...S&P Global Ratings assigned its '###' long-term rating to Irving, Texas' approximately $86.3 million taxable series 2021 general obligation (GO) pension obligation bonds (POBs). 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 proceeds will be used to fund to 100% the city's unfunded liabilities for the Texas Municipal Retirement System (TMRS) and the Supplemental Benefit Plan (SBP). This issuance is primarily used to recognize interest cost savings over the life of the unfunded pension liability, while also reducing amortization for the TMRS by five years. 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, 2020 and 2017A certificates are additionally payable from surplus revenue of the city's water and sewer system, limited to...
