The 'AAA' rating on South Dakota Conservancy District's state revolving fund program bonds series 2005 reflects: Program coverage and reserve levels at a default tolerance level that meet Standard&Poor's Ratings Services' state revolving fund criteria for an 'AAA' rated program; Strong structural features including a new, cross-collateral mechanism created between the clean water and drinking water revolving loan funds to further enhance the programs; and An experienced management team. The purpose of the series 2005 bonds is to provide a combined $3.17 million in state matching funds for the clean water and drinking water revolving loan fund programs through 2007 and a combined $46.8 million in leverage proceeds to meet projected loan demand for another two years. In
