The rating 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 at more than 2 times. The district has entered into an irrevocable direct deposit agreement with the state treasurer, department of elementary & secondary education, the health & educational facilities authority, and the deposit trustee. The direct deposit agreement provides 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 necessary for debt service...
Companies mentioned in this report are:
- University City Sch Dist
Action: New Rating
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