Summary: Ford County Public Building Commission, Kansas Ford County; General Obligation; General Obligation Equivalent Security

Standard&Poor's Ratings Services assigned its 'A+' long-term rating and stable outlook to Ford County Public Building Commission, Kan.'s series 2015A revenue bonds, supported by Ford County, and affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on the county's general obligation (GO) debt based on our local GO criteria, published Sept. 12, 2013, on RatingsDirect. Annual rental payments that the county agrees to make to the paying agent -- payable but not subject to annual renewal by the county under the lease -- secure the series 2015A revenue bonds and constitute an unconditional obligation of the county. The county must levy ad valorem taxes, if necessary, to pay bond debt service. Furthermore, lease payments are not subject

...Standard & Poor's Ratings Services assigned its 'A+' long-term rating and stable outlook to Ford County Public Building Commission, Kan.'s series 2015A revenue bonds, supported by Ford County, and affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on the county's general obligation (GO) debt based on our local GO criteria, published Sept. 12, 2013, on RatingsDirect. Annual rental payments that the county agrees to make to the paying agent -- payable but not subject to annual renewal by the county under the lease -- secure the series 2015A revenue bonds and constitute an unconditional obligation of the county. The county must levy ad valorem taxes, if necessary, to pay bond debt service. Furthermore, lease payments are not subject to annual appropriation or termination. Therefore, we do not notch these bonds off the rating on the county's GO debt. Officials intend to use bond proceeds to finance the construction of a new mental health center. The rating reflects our opinion...

Summary