Summary: Ceres Unified School District, California; Appropriations; General Obligation

S&P Global Ratings assigned its 'A+' long-term to Ceres Unified School District (USD), Calif.'s election of 2008 series 2017 GO bonds and series 2017 GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the district's GO bonds outstanding and affirmed its 'A' underlying rating (SPUR) on the district's certificates of participation (COPs) outstanding. The outlook is stable. Revenue from unlimited ad valorem taxes levied on taxable property within the district secures the GO bonds. The boards of supervisors of Stanislaus County have the power and obligation to levy these taxes at the district's request for the bonds' repayment. The counties are required to deposit such tax revenue, when collected, into the bonds' debt

...S&P Global Ratings assigned its 'A+' long-term to Ceres Unified School District (USD), Calif.'s election of 2008 series 2017 GO bonds and series 2017 GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the district's GO bonds outstanding and affirmed its 'A' underlying rating (SPUR) on the district's certificates of participation (COPs) outstanding. The outlook is stable. Revenue from unlimited ad valorem taxes levied on taxable property within the district secures the GO bonds. The boards of supervisors of Stanislaus County have the power and obligation to levy these taxes at the district's request for the bonds' repayment. The counties are required to deposit such tax revenue, when collected, into the bonds' debt service fund. The election of 2008 series 2017 GO bond proceeds will be used to finance construction of school facilities on existing campuses. The 2017 GO refunding bond proceeds will be used to partly refund the district's election...

Summary