...S&P Global Ratings assigned its '##+' long-term rating to the City of Omaha, Neb.'s anticipated $25 million series 2022B special obligation refunding bonds (Riverfront Redevelopment Project). At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the city's existing special obligations bonds. The outlook is stable. The special obligation bonds are secured by a variety of revenues which consist of: tax allocation revenues derived from the Gallup Redevelopment Plan Area, a sewer revenue pledge not to exceed $1.5 million, and a 1.5% sales tax that is collected on behalf of and distributed to Omaha by the State of Nebraska. While the flow of funds prioritizes tax allocation revenues and sewer revenues respectively towards debt service prior to sales tax revenues, the rating on the special obligation bonds is based on the city's sales tax revenue pledge and are rated through our priority-lien tax revenue debt criteria, which factors in both the strength and stability of...
