...S&P Global Ratings assigned its 'A+' underlying rating (SPUR) and stable outlook to Hamilton Community Authority, Ohio's series 2019A lease revenue bonds, supported by Hamilton's annual appropriation pledge. The series 2019A bonds are a special obligation of the authority, payable to principal and interest solely from pledged revenue, primarily composed of certain lease-rental payments paid to the authority by the city. The authority collects rental payments from the city pursuant to the lease in adequate amounts to pay debt service. The city will pay rentals required by the lease from annually appropriated money. Our rating reflects annual appropriation risk. There is no construction or abatement risk, and the lease payments are structured to be made more than three months after the fiscal year-end. The city is responsible for maintenance, insurance, and upkeep. Management expects to use series 2019A bond proceeds to finance the costs of acquiring Hamilton's government building. We believe...
