The rating on the Port of Oakland, Calif.'s commercial paper notes series D (AMT), series E (Non-AMT) and series F (taxable) is based upon an irrevocable letter of credit (LOC) issued severally by Morgan Guaranty Trust Company of New York and Bank of America N.A. The LOC will be issued in an amount to cover $150 million in principal and 90 days of interest calculated at 12%. Bank of America has assumed 66.7% of the commitment and Morgan Guaranty Trust has assumed 33.3% of the commitment; however, drawings made with respect to principal and interest on the series F notes shall be funded solely by Bank of America N.A. In this regard, issuance of series F notes is limited to
