431301 PHELPS-CLIFTON SPRINGS CSD                                              
                                                                                    
                                                                                    
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             Amount Issued:     20,339,000   BLD                                    
 Date of Original Issuance:     09-Jun-97                                           
     __________________________________________________________________________     
                           New                    Alt./     Max.    Weighted        
 Bldg  Proj  Allowable   Constr.    Additions   Reconstr   Projec    Useful         
  .     .       Cost       Cost        Cost        Cost    t Life     Life          
     __________________________________________________________________________     
 0002  006      828,379           0          0     828,379  15.0  12,425,685        
 0002  007      172,723           0          0     172,723  15.0   2,590,845        
 0002  E01       14,770           0          0      14,770  15.0     221,550        
 0007  006    3,887,436           0  1,217,739   2,669,697  16.5  64,142,694        
 0007  007       73,886           0          0      73,886  15.0   1,108,290        
 0009  002      138,583           0          0     138,583  15.0   2,078,745        
 0011  008   15,514,434           0 13,363,502   2,150,932  19.5 302,531,463        
 0011  009      259,997           0          0     259,997  15.0   3,899,955        
 0011  E01       24,398           0          0      24,398  15.0     365,970        
___________________________________________________________________________         
             20,914,606                                          389,365,197        
                                                                                    
                       Blended Maximum Useful Life:         18.5                    
                             Original Term of Bond:         19.5                    
                      Selected Maximum Useful Life:         19.5                    
                       Period Prior to 1 July 2002:          8.5                    
              Sel. Remaining Term for Amortization:         11.0                    
             Principal Outstanding as of July 2002:   13,830,000                    
                             Assumed Interest Rate:       4.500%                    
       Debt Service for Amortization Year 6 of 11 :    1,607,826                    
                                      Bond Percent:      97.717%                    
 Aidable Debt Service for Amortization Year 6 of 11    1,571,119                    
                                                                                    
                                                                                    
Additional Costs Attributable to Refinancing                                        
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  A. Total Amount of Refinancing Issued (SA-132A #7):               15,955,000      
  B. Bond Percent:                                                     97.717%      
  C. Applicable Building Aid Ratio:                                      80.8%      
  D. State Share of Outstanding Principal (SA132-A #3 * B * C):     10,919,523      
  E. Amount of Original Principal Refinanced: (SA132-A # 4)         13,830,000      
  F. State Share Ratio: (D / E)                                          78.9%      
  G. Total Fixed Costs Aided at 100% (SA132-A # 13):                    13,600      
  H. Total Variable Costs of Refinancing (SA132-A # 23):               209,583      
  I. State Share of Variable Costs Aided at 100%:( H * F)              165,361      
  J. Total Principal Added(A - E - G - H):                           1,901,817      
  K. State Share of Additional Principal Aided at 100% (J * F):      1,500,534      
  L. Total Refinancing Costs Aided at 100% (G + I + K):              1,679,495      
  M. Local Share of Variable Costs Aided at State Share (H - I):        44,222      
                                                                                    
Assumed Aidable Debt Service for Refinancing                                        
____________________________________________                                        
  Assumed Debt Service for Fixed Costs:                                  1,582      
  Assumed Debt Service for State Share of Variable Costs:               19,224      
  Assumed Debt Service for State Share of Additional Principal:        174,446      
  Assumed Debt Service for Local Share of Variable Costs: *              5,025      
 * After application of Bond Percent.                                               
                                                                                    
                                                                                    
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             Amount Issued:        104,482   BLD-10                                 
 Date of Original Issuance:     01-Jul-98                                           
     __________________________________________________________________________     
                           New                    Alt./     Max.    Weighted        
 Bldg  Proj  Allowable   Constr.    Additions   Reconstr   Projec    Useful         
  .     .       Cost       Cost        Cost        Cost    t Life     Life          
     __________________________________________________________________________     
 0002  008       75,000           0          0      75,000  15.0   1,125,000        
 0007  008       76,300           0          0      76,300  15.0   1,144,500        
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                151,300                                            2,269,500        
                                                                                    
                       Blended Maximum Useful Life:         15.0                    
                             Original Term of Bond:          8.0                    
                      Selected Maximum Useful Life:         15.0                    
                       Period Prior to 1 July 2002:          4.0                    
              Sel. Remaining Term for Amortization:         11.0                    
             Principal Outstanding as of July 2002:       57,437                    
                             Assumed Interest Rate:       4.500%                    
       Debt Service for Amortization Year 6 of 11 :        6,678                    
                                      Bond Percent:     100.000%                    
 Aidable Debt Service for Amortization Year 6 of 11        6,678                    
                                                                                    
                                                                                    
                                                                                    
                                                                                    
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End of Report                                                                       
                                                                                    
                                                                             

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