...S&P Global Ratings assigned its 'A+' long-term rating to the Development Finance Authority of Summit County (the authority), Ohio's $16.9 million series 2022 development lease revenue bonds, issued for the City of Akron. The outlook is stable. The city will use the series 2022 bond proceeds to acquire and renovate an office building for the use of the municipal courthouse and other offices. Lease rental payments from Akron (the lessee) to the authority (the lessor), payable from nontax revenue of the city, secure the bonds. The rental payments are not conditional on annual appropriation, so there is no appropriation risk. There is also no abatement or construction risk. The rating reflects our view of the city's pledge of nontax revenue. Nontax revenue includes no 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. We rate the nontax revenue bonds at the same level as our view...
