...S&P Global Ratings assigned its '##+' rating and positive outlook to Minneota Independent School District No. 414, Minn.'s series 2016B general obligation (GO) alternative facilities refunding bonds. Governing statutes: Authorized by Minnesota Statutes, Section 126C.55, the program was designed to correct potential school district default situations and is backed by a standing appropriation from Minnesota's general fund. This rating moves in conjunction with that of the state GO rating. Eligibility requirements: All school districts are eligible to benefit from this enhancement. To apply for participation in the school district credit enhancement program, the school district files a school board resolution with the commissioner of education. Upon acceptance into the program, a participation certificate is issued to the applying school district. Program provisions: A participating district must covenant to notify the commissioner of the department of a potential default as soon as possible,...
