...The `AAA' Issuer Default Rating (IDR) and underlying rating on the outstanding GO bonds reflect Jordan School District's (the district) solid financial operations, flexible labor environment and low debt burden. The district's superior inherent budget flexibility has resulted in exceptionally strong gap-closing capacity. The GO bonds are supported by a growing tax base and, during periods of taxable assessed valuation (AV) decline, protected by automatic tax levy adjustments. The bonds are general obligations of the district payable from an unlimited ad valorem property tax levied on all eligible taxable property within the former boundaries of the Jordan School District. The taxable area includes the Canyons School District, which is responsible for repayment of 58% of the debt. Canyons School District occupies the former eastern portion of the Jordan School District and was created by voters on Nov. 6, 2007. It began operations in fiscal 2010 under its own school board. Fitch Ratings...
