...Standard & Poor's Ratings Services assigned its '###' long-term rating to Plano, Texas' series 2016 general obligation (GO) refunding and improvement bonds. At the same time, Standard & Poor's affirmed its '###' long-term rating on the city's existing GO debt. The outlook is stable. The GO bonds are secured by the city's levy of an annual ad valorem tax on all taxable property in Plano. The maximum allowable rate in Texas is $2.50 per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to $1.50. The city's levy is well below the maximum, at 48.860 cents, 13.360 cents of which is dedicated to debt service. Despite the limitations imposed by the state levy limit law, we did not make a rating distinction for the limited-tax GO pledge, given the city's flexibility under the levy limit. Officials plan to use bond proceeds to refund certain series of bonds for net present value savings and for various public improvements for recreation center facilities,...
