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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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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 68,731
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 546
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 602
<ACCUMULATED-NII-PRIOR> 11,150
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 3,224
<GROSS-EXPENSE> 3,435
<AVERAGE-NET-ASSETS> 20,276
<PER-SHARE-NAV-BEGIN> 1,992.52
<PER-SHARE-NII> 181.60
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</TABLE>
<PAGE>
ARTHUR ANDERSEN LLP
To State Street Bank and Trust Company,
as Attorney In-Fact for 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, 1998, 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 fulfilling 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, 1998.
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
May 10, 1999
