...S&P Global Ratings assigned its '##' rating and stable outlook to Temple, Texas' series 2017 general obligation (GO) refunding bonds. Ad valorem taxes levied on all taxable property in the city secure the bonds. 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 home-rule charter limits its tax rate to $1.20. The city's levy is below the maximum at 67.72 cents, 36.30 cents of which is dedicated to debt service. We understand officials intend to use series 2017 bond proceeds to refund certain maturities of the city's series 2012 pass-through toll revenue and limited-tax bonds. The city's series 2012 pass-through toll revenue and limited-tax bonds are secured by the city's levy of a direct and continuing ad valorem tax, within the limits prescribed by law, and revenue from a pass-through toll agreement with the Texas Department of Transportation (TxDOT). Although we do not initially...
