Standard & Poor's Ratings Services assigned its 'AA-' underlying rating (SPUR) to Cascade School District No. 5, Ore.'s $9.63 million GO bonds, series 2006. The rating reflects Cascade School District No. 5's eligibility and participation in the Oregon School Bond Guarantee Program. The state has issued a letter of confirmation stating that the guarantee will apply to this specific bond issue. The district is required to submit to the state department of education audited financial statements and budget documents annually, as well as report any material changes or events that might affect its eligibility for participation in the program. Standard & Poor's Ratings Services rates four types of state programs, in more than 20 states, that provide enhancement for school
