Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan   Marquette; Tax Increment - S&P Global Ratings’ Credit Research

Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan Marquette; Tax Increment

Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan   Marquette; Tax Increment - S&P Global Ratings’ Credit Research
Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan Marquette; Tax Increment
Published Oct 19, 2021
8 pages (3951 words) — Published Oct 19, 2021
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Abstract:

S&P Global Ratings assigned its 'AA' long-term rating to the Marquette Brownfield Redevelopment Finance Authority, Mich.'s expected $6.0 million series 2021 tax increment, limited tax general obligation (LTGO) bonds, issued for the City of Marquette. The outlook is negative. The series 2021 tax increment LTGO bonds are payable from tax increment revenues from eligible property specified in the authority's brownfield plan. Marquette has pledged, pursuant to a resolution adopted on Sept. 30, 2019, its limited tax, full faith and credit as security for the payment of the bonds subject to applicable constitutional, statutory and charter tax rate limitations. Despite the limitations, we rate the LTGO debt at the same level as our view of the city's general creditworthiness as is

  
Brief Excerpt:

...S&P Global Ratings assigned its '##' long-term rating to the Marquette Brownfield Redevelopment Finance Authority, Mich.'s expected $6.0 million series 2021 tax increment, limited tax general obligation (LTGO) bonds, issued for the City of Marquette. The outlook is negative. The series 2021 tax increment LTGO bonds are payable from tax increment revenues from eligible property specified in the authority's brownfield plan. Marquette has pledged, pursuant to a resolution adopted on Sept. 30, 2019, its limited tax, full faith and credit as security for the payment of the bonds subject to applicable constitutional, statutory and charter tax rate limitations. Despite the limitations, we rate the LTGO debt at the same level as our view of the city's general creditworthiness as is expressed in the rating on unlimited-tax GO bonds due to the lack of limitations on the fungibility of resources available for debt service. Officials will use the series 2021 bond proceeds for capital projects, including,...

  
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Summary

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MLA:
S&P Global Ratings’ Credit Research. "Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan Marquette; Tax Increment" Oct 19, 2021. Alacra Store. Nov 30, 2021. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Marquette-Brownfield-Redevelopment-Finance-Authority-Michigan-Marquette-Tax-Increment-2740587>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan Marquette; Tax Increment Oct 19, 2021. New York, NY: Alacra Store. Retrieved Nov 30, 2021 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Marquette-Brownfield-Redevelopment-Finance-Authority-Michigan-Marquette-Tax-Increment-2740587>
  
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