Monmouth County Improvement Authority, N.J.'s county-guaranteed capital equipment pooled lease-revenue bonds series 2005 have been rated 'AAA', based on Monmouth County's unconditional guarantee, along with the unconditional and irrevocable obligation of each local unit to make annual debt service payments to the authority. If any local unit fails to make its respective payment, Monmouth County is then required to make lease rental payments to the authority on the local unit's behalf. Each local unit obligation is backed by a county guarantee, which represents a full faith and credit GO pledge of Monmouth County ('AAA'/stable GO rating). Proceeds will be used to acquire 23 separate series of capital-lease-revenue bonds to be used to finance various capital projects and equipment by the
