The rating on New Jersey Educational Facilities Authority's bonds, issued on behalf of the College of New Jersey, is based on a bond insurance policy provided by AMBAC and a standby bond purchase agreement (SBPA) provided severally by the Bank Of Nova Scotia and Toronto Dominion Bank. The SBPA, which expires April 26, 2002, will provide coverage for purchase price of tendered but unremarketed bonds. The bonds will initially bear interest at a weekly interest rate but may be converted to a fixed interest rate. While bonds bear interest at a weekly interest rate, bondholder may tender their bonds on certain dates with appropriate notice. The bonds are subject to optional and extraordinary redemption. Additionally, the bonds are subject to
