Standard&Poor's Ratings Services assigned its'AA'rating, and stable outlook, to Morris School District Board of Education, N.J.'s series 2007 refunding school bonds, reflecting the additional security provided by the New Jersey Fund for the Support of Free Public Schools. At the same time, Standard&Poor's affirmed its'AA'rating, with a stable outlook, on the district's GO parity debt. 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
