Summary: North Mankato, Minnesota North Mankato Port Authority Commission; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to North Mankato, Minn.'s estimated $4.5 million series 2021B taxable general obligation (GO) bonds, issued for the North Mankato Port Authority Commission (North Mankato GO), and $2.675 million series 2021C GO refunding bonds. The outlook is stable. Securing the 2021B and 2021C bonds is the city's full-faith-and-credit pledge and ability to levy unlimited ad valorem property taxes. Officials will use series 2021B proceeds to finance property acquisition supporting an economic development project. The 2021C bonds are payable from net revenues of the city's water and sewer utilities, special assessments against benefited properties, and tax abatement levies, but the rating is based on the unlimited ad valorem tax pledge. Officials will use series

...S&P Global Ratings assigned its '##' long-term rating to North Mankato, Minn.'s estimated $4.5 million series 2021B taxable general obligation (GO) bonds, issued for the North Mankato Port Authority Commission (North Mankato GO), and $2.675 million series 2021C GO refunding bonds. The outlook is stable. Securing the 2021B and 2021C bonds is the city's full-faith-and-credit pledge and ability to levy unlimited ad valorem property taxes. Officials will use series 2021B proceeds to finance property acquisition supporting an economic development project. The 2021C bonds are payable from net revenues of the city's water and sewer utilities, special assessments against benefited properties, and tax abatement levies, but the rating is based on the unlimited ad valorem tax pledge. Officials will use series 2021C proceeds to current refund the city's series 2010A and 2014A for interest cost savings....

Summary