Summary: Clear Lake Community School District, Iowa; Sales Tax
- ID: 1714793
- April 2011
- Region: Iowa
- Standard & Poors
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Standard & Poor's Ratings Services assigned its 'A' long-term rating to Clear Lake Community School District, Iowa's series 2011 school infrastructure sales, services, and use tax revenue bonds. The outlook is stable. The rating reflects our assessment of the district's: Pledge of sales tax receipts, transitioning to a statutory statewide average distribution of sales taxes; Adequate maximum annual debt service (MADS) coverage of 1.43x based on the assumption of stable enrollment and projected sales tax collections; and Adequate legal provisions, including a 1.2x additional bonds test. These strengths are offset in part by our view of the potential for fluctuation in statewide sales tax collections and the district's declining enrollment trend. Officials are planning to use bond proceeds to refund...
Companies mentioned in this report are: Clear Lake Comnty Sch Dist
Action: New Rating
Action: Outlook: Stable
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