The rating on New Jersey Educational Facilities Authority's bonds, issued for Hudson County, N.J., is based on the underlying creditworthiness of the county and reflects: The county's proximity to New York City; Ongoing residential, commercial, and industrial development; A manageable debt burden; and Thin financial operations. The bonds are secured by revenues received by the authority from loan repayments made by the county pursuant to a bond purchase agreement. Under that agreement, the authority will loan the proceeds of the bonds to Hudson County, who in turn will issue county bonds to the authority in a sufficient amount and amortization schedule as to repay the authority bonds in a timely manner. The loan repayments are made in advance of the
