The rating on South Spencer County Middle School Building Corp., Ind.'s bonds, issued for South Spencer County School Corp., reflects Indiana's obligation to withhold aid payments if local revenues are insufficient to make lease payments, which are an unlimited tax obligation of the School corporation The school corporation is required to levy property taxes annually, sufficient to make lease rental payments to the building corporation. State aid in 1995 was 1.10 times (x) maximum future debt service. The rating is provisional (p) pending an August 1997 project completion. The underlying credit factors of the district include: A limited, agricultural economic base dominated by a single taxpayer, Adequate financial position, and Moderate debt, with low future capital needs. The school district,
