S Municipal RatingsRecalibration' dated Oct 7 2008

The certificates are secured by lease payments made by the district to thetrustee, as assignee of the Palm Beach School Board Leasing Corp., which is anot-for-profit corporation created to assist the district in lease purchasefinancing. The series 2009A certificates are being issued pursuant to a masterlease agreement which provides strong incentives for appropriation. In the eventof non-appropriation, the board must surrender all leased facilities to thetrustee. Palm Beach County is one of the nation's wealthiest counties, with 2006 percapita personal income levels 51 higher than the Florida and national averages.The economic base is diverse, balancing tourism and technology manufacturing inthe coastal areas with agriculture in the western portion of the county.

Inaddition, the economy benefits from the increasing presence of the biotechindustry, including the Scripps Research Institute, scheduled to open itspermanent facility this year and Max Planck which recently announced plans tobuild a large bio-imaging facility near the Scripps campus. The county's joblessrate, however, for November 2008 was 7.6 relative to 4.6 one year prior and inexcess of state and national rates. Fitch issued an exposure draft on July 31, 2008 proposing a recalibration oftax-supported and water/sewer revenue bond ratings, which, if adopted, mayresult in an upward revision of this rating (see Fitch Research on 'ExposureDraft: Reassessment of Municipal Ratings Framework'). Fitch has deferred itsfinal determination on municipal recalibration due to market conditions andplans to revisit the recalibration in the first quarter of 2009 (see pressrelease 'Fitch Defers Final Determination on U.S Municipal RatingsRecalibration,' dated Oct 7, 2008).

Fitch's rating definitions and the terms of use of such ratings are available onthe agency's public site, Published ratings, criteria andmethodologies are available from this site, at all times. Fitch's code ofconduct, confidentiality, conflicts of interest, affiliate firewall, complianceand other relevant policies and procedures are also available from the 'Code ofConduct' section of this site. Fitch RatingsKelly McGary, 813-223-6600, TampaRachel Barkley, 212-908-0514, New YorkorMedia Relations:Cindy Stoller, 212-908-0526, New YorkEmail: Copyright Business Wire 2009. ) For those who remember Test cricket in England in the 1980s, David Shepherd was a pivotal figure in our minds He stood in 92 Test matches and 172 One-day Internationals. He died yesterday of cancer, at age 68.Shepherd was a man of cricketing eccentricity who, once past his time, retired relatively quietly in contrast with his contemporary, the equally eccentric Dickie Bird.Having served on the international, and later elite, Panels of Test umpires for many years, he retired in 2005 to a warm and thoughtful article of praise from David Foote.Shepherds career as a cricketer began latehe made his Gloucestershire debut at age 25 and scored a centuryand he went on to make over 14,000 runs for the county in First-class and One-day games, primarily batting in the middle order, across fifteen years.On retirement he was quickly elevated to the First-class game, and soon to Test level, making his first appearance at Old Trafford during the 1985 Ashes series.He was well thought of throughout the game as an umpire, known for his comical hop with the score on Nelson and multiples thereof, but also for his calm decision-making, geniality and good eye for the game. The ICC rewarded his consistently excellent performances by selecting him to umpire in six World Cup tournaments, and appointing him to stand in three Finals.In 1997, Shepherd was awarded an MBE for services to cricket, and he was made an honorary life member of the MCC in 2006.In latter years, some felt that his judgement began to lapse slightlyin 2001 he missed several occurrences of wickets being taken when he should have called no-balls for the overstepping of Pakistan spinner Saqlain Mushtaqbut the ICC and ECB backed him to continue, and he eventually continued for four more years, before calling it a day in the Test arena in June 2005.His sense of fair play, often encouraging young players of all nations with a choice comment, or two of praise, and absolute integrity made him a popular figure throughout the game, and it is with sadness that I write as I recall the summer mornings in front of the TV with Shepherds rotund figure emerging ahead of the fielders for the start of a new days Test cricket..