• The COVID-19 Delta variant is causing a rise in the total number of COVID-19 cases, hospitalizations, and deaths. As a result, last week the CDC last week issued new mask-related guidelines.
• Late last week, Florida Governor Ron DeSantis began the process of instituting policies to allow parents, and not local governments, to determine whether students should wear masks in schools.
• A July 30, 2021 Florida Executive Order (21-175) threatens the possibility that the Florida Commissioner of Education may withhold state funds from school boards requiring mask mandates.
• State sources make up nearly 40% of Florida school funding, so there could be a severe negative credit impact if funding is withheld. We will continue to follow closely to see how this develops.

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