The affirmation on Illinois Development Finance Authority's bonds, issued for the Lawless Gardens project, reflects: * A fully funded debt service reserve in an amount needed to ensure timely debt service during the assignments process in the event of a mortgage note default; * The strong credit quality of the mortgage note on the underlying project insured by FHA under Section 241(f) of the National Housing Act; * Full and timely payment of debt service on the bonds and the underlying mortgage note; and * A strong asset-to-liability position in excess of 105.1%. Total liabilities as of Jan. 2, 1998 were $13.433 million term bonds with a coupon of 7.65% and accrued yet unpaid fees of $8,000. The bonds are
