Summary: Concord Community Schools, Michigan; School State Program

S&P Global Ratings assigned its 'AA' enhanced long-term rating and 'A' underlying rating for credit program and stable outlook to Concord Community Schools, Mich.'s roughly $9.5 million series 2022 unlimited-tax general obligation (GO) school-building-and-site bonds and affirmed its 'A' underlying rating, with a stable outlook, on the district's existing GO debt. The underlying rating reflects our view of the district's full-faith-credit-and-resources pledge and agreement to levy ad valorem property taxes without limitation as to rate or amount. Officials will use series 2022 bond proceeds to fund a variety of districtwide capital projects. The enhanced long-term rating reflects our view of the district's participation in the Michigan State School Bond Loan Fund program. Section 16 of Article 9 of Michigan's 1963

...S&P Global Ratings assigned its '##' enhanced long-term rating and 'A' underlying rating for credit program and stable outlook to Concord Community Schools, Mich.'s roughly $9.5 million series 2022 unlimited-tax general obligation (GO) school-building-and-site bonds and affirmed its 'A' underlying rating, with a stable outlook, on the district's existing GO debt. The underlying rating reflects our view of the district's full-faith-credit-and-resources pledge and agreement to levy ad valorem property taxes without limitation as to rate or amount. Officials will use series 2022 bond proceeds to fund a variety of districtwide capital projects. The enhanced long-term rating reflects our view of the district's participation in the Michigan State School Bond Loan Fund program. Section 16 of Article 9 of Michigan's 1963 Constitution created the program to provide districts access to funds to avoid a default on qualified debt. Under the program, if a school district fails to meet its debt-service...

Summary