Summary: Westlake, TX; Appropriation, Appropriation; Tax Secured, General Obligation Feb 03

Standard & Poors, February 2003

Abstract
The 'A-' rating on Westlake, Texas' obligation to Westlake Academy Finance Corp. under the installment sale agreement reflects the town's: General creditworthiness, and Project essentiality. The town of Westlake will be constructing a civic center complex, including a charter school, on land purchased through this installment sale agreement. The town has agreed to appropriate the necessary funds to pay the debt service associated with this financing. Should Westlake fail to make payments, the town could lose its interest in the land, as well as the facilities financed with the town's previously issued certificates of obligation. The 'A' rating on Westlake's combined tax and limited-tax pledge revenue certificates of obligation reflects the town's: Limited, but commercially dominated, tax base; Attractive location...

Companies mentioned in this report are:
- Westlake

Action: Affirmed

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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.

Westlake

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