Summary: Alief Indpt Sch Dist, TX; Tax Secured, School State Program Apr 01

Standard & Poors, April 2001

Abstract
The rating on Alief Independent School District, Texas' bonds reflects the credit enhancement provided by the Texas Permanent School Fund. The Permanent Fund, under Article VII, Section 5 of the constitution, permits the use of its endowment to ensure bondholders of timely debt service payments. In the event of a potential default, the school district must notify the commissioner not later than five days before the maturity date of the guaranteed debt. The commissioner will then pay debt service to the paying agent and direct the state to later withhold district state aid to repay the Permanent Fund. This guaranty program reflects the fund's strong asset quality and the legal provisions limiting the maximum amount of debt that may be...

Companies mentioned in this report are:
- Alief Indpt 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.

- Alief Indpt Sch Dist

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