Standard&Poor's Ratings Services affirmed its 'A' underlying rating (SPUR) on Mississippi Development Bank's special obligation bonds series 2004, issued for the Lauderdale County, Miss.' performing arts and conference center project. The rating reflects Mississippi's moral obligation pledge. A pledge of the county's general fund revenues secures the bonds. Additional security is provided by a tax intercept agreement, under which the county agrees to the withholding of tax monies, including sales tax revenues and homestead reimbursement revenues it is entitled to receive to satisfy any delinquency in debt service payments. Additional bond holder security is provided by a debt service reserve, funded in an amount equal to the lesser of maximum annual debt service (MADS), 1.25 times (x) average
