Standard&Poor's Ratings Services assigned its 'A' rating to Colorado Educational and Cultural Facilities Authority's series 2010 charter school revenue bonds, issued for the High Point Academy Project. The rating reflects the inclusion of these bonds in the state's moral obligation charter school bond program. Both a debt service reserve fund, funded by each participating charter school, and a separate charter school debt service reserve fund, funded by state appropriations, have been established under the program. Should these funds be drawn on and not immediately replenished, the authority will request replenishment from the governor; in turn, the governor will request the state General Assembly appropriate funds to replenish that charter school's reserve fund. For further information on Colorado's general
