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NORTH TONAWANDA HOUSING DEVELOPMENT CORP. (NY) REFUNDING BONDS 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 23 ~PRNewswire~ -- North Tonawanda Housing Development Corp. (NY)'s $4.5 million mortgage revenue refunding bonds, Series 1992A (FHA Insured Mortgage Loan - Bishop Gibbons Apartments Section 8 Assisted Project) (Taxable) are rated 'F-1+' by Fitch. The bonds mature on Dec. 15, 1994. The corporation is an instrumentality of the city of North Tonawanda.
 The bonds will be secured by an escrow fund of U.S. government obligation maturing in amounts and at times sufficient to meet debt service requirements. Bond proceeds together with available excess funds from the issuer's outstanding mortgage revenue bonds, Series 1980 will be deposited in an escrow fund pledged to pay interest when due and secure the principal payment of the bonds at maturity.
 On or about Dec. 15, 1994, the corporation expects to issue its $4.5 million mortgage revenue refunding bonds, Series 1994B. Proceeds from the Series 1994B bonds will be used to pay maturing principal on the 1992A bonds. Funds held in the escrow will then be used to refund the corporation's outstanding mortgage revenue bonds, Series 1980 until they are called in entirety on or about March 1, 1995. If the Series 1994B bonds are not issued for any reason, maturing principal on the Series 1992A bonds will be paid from the escrow fund.
 -0- 11~23~92
 ~CONTACT: Vincent J. Barberio of Fitch, 212-908-0505~


CO: ST: New York IN: SU: RTG

WB-AH -- NY085 -- 0774 11~23~92 17:55 EST
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Date:Nov 23, 1992
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