061601 PANAMA CSD                                                              
                                                                                    
                                                                                    
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             Amount Issued:      2,265,000   BLD                                    
 Date of Original Issuance:     23-Apr-97                                           
                                                                                    
______________________________________________________________________________      
                           New                    Alt./     Max.   Weighted         
Bldg. Proj.  Allowable   Constr.    Additions   Reconstr  Project   Useful          
        No.     Cost       Cost        Cost        Cost     Life      Life          
                                                                                    
______________________________________________________________________________      
 0002  005    3,262,951           0          0   3,262,951  15.0  48,944,265        
_______________________________________________________________________________     
              3,262,951                                           48,944,265        
                                                                                    
                       Blended Maximum Useful Life:         15.0                    
                             Original Term of Bond:         11.5                    
                      Selected Maximum Useful Life:         15.0                    
                       Period Prior to 1 July 2002:          9.5                    
              Sel. Remaining Term for Amortization:          5.5                    
             Principal Outstanding as of July 2002:      550,000                    
                             Assumed Interest Rate:       4.500%                    
      Debt Service for Amortization Year 5 of 5.5 :      114,000                    
                                      Bond Percent:      99.999%                    
Aidable Debt Service for Amortization Year 5 of 5.5 :    113,999                    
                                                                                    
Additional Costs Attributable to Refinancing                                        
____________________________________________                                        
  A. Total Amount of Refinancing Issued (SA-132A #7):                  573,000      
  B. Bond Percent:                                                     99.999%      
  C. Applicable Building Aid Ratio:                                      84.4%      
  D. State Share of Outstanding Principal (SA132-A #3 * B * C):        464,195      
  E. Amount of Original Principal Refinanced: (SA132-A # 4)            550,000      
  F. State Share Ratio: (D / E)                                          84.3%      
  G. Total Fixed Costs Aided at 100% (SA132-A # 13):                     1,112      
  H. Total Variable Costs of Refinancing (SA132-A # 23):                 8,307      
  I. State Share of Variable Costs Aided at 100%:( H * F)                7,003      
  J. Total Principal Added(A - E - G - H):                              13,581      
  K. State Share of Additional Principal Aided at 100% (J * F):         11,449      
  L. Total Refinancing Costs Aided at 100% (G + I + K):                 19,564      
  M. Local Share of Variable Costs Aided at State Share (H - I):         1,304      
                                                                                    
Assumed Aidable Debt Service for Refinancing                                        
____________________________________________                                        
  Assumed Debt Service for Fixed Costs:                                    230      
  Assumed Debt Service for State Share of Variable Costs:                1,452      
  Assumed Debt Service for State Share of Additional Principal:          2,374      
  Assumed Debt Service for Local Share of Variable Costs: *                270      
 * After application of Bond Percent.                                               
                                                                                    
                                                                                    
                                                                                    
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             Amount Issued:      9,975,000   BLD-10                                 
 Date of Original Issuance:     08-May-01                                           
                                                                                    
______________________________________________________________________________      
                           New                    Alt./     Max.   Weighted         
Bldg. Proj.  Allowable   Constr.    Additions   Reconstr  Project   Useful          
        No.     Cost       Cost        Cost        Cost     Life      Life          
                                                                                    
______________________________________________________________________________      
 0002  007    9,450,000           0  5,963,713   3,486,287  18.0 170,100,000        
 5010  001    1,450,000           0          0   1,450,000  15.0  21,750,000        
_______________________________________________________________________________     
             10,900,000                                          191,850,000        
                                                                                    
                       Blended Maximum Useful Life:         17.5                    
                             Original Term of Bond:         20.0                    
                      Selected Maximum Useful Life:         20.0                    
                       Period Prior to 1 July 2002:          3.0                    
              Sel. Remaining Term for Amortization:         17.0                    
             Principal Outstanding as of July 2002:    7,075,000                    
                             Assumed Interest Rate:       4.500%                    
       Debt Service for Amortization Year 5 of 17 :      599,912                    
                                      Bond Percent:      97.117%                    
Aidable Debt Service for Amortization Year 5 of 17 :     582,617                    
                                                                                    
Additional Costs Attributable to Refinancing                                        
____________________________________________                                        
  A. Total Amount of Refinancing Issued (SA-132A #7):                7,607,000      
  B. Bond Percent:                                                     97.117%      
  C. Applicable Building Aid Ratio:                                      94.4%      
  D. State Share of Outstanding Principal (SA132-A #3 * B * C):      6,486,250      
  E. Amount of Original Principal Refinanced: (SA132-A # 4)          7,075,000      
  F. State Share Ratio: (D / E)                                          91.6%      
  G. Total Fixed Costs Aided at 100% (SA132-A # 13):                    14,766      
  H. Total Variable Costs of Refinancing (SA132-A # 23):               111,815      
  I. State Share of Variable Costs Aided at 100%:( H * F)              102,423      
  J. Total Principal Added(A - E - G - H):                             405,419      
  K. State Share of Additional Principal Aided at 100% (J * F):        371,364      
  L. Total Refinancing Costs Aided at 100% (G + I + K):                488,552      
  M. Local Share of Variable Costs Aided at State Share (H - I):         9,392      
                                                                                    
Assumed Aidable Debt Service for Refinancing                                        
____________________________________________                                        
  Assumed Debt Service for Fixed Costs:                                  1,252      
  Assumed Debt Service for State Share of Variable Costs:                8,684      
  Assumed Debt Service for State Share of Additional Principal:         31,490      
  Assumed Debt Service for Local Share of Variable Costs: *                773      
 * After application of Bond Percent.                                               
                                                                                    
                                                                                    
                                                                                    
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             Amount Issued:      4,367,246   BLD-10                                 
 Date of Original Issuance:     01-Aug-02                                           
                                                                                    
______________________________________________________________________________      
                           New                    Alt./     Max.   Weighted         
Bldg. Proj.  Allowable   Constr.    Additions   Reconstr  Project   Useful          
        No.     Cost       Cost        Cost        Cost     Life      Life          
                                                                                    
______________________________________________________________________________      
 0002  007   12,950,000           0  5,963,713   6,986,287  17.5 226,625,000        
_______________________________________________________________________________     
             12,950,000                                          226,625,000        
                                                                                    
                       Blended Maximum Useful Life:         17.5                    
                             Original Term of Bond:         20.0                    
                      Selected Maximum Useful Life:         20.0                    
                       Period Prior to 1 July 2002:          3.0                    
              Sel. Remaining Term for Amortization:         17.0                    
             Principal Outstanding as of July 2002:    4,367,246                    
                             Assumed Interest Rate:       4.500%                    
       Debt Service for Amortization Year 5 of 17 :      370,312                    
                                      Bond Percent:      97.117%                    
Aidable Debt Service for Amortization Year 5 of 17 :     359,636                    
                                                                                    
                                                                                    
                                                                                    
                                                                                    
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End of Report                                                                       
                                                                                    
                                                                             

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