Summary: Cass County School District R-III (Pleasant Hill), Missouri; Appropriations

S&P Global Ratings assigned its 'A+' long-term rating to Pleasant Hill School District R-III (Cass County), Mo.'s $3.55 million series 2022 lease certificates of participation (guaranteed performance contract). The outlook is stable. The 2022 certificates are secured by lease rentals payable from any legally available funds of the district, subject to annual appropriation. The district intends to make lease payments from project savings pursuant to a guaranteed performance contract with the project vendor. Should savings not materialize as planned, the vendor is required to make payments to the district equal to the difference between projected and actual savings. Per the project lease, the district's ability to make full lease rentals does not depend on vendor performance; other available revenue include

...S&P Global Ratings assigned its 'A+' long-term rating to Pleasant Hill School District R-III (Cass County), Mo.'s $3.55 million series 2022 lease certificates of participation (guaranteed performance contract). The outlook is stable. The 2022 certificates are secured by lease rentals payable from any legally available funds of the district, subject to annual appropriation. The district intends to make lease payments from project savings pursuant to a guaranteed performance contract with the project vendor. Should savings not materialize as planned, the vendor is required to make payments to the district equal to the difference between projected and actual savings. Per the project lease, the district's ability to make full lease rentals does not depend on vendor performance; other available revenue include classroom trust funds and a 7% allowable transfer from the district's incidental fund. Lease provisions are standard. The lease is triple net, and payments are not subject to construction...

Summary