...S&P Global Ratings has raised its long-term rating on the City of Red Oak, Texas' limited-tax debt to '##' from '##-'. At the same time, we have assigned our '##' rating to the city's $4.3 million combination tax and revenue certificates of obligation series 2021 and $1.2 million tax notes series 2021A. The outlook is stable. The certificates and tax notes are secured by the levy and collection of a direct and continuing annual ad valorem tax, within the limits prescribed by law, upon all taxable property within the city, as well as a pledge of the surplus revenue of the city's waterworks and sewer system. Proceeds from the sale of certificates and tax notes will fund various projects and equipment purchases throughout the city. State statutes limit the 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 of the $2.50 maximum tax rate for ad valorem tax debt service. Despite...
