Fitch Rates Cedar Hill ISD, Texas' Refunding GOs 'AAA' with PSF Guarantee.AUSTIN, Texas -- Fitch assigns a 'AAA' rating to the Cedar Hill Independent School District Cedar Hill Independent School District is a public school district based in Cedar Hill, Texas (USA). Cedar Hill serves most of the city of Cedar Hill and portions of Grand Prairie and Ovilla. , Texas' (ISD See IDD. , or the district) estimated $6.98 million unlimited tax refunding bonds, series 2006 (the bonds). The rating is based on a guarantee provided by the Texas Permanent School Fund (PSF), whose insurer financial strength is rated 'AAA' by Fitch. The bonds are scheduled to sell via negotiation this week of Nov. 6, 2006 through a syndicate led by Morgan Keegan & Co., Inc. The bonds are payable from an unlimited ad valorem tax Ad Valorem Tax A tax based on the assessed value of real estate or personal property. In other words ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenues for state and municipal governments. levied on all taxable property within the district, and are secured further by Texas Permanent School Fund guarantee. Proceeds will be used to refund a portion of the district's outstanding debt for annual interest savings, and to pay issuance costs. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other 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 the 'Code of Conduct' section of this site. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion