The 'AAA/A-1+' rating on Maricopa County Industrial Development Authority, Ariz.'s variable-rate demand multifamily housing revenue refunding bonds series 2004 (San Clemente Apartments project) is based on a Fannie Mae direct-pay credit enhancement facility. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate on the bonds. The bonds will initially bear interest at a weekly rate, but can be converted to a reset or fixed rate. If the bonds convert to the reset rate or the fixed rate, the credit facility must cover the number of days of interest required to maintain the bonds' rating. A mandatory tender will occur at an adjustment to a different mode or different reset rate. During the weekly
