds will bear interest at the weekly rate and can be converted to bear interest at the commercial paper and fixed rates. The bonds are subject to redemption prior to maturity and to optional and mandatory tender. Metropolitan Family Services is a special charter not-for-profit corporation, formerly known as United Charities, and is the successor by merger to the Chicago Relief and Aid Society. The bonds are scheduled to mature Jan. 1, 2029.
