The 'AA-' underlying rating (SPUR) on Colorado Springs Recreation 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 satisfactory essentiality of the project—the construction of six lighted softball fields and two lighted concrete fields to address the strong demand for the city's adult recreational softball leagues. The COPs are secured by the city's base rental payments. Under the lease agreement, 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 includes 41
