Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Milpitas, Calif.'s (The Crossing At Montague Apartments) series 2000A and taxable series 2000A-T variable-rate demand multifamily housing revenue bonds. The outlook is stable. This action reflects our view of a defeasance of the bonds through the deposit of refunding bond proceeds in an escrow fund on Aug. 26, 2015. The bonds are due to be fully refunded at the redemption price of par plus accrued interest on Sept. 15, 2015, the bonds' optional redemption date. The rating reflects our view of: Sufficient collateral, consisting of cash held uninvested, to pay bond principal and interest; Sufficient payment provisions to ensure full and timely disbursement for all bond payment events; and A
