Summary: Philadelphia Industrial Development Authority, Pennsylvania

Primary Credit Analysts: Elissa S Granick, New York, (1) 212-438-2012 Mary Jane Ziga, (1) 212-208-1353 The rating on Philadelphia Industrial Development Authority's bonds, issued for the Chemical Heritage Foundation Project, is based on an irrevocable direct pay LOC issued by First Union National Bank. The LOC covers full principal plus 51 days' interest payable at a maximum rate of 12% on the bonds. The LOC expires on May 1, 2003 unless extended or earlier terminated pursuant to its terms. Chemical Heritage is a non-profit educational foundation. Bond proceeds will be used to finance renovations to the foundation's headquarters, library, and study areas and to provide infrastructure for a museum and public space. The bonds will be offered in the weekly

...The rating on Philadelphia Industrial Development Authority's bonds, issued for the Chemical Heritage Foundation Project, is based on an irrevocable direct pay LOC issued by First Union National Bank. The LOC covers full principal plus 51 days' interest payable at a maximum rate of 12% on the bonds. The LOC expires on May 1, 2003 unless extended or earlier terminated pursuant to its terms. Chemical Heritage is a non-profit educational foundation. Bond proceeds will be used to finance renovations to the foundation's headquarters, library, and study areas and to provide infrastructure for a museum and public space. The bonds will be offered in the weekly mode. Thereafter, bonds may be converted to monthly, term or fixed modes. Holders may optionally tender their bonds on any business day with 7 days notice. The bonds are subject to mandatory purchase on each conversion date and upon the occurrence of other events listed in the trust indenture. The bonds are also subject to sinking fund redemption,...

Summary