...Standard & Poor's Ratings Services affirmed its '##+' long-term rating on the Indiana Bond Bank's series 2013A taxable school severance funding refunding bonds. The outlook is stable. The rating is ultimately based on our Indiana State Aid Intercept Program criteria (the program). The credit characteristics of the program are supported by the availability of state aid to be intercepted to cover debt service payments. The bonds are secured by the pledge of the trust estate established under the indenture, and are limited obligations of the bond bank payable only out of the trust estate. The bonds will paid from the repayment of loans made by the bond bank to 74 Indiana school corporations (the participants). The loans are in the form of general obligation (GO) bonds issued by each participant, secured by ad valorem property taxes. The bond bank originally issued each of the bonds being refunded to provide funds to purchase certain participants' GO bonds. In return, the participants used...
