The 'A+/A-1' rating on Louisiana Local Government Environmental Facilities and Community Development Authority's revenue bonds (Northwestern State University Student Housing Project) series 2007A, 2007B, 2004A, and 2004B is based on a direct-pay LOC provided by Regions Bank N.A. (A+/A-1). A single LOC is sized to cover all of the series. The new LOC will substitute the LOC for the 2004A and 2004B provided by Regions Bank. The LOC will also incorporate the new 2007A and 2007B issues. The LOC will provide payment for regularly scheduled principal and interest, as well as for unremarketed tendered bonds for an amount equal to 42 days at the 12% maximum rate of interest in the weekly mode. The anticipated expiration date of LOC is
