Standard&Poor's Ratings Services assigned its 'AA+' program rating and 'AA' school issuer credit rating (ICR) to Clay County School District No. 74 (North Kansas City), Mo.'s series 2013 general obligation (GO) refunding bonds and affirmed its 'AA+' program rating and 'AA' ICR on the district's existing GO debt. The outlook on all the ratings is stable. The 'AA+' rating reflects the district's participation in the Missouri Direct Deposit of State Aid program. Ad valorem taxes levied without limitation as to rate or amount on all taxable property in the district secure the bonds. Pursuant to the direct deposit agreement, to fund 100% of debt service costs, Missouri will intercept monthly state aid payments allocated to the district. State
