Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Mueller Local Government Corp., Texas' series 2006 contract revenue bonds, supported by Austin, Texas. A grant agreement between Austin and Mueller -- in which the city has pledged to annually appropriate funds to the corporation equal to annual debt service payments for the bonds and annual ongoing bond administrative costs -- secures the bonds. The corporation will use grant funds to make debt service payments and pay bond administrative expenses and for no other purpose. It is the intent of city officials to appropriate sales tax revenues generated within reinvestment zone No. 16 -- the former Robert Mueller Municipal Airport property -- first; to the extent such
