For Pennsylvania Higher Education Assistance Agency $300 million Student Loan Refunding Bonds and preparation for Securitization of $600 million in Student Loans. For Philadelphia Board of Pensions Sale of Option rights on $225,000,000 Pension Funding Bonds. The buyers of the option have the right to buy the bonds at par, if rates have declined, and continue to collect the higher fixed rate. Since the bonds cannot be called until Jan.15, 2004, this is way of realizing a refunding profit in advance. For Philadelphia Gas Works $200 million Gas Works Revenue Bonds, December, 2002 For Philadelphia Water Department Swaption on $362,585,000 Water Revenue Bonds, December, 2002