...S&P Global Ratings assigned its '##+' long-term rating to Charlotte, N.C.'s series 2021B governmental facilities and equipment certificates of participation (COPs) that will be issued in the approximate amount of $95.5 million. The outlook is stable. The city is obligated under the contract to transfer installment purchase payments, subject to budgeted appropriations, to the New Charlotte Corp. The corporation assigns all right, title, and interest in the installment purchase payments to the trustee (U.S. Bank N.A.) for payment of debt service on the certificates. Certain property under the deed of trust is also pledged to certificate holders in the event of nonappropriation. Proceeds from the transaction will fund construction of various city facilities (including police and fire stations), utility system upgrades, a new fleet repair station, and other vehicle and equipment acquisitions. Following the execution of the transaction, the city's net direct debt outstanding is approximately...
