...S&P Global Ratings assigned its 'A+' rating to Elizabethton, Tenn.'s series 2017 general obligation (GO) refunding and improvement bonds and affirmed its 'A+' rating on the city's existing GO debt. The outlook is stable. The city's full-faith-and-credit pledge, payable from the levy of an unlimited ad valorem tax on all taxable property within the city's corporate city limits, secures the series 2017 bonds. The city has secured its series 2010A GO improvement bonds from a pledge of the net revenues derived from the operation of its electric distribution system, subject to prior pledges of net revenues in favor of prior lien obligations. The bonds are additionally payable from, but not secured by, direct-payment credits¡cash-subsidy payments from the U.S. Treasury equal to 35% of bond interest payable. At the same time, the bonds are secured by the city's full-faith-and-credit pledge, payable from the levy of an unlimited ad valorem tax on all taxable property within its corporate city limits....
