The affirmation of the rating on the Tennessee Housing Development Agency's series 2002CN-1 notes is based on amendments to the bond documents to reflect remarketing dates of June 10, 2004, and Jan. 13, 2005, and to allow for investment in U.S. Treasury Bills, Freddie Mac Discount Notes, or a repurchase agreement with rating confirmation. On the remarketing date of June 10, 2004, note proceeds will be held invested in US Treasury Bills. The notes will bear interest at a rate equal to 99% of the return on the investment. Securities mature on the bond interest payment dates of the second Thursday of each calendar month. Any excess interest earnings will be rebated back to the federal government. The notes are
