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Summary: Independence Community College, Kansas; General Obligation Equivalent Security Jun 11 Product Image

Summary: Independence Community College, Kansas; General Obligation Equivalent Security Jun 11

  • ID: 2032331
  • June 2011
  • Region: Kansas
  • Standard & Poors

FEATURED COMPANIES

  • Independence Comnty Coll
  • MORE

Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to Independence Community College, Kan.'s series 2011 certificate of participation. The outlook is stable. Annual base rentals under the lease, which the college pledges to pay the trustee but which are not subject to annual renewal by the college, secure the series 2011 certificates. Per state statute, the annual lease payments are not subject to appropriation and constitute a binding obligation of the college; Independence Community College must use all system revenue at its disposal, including an unlimited ad valorem tax levy, to make lease payments, which must be used to pay debt service on the certificates. Furthermore, if a judgment is brought against the college per the terms of the...

Companies mentioned in this report are: Independence Comnty Coll
Action: Affirmed
Action: New Rating

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