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Summary: Normandy Sch Dist, MO; Tax Secured, School State Program Jul 01 Product Image

Summary: Normandy Sch Dist, MO; Tax Secured, School State Program Jul 01

  • ID: 2033492
  • July 2001
  • Standard & Poors

Abstract
The rating on Normandy School District, Mo.'s bonds reflects the direct deposit of portions of monthly state aid payments by the state to a bond trustee. State aid covers maximum annual program debt service over 1.5 times. The district has entered into an irrevocable direct deposit agreement with the state treasurer, department of elementary and secondary education, the health and educational facilities authority and the deposit trustee. The direct deposit agreement states that during each of the first 10 months in each bond year, one-tenth of debt service will be deposited with the deposit trustee. The direct deposit trustee will invest these funds in investments that meet Standard & Poor's criteria and will transfer to the paying agent the amount...

Companies mentioned in this report are:
- St. Louis Cnty Sch Dist (Normandy)

Action: New Rating

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