San Diego Unified School District, CA – G.O. Rating Report
Ratings
Rating Summary
The long-term rating reflects the strong legal protections for debt repayment, as well as the strong historic performance of the District tax base. While the District’s satisfactory financial profile was also considered, the rating predominantly reflects the extraordinary legal protections underpinning the bonds.
Proceeds of the currently offered Bonds will be used to refund and acquire by open market purchase certain outstanding bonds for present value savings.
General Obligation (G.O.) bonds are secured by voter approved ad valorem taxes assessed on all taxable property within the District. San Diego County (the County) is statutorily obligated to levy such taxes at a level sufficient to pay debt service, and this obligation is not subject to any limitations as to rate or amount. Once collected, the pledged ad valorem tax revenues are deposited in a segregated interest and sinking fund held and maintained by the County Treasurer for the District, to which the…
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