The rating on Maricopa County Industrial Development Authority, Ariz.'s bonds reflects the high credit quality of the assets supporting the issue as well as sufficient assets and revenues to pay debt service and expenses for the life of the issue. These assets will comprise GNMA and FNMA mortgage pass-through securities and 'AAA' rated investment securities. GNMA and FNMA mortgage-backed securities qualify as 'AAA' eligible securities under Standard&Poor's rating criteria. Both the acquisition fund and the float fund will be invested in a guaranteed investment contract (GIC) with FGIC. The GIC in turn will be guaranteed by General Electric Capital Corp. ('AAA/A-1+'). Interest will be paid at the rate of 5.41% and the agreement terminates on May 1, 2030.
