Fitch Rates Illinois Educational Facilities Authority's $109.96MM 2002 Revs 'AAApre'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch assigns a rating of 'AAApre' to the $109,960,000 Illinois Educational Facilities Authority Student Housing Revenue Bonds, Educational Advancement Fund, Inc. (University Center Project), Series 2002, maturing May 1, 2007- May 1, 2030. These bonds were refunded on Oct. 19, 2006 with proceeds of the Illinois Finance Authority Student Housing Revenue Refunding Bonds, Educational Advancement Fund, Inc. (University Center), Series 2006 B, and amounts transferred from the debt service reserve fund previously securing the refunded bonds. The bonds will be redeemed on May 1, 2012 at 101%. The trustee, The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Trust Company, N.A., holds a separate irrevocable securities trust fund for the benefit of refunded bondholders. The escrow agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) has been directed to use this fund for the purpose of paying principal, interest and redemption premium redemption premium See call premium. , when due, on the refunded bonds. The 'AAApre' rating reflects the vested interest Vested Interest A financial or personal stake one entity has in an asset, security, or transaction. Notes: For example, if you have a mortgage, your bank has a vested interest on the sale of your house. See also: Right of the refunded bondholders in the securities trust fund and that all funds have been invested in direct non-callable obligations of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Any future investment is also limited to such obligations of the U.S. Grant Thornton verified the mathematical accuracy of calculations of escrow account receipts and required disbursements, contained in schedules provided to them by Lehman Brothers, underwriter for the refunding bonds. In the opinion of Grant Thornton, anticipated receipts from securities deposited in the escrow fund will be sufficient to pay principal, interest and any redemption premium on the refunded bonds. The 'AAApre' rating applies to the bonds with the following CUSIP numbers: Prerefunded CUSIP: 45201SAG Maturity Date: 5/1/2007 Prerefunded CUSIP: 45201SAH Maturity Date: 11/1/2007 Prerefunded CUSIP: 45201SAJ Maturity Date: 5/1/2008 Prerefunded CUSIP: 45201SAK Maturity Date: 11/1/2008 Prerefunded CUSIP: 45201SAL Maturity Date: 5/1/2009 Prerefunded CUSIP: 45201SAM Maturity Date: 11/1/2009 Prerefunded CUSIP: 45201SAN Maturity Date: 5/1/2010 Prerefunded CUSIP: 45201SAP Maturity Date: 11/1/2010 Prerefunded CUSIP: 45201SAQ Maturity Date: 5/1/2011 Prerefunded CUSIP: 45201SAR Maturity Date: 11/1/2011 Prerefunded CUSIP: 45201SAT Maturity Date: 5/1/2017 Prerefunded CUSIP: 45201SAU Maturity Date: 5/1/2022 Prerefunded CUSIP: 45201SAV Maturity Date: 5/1/2030 Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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