The 'AA+/A-1+' rating on Minnesota Agricultural and Economic Development Board's variable-rate demand revenue bonds (YMCA of Metropolitan Minneapolis Project) series 2008 reflects the credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct-pay credit facility provided by U.S. Bank N.A. (AA+/A-1+). The credit facility is sized at principal plus 45 days of interest calculated at the maximum rate of 10% on the bonds. The interest rate component of the facility will automatically reinstate on the eighth calendar day following payment by the bank unless the trustee receives notice by the seventh calendar day indicating that the bank will not reinstate the interest component. Should that occur, the bonds will be subject to mandatory tender on a business
