The rating on Tacoma, Wash.'s tax-exempt commercial paper is based on a direct pay LOC provided by Bank of America, N.A. ('A-1+' short-term rating). The LOC expires on Dec. 31, 2005, and purchases all notes upon maturity. Notes have terms no longer than 270 days and are not subject to redemption prior to maturity. Proceeds of the issue will finance the construction of a parking facility in downtown Tacoma.