...Standard & Poor's Ratings Services assigned its '##+' rating and stable outlook to Johnson County R-III School District (Holden), Mo.'s series 2015 general obligation (GO) refunding bonds and affirmed its '##+' rating, with a stable outlook, on the district's existing GO debt. Management intends to use series 2015 bond proceeds to set up an escrow to crossover refund the series 2007 GO bonds on March 1, 2017, the crossover date; the Missouri Direct Deposit of State Aid program intercept, however, takes place immediately. The bonds are also a GO of the district, secured by its unlimited-ad valorem-GO-tax pledge throughout the life of the bonds, including the crossover period. The rating reflects our assessment of the district's eligibility for, and participation in, the Missouri Direct Deposit of State Aid program, under which the state makes direct deposits of portions of monthly state aid payments to a bond trustee. The program enhances local school district GO bonds and provides for a...
