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Summary: Virginia; Tax Secured, General Obligation Mar 05 Product Image

Summary: Virginia; Tax Secured, General Obligation Mar 05

  • ID: 2025694
  • March 2005
  • Region: Virginia
  • Standard & Poors

Abstract
The 'AA+' rating on Virginia Public School Authority's school financing refunding bonds series 2005A, issued for the commonwealth of Virginia, reflects the commonwealth's: Strong credit characteristics, "Sum sufficient" appropriation for debt service on the authority's 1997 resolution bonds, Strong history of appropriations for education, and Default avoidance aspect of its state aid intercept provision. The bonds are secured by: Payments on local GO school bonds purchased by the authority, which are due 15 days before debt service on the authority's bonds; The state aid intercept provision; and The commonwealth's sum sufficient appropriation. An amendment to the authority's enabling act, passed by the General Assembly and signed into law by Gov. James Gilmore in 1998, strengthened the commonwealth's appropriation process for...

Companies mentioned in this report are: Virginia,Virginia Pub Sch Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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