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Summary: Comstock Pk Pub Schs, MI; Tax Secured, School State Program Jan 03
Standard & Poors, January 2003
The 'AAA' enhanced rating on Comstock Park Public Schools, Mich.'s series 2003 unlimited-tax GO refunding 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 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...
Companies mentioned in this report are: Comstock Pk Pub Schs
Action: New Rating
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Comstock Pk Pub Schs