Summary: Red Oak, Texas; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to Red Oak, Texas' $4.7 million series 2017 general obligation (GO) refunding bonds and $3.7 million series 2017 combination tax and revenue certificates of obligation. At the same time, S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the city's debt outstanding. The outlook is stable. The GO bonds are payable from revenue from a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city. The certificates are payable from revenue from a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city and a limited surplus revenue

...S&P Global Ratings assigned its '##-' long-term rating to Red Oak, Texas' $4.7 million series 2017 general obligation (GO) refunding bonds and $3.7 million series 2017 combination tax and revenue certificates of obligation. At the same time, S&P Global Ratings affirmed its '##-' long-term rating and underlying rating (SPUR) on the city's debt outstanding. The outlook is stable. The GO bonds are payable from revenue from a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city. The certificates are payable from revenue from a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city and a limited surplus revenue pledge of the city's combined utility system. State statutes limit the maximum ad valorem tax rate to $2.50 per $100 of taxable assessed valuation for all city purposes. Administratively, the Texas attorney general will permit the allocation of $1.50...

Summary