In 1995, the Missouri Legislature adopted Senate Bill 301, which directs the Health and Educational Facilities Authority of the State of Missouri to assist school districts in the issuance of general obligation bonds. The law charges the Authority with developing guidelines for and administering two voluntary methods relating to the issuance of general obligation bonds by Missouri school districts (the Program). The Program should provide credit enhancement and help achieve the lowest possible borrowing costs and other favorable borrowing terms for Missouri school districts in need of educational facilities. This report presents: program considerations (basic program requirements and program credit considerations); certain considerations only as to pool financings; and certain considerations only as to conventional bond financings. The law requires that the Authority review the cost effectiveness of the Program and report to the Missouri General Assembly on the Program with recommendations as to the legislation by August 15 of each year. Four attachments include: the application for involvement in the Authority Program regarding the issuance of school district bonds; a direct deposit agreement; an operations procedures memorandum; and a termination of direct deposit agreement. (SM)