Summary: Marquette, Michigan; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AA' long-term rating to the City of Marquette, Mich.'s series 2016A general obligation (GO) limited-tax and refunding bonds, reflecting the limited-tax GO pledge of the city of Marquette, Mich. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the city's existing GO debt. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes within Michigan limitations as to rate and amount secure the bonds. It is our understanding that the series 2016A bond proceeds will be used to current refund the series 2006 limited-tax bonds and advance refund the series 2008 limited-tax bonds outstanding. Approximately $3.1 million of bond proceeds will be used to

...S&P Global Ratings assigned its '##' long-term rating to the City of Marquette, Mich.'s series 2016A general obligation (GO) limited-tax and refunding bonds, reflecting the limited-tax GO pledge of the city of Marquette, Mich. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the city's existing GO debt. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes within Michigan limitations as to rate and amount secure the bonds. It is our understanding that the series 2016A bond proceeds will be used to current refund the series 2006 limited-tax bonds and advance refund the series 2008 limited-tax bonds outstanding. Approximately $3.1 million of bond proceeds will be used to finance several infrastructure and general construction projects at city facilities. Certain outstanding debt of the city is also secured with the pledge of tax increment revenue collections. Our rating is based on the city's full-faith-credit-and-resource...

Summary