The rating on New Jersey Health Care Facilities Financing Authority's bonds, issued for Irvington General Hospital, reflects 'AAA' rated investments consisting of U.S. government obligations and sufficiency of assets and income to meet debt service. The authority will refund the 1994 series bonds through an escrow fund consisting of U.S. government obligations, which were purchased with proceeds of a 1998 bond issue. The securities will be held in escrow by the refunding trustee, First Union National Bank. The escrowed principal and interest earned will be used to call the 1994 series prior to maturity, on Aug. 1, 2004. Pursuant to an escrow agreement executed by the authority and First Union National Bank, the U.S. government obligations and the interest earned
