The 'AAA' rating on Leander Independent School District, Texas' unlimited-tax school building and refunding bonds series 2002 is based on the guarantee provided by the Texas Permanent School Fund. The 'A' Standard&Poor's underlying rating (SPUR), secured by the district's full faith and credit pledge, is based on: Participation in the rapidly growing Austin area economy, which provides significant employment opportunities; Strong tax base growth; and Strong financial performance with sound reserves despite growth pressure. The rating is constrained by a very high debt burden with continued future capital needs due to considerable enrollment growth. Leander Independent School District, with a population of 58,677, is northeast of downtown Austin in Williamson County. The district serves the cities of Leander
