Fitch Rates $3.8MM Lincoln County School District, Wyoming GOs 'AAA'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns an 'AAA' rating to $3,845,000 Lincoln County School District Lincoln County School District is a name shared by several school districts in the United States.
A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , series 2005 (Wyoming School Bond Guarantee Program (the program)). The bonds will close tomorrow and were sold through negotiation with L. J. Hart & Co. Fitch also affirms the 'AAA' rating of the program, which no longer guarantees new money issues. The program backed $80.3 million of Wyoming school district general obligation bonds, as of June 30, 2004. The 'AAA' rating of the series 2005 bonds results from the substantial credit protections provided by this statutory program. The principal protection is the commitment for debt service payments, if required, of $300 million of more than $1.1 billion in the common school account of Wyoming's permanent land fund (the common school account). The common school account corpus is inviolate in·vi·o·late adj. Not violated or profaned; intact: "The great inviolate place had an ancient permanence which the sea cannot claim" Thomas Hardy. ; income is used to support schools. Only bonds of districts with investment-grade underlying credit quality are guaranteed by the program. The State of Wyoming assumes responsibility and makes all payments to paying agents for bonds guaranteed under the program. If the district does not deposit debt service payments with the state treasurer Noun 1. state treasurer - the treasurer for a state government financial officer, treasurer - an officer charged with receiving and disbursing funds two days prior to a payment date, the state must make this payment from the common school account. The district then would be obliged to repay this loan to the state with interest. The state would intercept major maintenance and foundation program payments for this purpose, if required. The statute creating the program gives the state loan and investment board, which reviews guarantee applicants, power to require remedial financial action by districts to ensure timely payments. The common school account's cash and investments equaled $1.07 billion, as of June 30, 2004. The market value of the account had grown to $1.11 billion, as of March 31, 2005. The three-year return for this account through March 31, 2005 was a strong 9.28%. State law and state treasurer investment policies target allocation In air defense, the process, following weapon assignment, of allocating a particular target or area to a specific surface-to-air missile unit or interceptor aircraft. of the common school account to 50% in equities, 45% in bonds, and 5% in cash. The treasurer's investment policy requires liquid investments of the account with maturities of less than one year to equal at least one year of debt service on guaranteed school district bonds. Lincoln County School District No. 1 serves 637 students and is based in Diamondville, WY, 150 miles south of Jackson Hole Jackson Hole, fertile Rocky Mt. valley, c.50 mi (80 km) long and 6 to 8 mi (9.6–12.8 km) wide, NW Wyo., partly in Grand Teton National Park. Jackson Lake, 39 sq mi (101 sq km), a natural lake through which the Snake River flows, was dammed in 1916 to control in southwestern Wyoming. The series 2005 bonds mature June 15, 2006-2008, subject to prior redemption at the district's option beginning on June 15, 2007. Proceeds and other available funds will be used to prepay $3.8 million of outstanding series 2000 bonds of the district. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from this site, at all times. This document will remain on the public site for seven days. |
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