...S&P Global Ratings assigned its '##' long-term rating and 'A' underlying rating for credit program and stable outlook to Maple Valley Public Schools, Mich.'s preliminary $16.285 million series 2021 unlimited-tax general obligation (GO) refunding bonds. The district's full-faith-and-credit pledge and power to levy unlimited ad valorem taxes secure the series 2021 GO bonds. The long-term rating reflects our opinion of the series 2021 bond's participation in the Michigan State School Bond Loan Fund program. Section 16 of Article 9 of the Michigan Constitution of 1963 created the program to provide districts access to funds to meet principal-and-interest payments on qualified bonds. Under the program, if a school district cannot meet debt service, it could borrow from the state's school-loan-revolving fund. In addition, under the program, the state treasurer can pay required debt service if notified of a deficiency by a paying agent for qualified bonds. If the balance in the state's school-loan-revolving...
