The rating on Morris School District Board of Education, N.J.'s bonds reflects the district's high wealth levels coupled with a deep and diverse economic base and sound financial performance. These are offset in part by moderate to high debt. Additionally, the bonds enjoy the benefits of the New Jersey Fund for the Support of Free Public Schools. As authorized by the Article VIII, Section 4 of the New Jersey constitution, the fund pledges a portion of its assets for the district's debt service should it be unable to meet principal and interest payments. Should the district's credit rating fall below'AA,'the fund would effectively create a floor, maintaining the'AA'credit rating on the district's bonds based on the
