Summary: Charleston, South Carolina; Miscellaneous Tax

S&P Global Ratings assigned its 'AA' rating on the City of Charleston, S.C.'s series 2022 $32.535 million hospitality tax revenue bonds. The outlook is stable. The bonds are limited city obligations payable from a pledge of and lien on Charleston's hospitality taxes. The city council, pursuant to state law and an ordinance enacted Dec. 7, 1993 and effective Jan. 1, 1994, and as amended, established a uniform local hospitality tax of 2% on the gross proceeds of the sale of prepared meals and beverages in establishments in the city. For state law purposes, local hospitality taxes are treated as fees. The city will not establish a debt service reserve (DSR) fund, but annual pledged revenue will satisfy the fiscal year's

...S&P Global Ratings assigned its '##' rating on the City of Charleston, S.C.'s series 2022 $32.535 million hospitality tax revenue bonds. The outlook is stable. The bonds are limited city obligations payable from a pledge of and lien on Charleston's hospitality taxes. The city council, pursuant to state law and an ordinance enacted Dec. 7, 1993 and effective Jan. 1, 1994, and as amended, established a uniform local hospitality tax of 2% on the gross proceeds of the sale of prepared meals and beverages in establishments in the city. For state law purposes, local hospitality taxes are treated as fees. The city will not establish a debt service reserve (DSR) fund, but annual pledged revenue will satisfy the fiscal year's debt service requirements first before being used by the city for any other lawful purposes. Bond proceeds will be used to fund the remaining low battery sea wall project....

Summary