S&P Global Ratings assigned its 'A+' long-term rating to the Tustin Financing Authority , Calif.'s $55.9 million series 2025 special tax revenue refunding bonds. The outlook is stable. Per parcel Mello-Roos special tax revenue generated within Community Facilities District (CFD) Nos. 06-1 and 2014-1, net of administrative expenses and pooled by the authority using a Marks-Roos pooled financing structure to pay debt service on the bonds, secures the bonds. The special taxes are pursuant to California's Mello-Roos Community Facilities Act of 1982 and are not unlimited ad valorem property taxes but are collected at the same time and manner as ad valorem taxes. There is no cross-collateralization, meaning special taxes levied in one CFD cannot be used to cover a
