The rating on the Washington State Housing Finance Commission's bonds, issued for the Community Colleges of Spokane Foundation, is based on an LOC from Bank of America, N.A. ('AA-/A-1+'). The LOC expires on July 1, 2005 unless terminated earlier following receipt of notice of an event of default under the reimbursement agreement, payment of the bonds in full, receipt of an alternate LOC, or conversion of the bonds to a fixed rate. The rating on the bonds is valid through the initial expiration date of the LOC, unless the terms are extended. The bonds are issued in a weekly variable rate, and may be converted to either a variable daily rate or a fixed mode. Should the bonds convert to
