Summary: Horry Cnty Sch Dist, SC; Tax Secured, School State Program Oct 02

Standard & Poors, October 2002

Abstract
The 'AA+' rating on Horry County School District, S.C.'s GO bonds series 2002A and B reflects the security provided by the South Carolina State Education Finance Program, based on Article 1, Chapter 71, Title 59, section 59-71-155 of the 1976 Code, which requires the state treasurer to provide for the payment of school district debt service upon notification of a potential default. The statute, which applies to school district GO bonds, is effective for all school bonds issued. This default-avoidance mechanism requires county treasurers to notify the state treasurer 15 days in advance of a district's debt service payment date if insufficient funds are available for full and timely payment. The state treasurer monitors the situation until the third business...

Companies mentioned in this report are:
- Horry Cnty Sch Dist

Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Horry Cnty Sch Dist

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