...S&P Global Ratings assigned its '###' long-term rating to Irving, Texas' approximately $30.2 million series 2021 general obligation (GO) bonds, $23.3 million series 2021 combination tax and revenue certificates of obligation and $780,000 series 2021 tax notes. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's GO debt and certificates of obligation outstanding. The outlook is negative. The bond proceeds will fund street, park, and city building improvements. The city will use proceeds from the certificates for drainage improvements. The tax notes will fund public safety equipment. Revenue from Irving's ad valorem tax, levied within the limits prescribed by law on all taxable property within the city, secures the city's GO bonds, certificates, and tax notes. The series 2021 certificates as well as existing 2020 and 2017A certificates are additionally payable from surplus revenue of the city's water and sewer system, limited to $1,000. Given the limit on...
