... Refunding Bonds, Series 2016, via negotiation on Nov. 15. Purpose: To refund certain outstanding maturities for debt service savings and pay issuance costs. Security: Limited ad valorem tax pledge of Garland, not to exceed $2.50 per $100 taxable assessed valuation (TAV). Maturity Date: Feb. 15, 2027. Analytical Conclusion: The `AAA' Issuer Default Rating (IDR) and bond ratings reflect the city's broad budgetary tools, supplemented by reserves, and limited revenue volatility (inclusive of sales taxes). These factors combine to provide the city with a high level of anticipated financial resilience throughout the economic cycle. Modest population gains and development underway or planned should maintain the city's solid pace of revenue growth. These trends should also keep the liability burden low. Fitch Ratings expects expenditure flexibility to remain solid....
