The rating reflects Cascade School District No. 5's eligibility and participation in the Oregon School Bond Guarantee Program. The state has issued a letter of confirmation stating that the guarantee will apply to this specific bond issue. The district is required to submit to the state department of education audited financial statements and budget documents annually, as well as report any material changes or events that might affect its eligibility for participation in the program. Standard & Poor's Ratings Services rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program is analyzed
