...S&P Global Ratings assigned its '###-' rating, with a stable outlook, to the city of Celina, Texas', special assessment revenue refunding bonds series 2020 (Lakes at Mustang Ranch Public Improvement District [PID] Phase No. 1 Project). Non ad valorem special debt assessments on benefited properties in the district secure the bonds. Pursuant to the indenture, pledged revenues are the sum of assessment revenue less the administrative expenses, the money held in any of the pledged funds, and any additional revenues that the city may pledge to the payment of bonds. Celina will covenant in the indenture that it will take and pursue all actions permissible under applicable laws to cause the assessments to be collected and the liens thereof to be enforced continuously. The PID Act provides that the assessments are a first and prior lien against the property assessed, superior to all other liens or claims, except liens and claims for state, county, school district, or municipality ad valorem taxes...
