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Summary: Holly Area Sch Dist, MI; Tax Secured, School State Program Jun 03 Product Image

Summary: Holly Area Sch Dist, MI; Tax Secured, School State Program Jun 03

  • ID: 2038544
  • June 2003
  • Standard & Poors

Abstract
The 'AAA' rating on Holly Area School District, Mich.'s school building and site bonds reflects the additional security provided by the Michigan School Bond Loan Fund. Section 16 of Article 9 of Michigan's 1963 constitution created the Michigan School Bond Loan Fund program to provide districts the access to funds to avoid a default on qualified debt. Under this program, if a school district fails to meet its debt service obligation for qualified debt, the state treasurer is notified. The treasurer pays the required debt service, and payment to bondholders is uninterrupted. If the balance in the state's loan fund is insufficient to cover obligations, the state is required to make loans from the general fund. Since the fund is...

Companies mentioned in this report are: Holly Area Sch Dist
Action: New Rating

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