...S&P Global Ratings assigned its 'A+' rating and stable outlook to Springdale, Ark.'s series 2018 sales-and-use-tax refunding and improvement bonds and affirmed its 'A+' rating, with a stable outlook, on the city's series 2013 sales-and-use-tax refunding bonds. The rating reflects our opinion of the city's: + Participation in the rapidly growing Northwest Arkansas metropolitan statistical area (MSA); + Adequate income levels and per capita retail sales; + Strong bonds provisions, featuring a closed lien and mandatory early redemption feature; and + Adequate debt service coverage (DSC) of approximately 1.2x maximum annual debt service (MADS) requirement. A first-lien pledge of a 1% citywide sales and use tax secures the bonds. Officials intend to use bond proceeds to refund the city's outstanding series 2013 sales and use tax refunding bonds, and to fund various capital improvement projects. Following this issuance, the series 2018 bonds will be the only debt issuance secured by the 1% sales-and-use...
