The rating on White Bear Lake, Minn.'s bonds reflects: The quality of the mortgage loan collateral; Sufficiency of reserves to cover any potential shortfalls; Sufficiency of assets and revenues to pay debt service and expenses; An asset-to-liability position of 102.62% as of Feb. 9, 1999; and The quality of investments. The bonds were issued to refund a prior bond issue. Lake Square Apartments is an 89-unit apartment project located in White Bear Lake, Minn. The mortgage loan is insured by FHA under section 221(d)4 of the National Housing Act. Accordingly, should the mortgagor default under its obligations under the mortgage note, the trustee will be entitled to file mortgage insurance benefits. In order to preserve timely debt service to bondholders,
