...S&P Global Ratings assigned its 'A-1+' short-term rating to Tarrant Regional Water District (TRWD), Texas' tax-exempt extendable commercial paper bonds, series B, and taxable extendable commercial paper bonds, series B, in a maximum aggregate principal amount of $150 million. The ratings are based on the merits and creditworthiness of the district. The bonds are secured by and payable only from the proceeds from the sale of bonds to refinance maturing bonds and the proceeds of anticipated unlimited-tax refunding bonds to be issued by the district. The board intends to annually authorize staff to issue take-out bonds. The commercial paper bonds are not secured by or payable from any funds raised by the levy of taxes by the district nor a mortgage or deed of trust on any properties, whether real, personal, or mixed, constituting the system. Bond proceeds will be applied to the purchasing, constructing, acquiring, owning, leasing, operating, repairing, improving or extending land, improvements,...
