Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Concord Community Schools, Mich.'s unlimited-tax general obligation (GO) 2010 refunding bonds. At the same time, Standard&Poor's affirmed its 'AA-' enhanced rating on the district's existing debt. The outlook on all ratings is stable. The rating reflects the district's eligibility for, and participation in, the Michigan State School Loan Bond program. Section 16 of Article 9 of Michigan's constitution (adopted in 1963) created the Michigan School Bond Loan Fund program to provide districts access to funds to avoid a default on qualified debt. Under this program, if a school district fails to meet its debt service obligation for qualified debt, the state treasurer is notified. The treasurer pays
