The 'AAA' rating on Leander Independent School District, Texas' unlimited-tax school building bonds is based on the guarantee provided by the Texas Permanent School Fund. The 'A' Standard&Poor's underlying rating (SPUR) is based on the district's full faith and credit pledge and continues to reflect its: Participation in the rapidly growing Austin, Texas area economy, which provides significant employment opportunities; Strong tax base growth; and Strong financial performance with sound reserves despite growth pressure due to rapid tax base growth and conservative budgeting. The rating is constrained by a very high debt burden with continued future capital needs due to considerable enrollment growth. Leander Independent School District is northeast of downtown Austin in Williamson County. The district serves
