Summary: West St. Paul-Mendota Heights-Eagan Independent School District No. 197, Minnesota; School State Program Aug 11
- Language: English
- Published: August 2011
- Region: Minnesota
The 'A+' rating on Illinois Finance Authority's bonds, issued for Mendota Community Consolidated School District Board of Education No. 289, reflects the security provided by an irrevocable intercept of general state aid to a trustee in amounts sufficient to meet debt service requirements. The authority purchased local government securities from the obligor, the payments on which were then applied to service the Qualified Zone Academy Bonds (QZABs) issued by the authority. The QZABs are double-tax exempt and payable in a single principal maturity due Dec. 21, 2011. No interest payments are made; instead, bondholders receive credits to federal income taxes. The local government securities issued by the district are GO lease agreements that irrevocably pledge general state aid (the pledged...
Companies mentioned in this report are:
- Illinois Fin Auth
Action: Outlook: Stable
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- Illinois Fin Auth