...S&P Global Ratings affirmed its '##' long-term rating on Central Oregon Community College District's full faith and credit obligations and its '##' underlying rating on the district's general obligation (GO) bonds. The outlook is stable. The district's has pledged its full faith and credit and taxing power within the limitations in accordance with Sections 11 and 11b, Article XI of the Constitution of the state of Oregon, which restricts taxable assessed value growth to 3% per year, plus new construction. In addition, property taxes for education operations are further limited to a maximum of $5 per $1,000 of real market value in the district. Limited ad valorem taxes levied on taxable property in the district secure the district's GO bonds. We view the obligations as limited-tax obligations. Given the fungibility of the district's resources and because pledged revenue is not measurably narrower or subject to disproportionate risks relative to the obligor's overall revenue, we rate the...
