S&P Rates Cook Cnty Comnty Hgh SD No.218, IL GO COPs A+.NEW YORK--(BUSINESS WIRE)--S&P's CreditWire 9/8/98--Standard & Poor's today assigned its single-'A'-plus rating to Cook County Community High School District No. 218, Ill.'s G.O. certificates of participation series 1998A dated Sept. 1, 1998, due Dec. 1, 2002, and G.O. limited tax capital appreciation school bonds series 1998B due Dec. 1, 2001. The bonds are scheduled to sell Sept. 14, 1998. The rating reflects: -- Access to and participation in the deep Chicago-area economy; -- Tax base growth averaging 6.5% per year; -- Strong management and solid cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. ; and -- Rapid debt service amortization enabling future flexibility. The district encompasses 33 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. and serves 10 communities, including Oak Lawn Oak Lawn, village (1990 pop. 56,182), Cook co., NE Ill., a suburb of Chicago; inc. 1909. It is chiefly residential with some light manufacturing. Products include metalwork, wood products, and school supplies. , Alsip, Blue Island, Chicago Ridge, and Palos Heights, which are located 20 miles southwest of downtown Chicago. Wealth levels across the communities vary from 170% of the state, in the case of Palos Heights, to 79% in the case of Blue Island. The area is served by an extensive transportation network, giving residents access to the broad Chicago-metro area employment base. Within the district three hospitals employ more than 8,700. The district receives 73% of its approximate $50 million in operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. form property taxes. Tax cap legislation, effective in 1994, limits growth in the annual property tax levy to the lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. of CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I or 5%. The district was initially hurt by the tax caps and had operating deficits in fiscal years 1994-1997. A deficit reduction plan was put into effect in fiscal 1996 and the district reached its balanced budget Balanced budget A budget in which the income equals expenditure. See: budget. balanced budget A budget in which the expenditures incurred during a given period are matched by revenues. target two years early, estimating a $1.7 million surplus for the period ending June 30, 1998. The combined general fund and working cash fund balance is estimated to be $22.8 million, or 52% of general fund expenditures for fiscal 1998. The series 1998A certificates are a G.O. of the district to be paid from any legally available funds. The certificates are not subject to any appropriation or abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when risk. The series 1998B bonds are limited tax obligations of the district to be paid from the district's annual debt service extension base, which is equal to $2.3 million. The two series are the first to fund the district's $17.9 million five-year technology plan. From tax year 2000 to 2003, the district will annually issue an additional $2.2 to $3.9 million of limited tax debt. All current and planned debt service will be amortized to tax year 2007, enabling future flexibility. OUTLOOK: STABLE The outlook reflects the expectation the district will maintain moderate growth in its tax base, balanced operations, and a manageable capital plan, Standard & Poor's said.--CreditWire
CONTACT: Susan Knutson, 312/669-9184
Kathleen Quail, 212/208-1377
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