...S&P Global Ratings assigned its '###' long-term rating to Denton County, Texas' series 2020 $12.2 million permanent improvement refunding bonds and $18.7 million tax notes. At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating on the county's parity general obligation (GO) bonds and notes outstanding. The outlook is stable. The bonds are direct obligations of the county, payable from revenue from an annual ad valorem tax levied against all taxable property in Denton County, within the limits prescribed by law. State statutes limit the maximum ad valorem tax rate for counties to 80 cents per $100 of taxable assessed value (TAV) for all county purposes. Administratively, the Texas attorney general will permit the allocation of 40 cents of the maximum tax rate for ad valorem tax debt service. For fiscal 2020, the county is levying 22.53 cents, with 5.4 cents dedicated to debt service and the remainder to operations. We do not make a rating distinction...
