Monmouth County Improvement Authority, N.J.'s county-guaranteed governmental loan refunding revenue bonds series 2006 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 debt service payments to the authority on the local unit's behalf. The series 2006 bonds are fully 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 provide loans to the 18 participants in order to refund the remaining individual portions of the series 1986