The rating on Louisiana Local Government Environmental Facilities and Community Development Authority's revenue bonds (Northwestern State University Student Housing Project) series 2004A and 2004B is based on a direct-pay LOC provided by Regions Bank N.A. ('A+/A-1'). The LOC expires on Nov. 30, 2009, and provides sufficient coverage for principal and interest (39 days) at the maximum bond interest rate, including the purchase price of tendered bonds. Initially, the bonds will bear interest at a weekly interest rate but can be converted to a fixed-rate mode. The LOC terminates upon conversion to a fixed-rate mode. While the bonds bear variable interest rates in the weekly mode, bondholders may tender their bonds with appropriate notice. The bonds are subject to optional and
