The long-term 'AAA' rating assigned to the Los Angeles Wastewater System, Calif.'s subordinate revenue bonds is based on a bond insurance policy provided by Financial Guaranty Insurance Co. (FGIC: 'AAA'). The short-term rating is based on a liquidity facility in the form of a standby bond purchase agreement (SBPA) provided by FGIC Securities Purchase Inc ('A-1+'). The SBPA will expire on Nov. 7, 2006 unless extended or earlier terminated pursuant to its terms. The SBPA, will be available to pay purchase price of tendered bonds. The bonds will initially be offered at a long rate but thereafter may be converted a weekly, daily or fixed rate. From bond closing through Oct. 31, 2002, the bonds will bear interest at a
