The SP-1+ rating on the Tennessee Housing Development Agency's series 2004CN-1 notes is based on investment of the bond proceeds in U.S. Treasury Bills, U.S. Agency Discount Notes, or any other investment that will not affect the current rating of the bonds. 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 subject to mandatory tender from remarketing proceeds on Aug. 11, 2005. This date may be extended to the next August interest payment date at the written consent of 100% of
