The'AA'rating on Morris School District Board of Education, N.J.'s refunding school bonds reflects the additional security provided by the New Jersey Fund for the Support of Free Public Schools. As authorized by 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. The bonds carry a specific contractual relationship between the bondholder and the state fund. The treasurer acts as agent for the fund and, if needed, applies money from the support fund to purchase maturing principal and interest due from the bondholder; these payments and purchases continue as long as the issuer remains unable to
