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���������ֳ�-NY-November 1, 2001: Joint School District No. 28J, Adams
and Arapahoe Counties (Aurora Public Schools), CO's $6.8 million
certificates of participation (COPs), series 2001, are rated
`A+' by ���������ֳ�. Additionally, ���������ֳ� assigns its `AA-' rating to
the district's $79.8 million in outstanding general obligation
bonds. The bonds are scheduled to sell the week of Nov. 12
through negotiation by Hanifen Imhoff a division of Stifel,
Nicolaus & Company.

The ratings reflect the district's low debt levels, continued
sound financial operations, solid lease structure, and strong
assessed valuation growth. Prospects for continued development
are strong, given the district's strategic location near Denver
International Airport. These factors are somewhat offset by the
continued infrastructure and financial pressures related to
rapid enrollment growth. Debt levels are low due to limited
issuance and rapid amortization of outstanding bonds. Financial
operations are sound with historically sound general fund
balance levels. The solid lease structure includes an asset
transfer of an essential asset.

The district encompasses 121 square miles in Adams and Arapahoe
Counties, in the eastern portion of the Denver metropolitan
area. The district is the primary school district serving the
city of Aurora and the rural areas to the east. Facilities
consist of 31 elementary schools, one charter school, seven
middle schools, and six high schools. Student enrollment for the
2001 school year is 29,575, an increase of 9.0% since 1995.
Projected enrollment growth is strong and the district is
planning to seek voter authorization next year for the issuance
of additional general obligation debt to finance new district
schools. Assessed value gains have been sizable, growing a
strong 63.9% since fiscal 1995.

Certificate proceeds will be used to refund the district's
outstanding series 1992 COPs. The certificates are secured by an
asset transfer of essential district assets on a 40-acre site
including a high school, the existing administration building,
and a classroom administration annex building. The pledged
assets have an estimated value of $40.0 million, representing
significant collateralization of an essential asset.

The district's fiscal 2000 general fund balance equals $12.1
million, a sound 8.1% of expenditures and transfers after
adjusting for a two-month accrual of teachers' salaries. The
general fund balance has averaged a healthy 9.1% the last three
fiscal years. General fund revenue primarily is generated via
state aid and property taxes that account for approximately 33%
and 66%, respectively. The unaudited fiscal 2001 general fund
shows a slight drawdown of the fund balance.

Direct and overall debt levels are low. Direct debt, including
this issue, is a low $475 per capita and 1.1% of assessed
valuation. Overall debt also remains low at $1,093 per capita,
or 2.44% of assessed valuation. The debt burden should remain
manageable after assuming anticipated general bond issuance.

Contact: Scott A. Andreson 1-415-732-5620 or Jeffrey B. Burger
1-415-732-5618, San Francisco.