...S&P Global Ratings assigned its '##-' long-term rating to Celina, Texas' series 2016 tax and waterworks and sewer system (limited pledge) revenue certificates of obligation. At the same time, S&P Global Ratings affirmed its '##-' long-term and underlying rating (SPUR) on the city's existing general obligation (GO) debt. The outlook is stable. The series 2016 certificates constitute direct obligations of the city, payable from a combination of the levy and collection of a continuing annual ad valorem tax, within the limits prescribed by law, on all taxable property within Celina, and a limited pledge (not to exceed $1,000) of the net revenues from the operation of the city's waterworks and sewer system. The maximum allowable rate in Texas is $2.50 per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to $1.50 per $100 of AV. The city's levy is well below the maximum, at 64.5 cents, 21.15 cents of which is dedicated to debt service. We do not...
