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Summary: Belton Indpt Sch Dist, TX; General Obligation, School District; General Obligation, Schools State Permanent Fund Apr 98 Product Image

Summary: Belton Indpt Sch Dist, TX; General Obligation, School District; General Obligation, Schools State Permanent Fund Apr 98

  • ID: 2030598
  • April 1998
  • Standard & Poors

Abstract
The 'AAA' rating on Belton 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 guarantee program reflects the fund's strong asset quality and the legal provisions limiting the maximum amount of debt that may...

Companies mentioned in this report are:
- Belton Indpt Sch Dist

Action: New Rating

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