Summary: Orange County, North Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Orange County, N.C.'s series 2018 general obligation (GO) school bonds and its 'AA+' rating to the county's series 2018 limited obligation bonds. At the same time, we affirmed our 'AAA' long-term rating on the county's existing GO debt and affirmed our 'AA+' long-term rating on its appropriation-backed debt. The outlook on all ratings is stable. Orange County's full-faith-and-credit pledge secures the GO bonds. The county is authorized and required by law to levy on all taxable property such ad valorem taxes, without limitation as to rate or amount, as may be necessary to pay principal and interest on the bonds. The county plans to use the proceeds of the series 2018

...S&P Global Ratings assigned its '###' long-term rating to Orange County, N.C.'s series 2018 general obligation (GO) school bonds and its '##+' rating to the county's series 2018 limited obligation bonds. At the same time, we affirmed our '###' long-term rating on the county's existing GO debt and affirmed our '##+' long-term rating on its appropriation-backed debt. The outlook on all ratings is stable. Orange County's full-faith-and-credit pledge secures the GO bonds. The county is authorized and required by law to levy on all taxable property such ad valorem taxes, without limitation as to rate or amount, as may be necessary to pay principal and interest on the bonds. The county plans to use the proceeds of the series 2018 GO bonds to fund extensive renovations at the Chapel Hill High School. After the current issuance, Orange County will have $37.1 million in remaining GO bond authorization under the 2016 referendum. The limited obligation bonds are secured by installment payments pursuant...

Summary