...S&P Global Ratings assigned its '##' rating to the City of Temple, Texas' anticipated $54.9 million series 2021 combination tax and revenue certificates of obligation bonds (COs) and $3.2 million series 2021 limited-tax notes. At the same time, S&P Global Ratings affirmed its '##' rating on Temple's existing certificates and general obligation (GO) bonds. The outlook is stable. Temple's GO bonds, COs, and limited-tax notes constitute direct obligations of the city, payable from the proceeds of a continuing, direct annual ad valorem tax, within the limits prescribed by law, on all taxable property within its borders. The maximum allowable ad valorem tax rate for municipalities that operate under a Home Rule Charter in Texas is $2.50 per $100 of assessed value for all purposes, with the portion dedicated to debt service limited to $1.20. The city's total tax rate is well below the maximum, at 65.25 cents, 35.25 cents of which is dedicated to debt service. Based on the application of our criteria...
