The 'AA+' standard long-term rating on Clay County School District No. 74 (North Kansas City), Mo.'s GO refunding and improvement bonds series 2005 reflects the security provided by the Missouri Direct Deposit Program. The 'AA-' Standard&Poor's underlying rating (SPUR) is based on the district's following characteristics: Participation in the Kansas City, Mo. area economy; Growing tax base fueled by residential growth; Above-average wealth and income levels; and Solid and stable financial performance, bolstered by recent voter approval for bond and operating levy referenda. These strengths are mitigated by a growing, but manageable, debt burden brought on by increasing capital needs, and limited debt capacity. The 'AA+' standard long-term rating and 'AA-' SPUR on the district's outstanding debt have
