The ratings on New York City's general obligation adjustable-rate bonds series 2003 subseries C-2 through C-5 are based upon LOCs, which are severally enhancing the subseries and expire as follows: Subseries C-2 are enhanced by a Bayerische Landesbank LOC, expiring Nov. 1, 2007; Subseries C-3 are enhanced by a BNP Paribas LOC, expiring Nov. 1, 2005; Subseries C-4 are enhanced by a BNP Paribas LOC, expiring Nov. 1, 2005; and Subseries C-5 are enhanced by a Bank of New York LOC, expiring Nov. 1, 2005. The LOCs all provide coverage for optional and mandatory tenders at 35 days' interest at 9% — to the extent that remarketing proceeds are insufficient. The city is obligated to make all principal and interest
