...Standard & Poor's Ratings Services affirmed its 'A' long-term rating on Cleveland's previously issued nontax revenue bonds, series 2010 refunding certificates of participation (COPs; Cleveland Stadium Project), and series 2010 annual appropriation bonds (Flat East Project). The outlook is stable. The bonds are special obligations secured by certain nontax revenue of the city, along with project revenue, a more limited security. The city covenants to appropriate and maintain the pledged nontax revenue in sufficient amounts to pay debt service on the bonds. Nontax revenue includes grants, payments in lieu of taxes (PILOTs), fines and forfeitures, fees, investment earnings, and proceeds from sale of assets. Nontax revenue does not include any ad valorem tax revenue and is only a portion of general fund revenue. However, bond documents do not prohibit the city from using other revenue to pay debt service. Fiscal 2015 nontax revenue of $88.2 million provides ample 9.34x maximum annual debt service...
