Colorado Educational and Cultural Facilities Authority's bonds, issued for the Renaissance School, are secured by charter school lease payments, subject to annual appropriation. The rating reflects: A strong and positive environment for charter schools in Colorado, as demonstrated through a supportive legal framework and stable financial arrangements; A positive relationship between the school and its sponsor district, the Douglas County School District No. Re-1; A successful renewal of the district's initial charter through 2004; Positive financial performance and a covenant to maintain a 10% working capital reserve; and Good project essentiality, with minimal nonappropriation risk. A higher rating is precluded due to school's somewhat limited demand characteristics and small size, a charter that expires in just five years, the recent
