The 'AA' rating on Lake County Consolidated High School District No. 120 (Mundelein), Ill.'s limited-tax GO capital appreciation school bonds reflects the district's: Participation in the Chicago MSA's deep and diverse economy, High income and wealth levels, Sound financial operations with strong cash reserves, and Moderate debt burden. The district's need to construct additional facilities to accommodate its growing enrollment, which will require the issuance of an undetermined amount of future debt, is an offsetting credit factor. The district's GO pledge to pay principal and interest from its 1994 debt service extension base, which is limited as to amount but unlimited as to rate, secures the bonds. The district serves a population of about 40,000 in the village of Mundelein,
