The 'AAA' enhanced rating on Leander Independent School District, Texas' $76.101 million series 2003 unlimited-tax school building and refunding bonds is based on the guarantee provided by the Texas Permanent School Fund. The 'A' Standard&Poor's underlying rating (SPUR) reflects the district's: Participation in the rapidly growing Austin MSA economy, which provides significant employment opportunities; Strong tax base growth; and Strong financial performance with sound reserves despite growth pressure. A very high debt burden with continued future capital needs due to considerable enrollment growth constrains the rating. The district's full faith and credit pledge secures the bonds. Leander Independent School District, with a population of 63,233, is northeast of downtown Austin, Texas in Williamson County. The district serves Leander,
