The rating on Maricopa County Industrial Development Authority, Ariz.'s bonds, issued on behalf of the Tempe Grove Apartments project reflects: * Assets consisting of GNMA construction loan certificates and GNMA permanent loan certificates, * The high credit quality of the investments, and * Cash flow sufficiency. GNMA securities are backed by the full faith and credit of the U.S. government and therefore qualify as `AAA'-eligible under Standard&Poor's rating criteria. Bond proceeds are deposited into the acquisition fund to acquire construction loan certificates from the lender during the project construction period. The trustee makes disbursements for project construction upon receipt of the initial construction loan certificates and the permanent loan certificate. However, disbursements for interim construction loan certificates are
