The 'AA-' underlying rating (SPUR) on Colorado Springs Public Facilities Authority, Colo.'s certificates of participation (COPs), issued for Colorado Springs, reflects: The very strong general creditworthiness of Colorado Springs, The annual appropriation risk for lease payments, and The strong essentiality of the project—the refurbishment of an existing building to house city officials and staff. The COPs are secured by the city's base rental payments. Under the lease agreement with the Colorado Springs Public Facilities Authority, the officer of the city who is responsible for formulating budget proposals, is directed to include money to cover base rental payments in each annual budget proposal as long as the lease is in effect. The leased property consists of an existing 26,970-square-foot building known
