...Bond proceeds, program obligations, investment obligations, revenue, and other assets held under the bond resolution secure the RHFBs. The bonds are also general obligations (GOs) of MHFA, payable out of any of its generally available money, assets, or revenue, subject only to the provisions of other resolutions or indentures pledging or appropriating particular money, assets, or revenue to particular notes or bonds, and subject to any state or federal restrictions. Liquidity facilities in the form of standby bond purchase agreements with TD Bank N.A. (A-1), Royal Bank of Canada (A-1+), Federal Home Loan Bank Des Moines (A-1+), and State Street Bank and Trust Co. (A-1+) additionally secure the variable-rate bonds outstanding in the resolution and are reflected in the short-term component of the dual ratings. The bonds are subject to optional or special redemption as well as mandatory sinking fund redemption, as described in the offering documents. The agency expects to concurrently issue...
