The rating on Colorado Educational and Cultural Facilities Authority's bonds, issued for Jefferson Academy—a charter school created by Jefferson County School District No. R-1—reflects: A strong and positive environment for charter schools in Colorado as demonstrated through a supportive legal framework and stable financial arrangements; A positive relationship between the schools and its sponsor district, Jefferson County School District No. R-1; Successful renewal of the initial charter through 2002; Very strong demand as demonstrated by a large and growing student enrollment and extensive waiting lists; and Good project essentiality, with minimal nonappropriation risk. Offsetting weaknesses include: The school's history of small operating deficits and lack of debt service coverage by current margins; A charter that expires in three years; A
