...S&P Global Ratings assigned its 'A+' long-term rating to Roseland Elementary School District, Calif.'s election of 2020 series A (bank qualified) general obligation (GO) bonds. At the same time, we affirmed our 'A+' underlying rating (SPUR) on the district's existing GO bonds. The outlook is stable. The GO bonds are secured by revenue from unlimited ad valorem taxes levied on taxable property in the district. The Sonoma County Board of Supervisors has the power and obligation to levy these taxes at the district's request for the bonds' repayment. The county is required to deposit such taxes, when collected, into the bonds' debt service fund. The district is issuing $3.5 million of series A bonds for the construction, modernization, and renovation of school facilities as part of the $9.4 million 2020 Measure D bond authorization. Following this issuance, the district will have total direct debt outstanding of about $13.4 million consisting of the GO bonds and the district's 2015 refunding...
