The 'A+/A-1' rating on Ward County, N.D.'s bonds, issued on behalf of the Trinity Obligated Group, is based on a direct pay letter of credit (LOC) from US Bank National Association ('A+/A-1'). The LOC provides coverage of all principal and sufficient interest at the maximum rate of 12%. The interest portion will be 37 days for the first interest payment period, which ends with an interest payment date on July 1, 2002. Thereafter, the LOC will be sized sufficiently to cover interest requirements for a one-month interest payment period. Termination events for the LOC are the earlier of the stated expiration date of May 30, 2005, the date of delivery of an alternate LOC, the date that no bonds are
