The 'AA-' rating on Kirkwood Community College, Iowa's jobs training certificates is based on an unlimited-tax standby property tax pledge. Rating factors include: A large tax base that encompasses a diverse 18-county area, A steady financial performance with growing fund balances, and A low debt burden with manageable capital needs. The certificates are secured by a portion of withholding taxes to be derived from new employment related to specific corporate training contracts, as well as incremental property taxes on participating employers' property. If revenues from these sources are insufficient to cover debt service requirements, an overall unlimited standby property tax pledge further secures the bonds. The college, however, has never used the standby levy to pay job certificate debt service....
Companies mentioned in this report are:
- Kirkwood Comnty Coll
Action: New Rating
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