...S&P Global Ratings assigned its 'A' rating to the city of Donna, Texas' roughly $6.065 million series 2022 public finance contractual obligations and taxable series 2022 roughly $26.96 million general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its 'A' rating on the city's existing GO debt. The outlook is stable. The bonds and contractual obligations constitute a direct obligation of the city, payable from the proceeds of a continuing, direct annual ad valorem tax, within the limits prescribed by law, on all taxable property within its borders. The city's 2017 certificates of obligation (COs) are direct obligations of the city payable from a combination of an ad valorem tax levied annually, within the limits prescribed by law, against all taxable property in the city and a limited pledge of net revenues (not to exceed $1,000) of its waterworks and sewer system. The maximum allowable property tax rate in Texas is $2.50 per $100 of assessed value (AV) for...
