The rating on Leander Independent School District, Texas' unlimited-tax school building bonds is based on the guarantee provided by the Texas Permanent School Fund. Standard&Poor's also assigns an underlying rating (SPUR) on the bonds, which is based on the full faith and credit of the district and reflects: The district's participation in the Austin, Texas area economy; and a strong financial performance with sound reserves. These factors are partially offset by the district's high debt burden and future capital needs, which are attributable to the continuous growth throughout the district. The district is located to the northeast of Austin in Williamson County. The district serves Leander, Texas; Cedar Park, Texas; and a small portion of Austin. The district
