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Summary: Mendota Comnty Cons Sch Dist Brd of Ed #289, IL; Tax Secured, School State Program Sep 04 Product Image

Summary: Mendota Comnty Cons Sch Dist Brd of Ed #289, IL; Tax Secured, School State Program Sep 04

  • ID: 1722315
  • September 2004
  • Standard & Poors

Abstract
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: Affirmed
Action: Outlook: Stable

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