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SIGNATURE PAUL MCCARTHY
TITLE ACCOUNTANT
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000835950
<NAME> PUBLIC FACILITY LOAN TRUST
<MULTIPLIER> 1,000
<S> <C>
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<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
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<INVESTMENTS-AT-VALUE> 0
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</TABLE>
<PAGE>
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To Fleet National Bank,
Successor to Shawmut Bank, N.A.,
as Owner Trustee of
Public Facility Loan Trust:
In planning and performing our audit of the financial statements of Public
Facility Loan Trust for the year ended December 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal control structure.
The Owner Trustee of Public Facility Loan Trust is responsible for
establishing and maintaining an internal control structure. In fulfulling
this responsibility, estimates and judgments by the Owner Trustee are
required to assess the expected benefits and related costs of internal
control structure policies and procedures. The objectives of an internal
control structure are to provide the Owner Trustee with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with the Owner Trustee's authorization and recorded properly to
permit preparation of the Trust's financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1995.
This report is intended solely for the information and use of the Owner
Trustee and the Securities and Exchange Commission.
/s/ Arthur Andersen LLP
New York, New York
March 15, 1996
