The 'AA+' rating on Clay County School District #74 (North Kansas City), Mo.'s GO bonds series 2003 reflects the direct deposit of portions of monthly state aid payments by the state to a bond trustee. State aid covers maximum annual program debt service over 1.5x. The district has entered into an irrevocable direct deposit agreement with the state treasurer, department of elementary and secondary education, the health and educational facilities authority, and the deposit trustee. The direct deposit agreement provides that during each of the first 10 months in each bond year, one-tenth of debt service will be deposited with the deposit trustee. The direct deposit trustee will invest these funds in investments that meet Standard&Poor's Ratings Services'
