...S&P Global Ratings assigned its '##' long-term rating to the Douglasville Convention and Conference Center Authority, Ga.'s series 2021 revenue bonds, issued on behalf of the City of Douglasville. The outlook is stable. The series 2021 revenue bonds are limited obligations payable solely from amounts paid to the authority pursuant to an intergovernmental contract between the authority and the city. We view the security as a general obligation (GO) equivalent obligation of the city. Under the contract, the city's obligations are absolute and unconditional, and it has agreed to levy an unlimited ad valorem tax on all property subject to taxation for repayment. Therefore, the long-term rating on the issue is based on the GO pledge of the city, which is backed by ad valorem taxes that may be levied, without limit as to rate or amount, on all taxable property within its jurisdiction. The series 2021 bond issue (approximate par of $13.3 million) will fund construction and related costs for parks...
