21.   The Securities and Exchange Commission subpoenaed records last year from at least two bond issuers in Ohio whose bond sales were handled by McDonald.

22.   These companies sell insurance to bond issuers.

23.   When bonds are sold, reserve funds are usually set aside to cover the possibility that the bond issuer might not be able to meets interest obligations.

24.   When his money manager called the bond issuers for payment, they offered to pay the note off over time, contrary to their original agreement.

25.   But the officials said the state plans to conduct an annual review of qualifications for bond issuers, gradually introducing state firms into the club.

26.   The newspaper said the probe apparently was the first of its kind to focus on how a rating agency obtains business from major bond issuers.