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Summary: Virginia Public School Authority Virginia; Moral Obligation Sep 06 Product Image

Summary: Virginia Public School Authority Virginia; Moral Obligation Sep 06

  • ID: 2025881
  • September 2006
  • Region: Virginia
  • Standard & Poors

The 'AA+' rating on Virginia Public School Authority's school financing bonds (1997 Resolution), issued for Virginia, reflects: The commonwealth's sum-sufficient appropriation for debt service on the authority's 1997 resolution bonds, A strong history of appropriations for education, and The default-avoidance aspect of the commonwealth's 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 enacted in 1998 strengthened the commonwealth's appropriation process for the bonds. The amendment requires the governor to include a sum-sufficient appropriation in his annual budget submission to the...

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

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