SECTION 385:40-1-5. Rating  

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  • (a)   The applicant school district shall provide all information and documentation to any bond rating agency and potential bond purchaser for establishment of the bond rating of the issue and/or sale of the bond issue.
    (b)   The CLO may limit approval of the guarantee to those districts which have a rating below the "AAA" category by a recognized municipal bond rating service. When a rating is issued by more than one service, the lower of the two ratings shall be used to determine whether or not the school district is eligible for the guarantee.
    (c)   Any fee charged by a rating agency in connection with the guarantee of a bond issue by CLO will be paid by the school district.
[Source: Added at 13 Ok Reg 641, eff 11-29-95 (emergency); Added at 13 Ok Reg 1373, eff 5-13-96]