The rating on Illinois Development Finance Authority's bonds, issued for Lake County Community Unit School District No. 116 (Roundlake), reflects the security provided by an irrevocable intercept of general state aid to a trustee in amounts sufficient to meet debt service requirements. The bonds are expected to be sold with bond insurance. In conjunction with its local government financing assistance program outlined in Illinois state statutes 35 5, 1 et seq., the authority will purchase local government securities from the school district, which are general obligation bonds approved by voter referendum in March 2000. Pursuant to statutory provisions, the school district has adopted a resolution that directs the State Board of Education, the state comptroller, and state treasurer to directly
