Summary: West Fargo Park District, North Dakota; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to West Fargo Park District, N.D.'s series 2017A general obligation (GO) special assessment prepayment bonds. At the same time, we affirmed our 'AA-' long-term rating on the district's existing GO debt and our 'A+' long-term rating on its existing lease revenue debt. The outlook is stable. The series 2017A bonds are secured by the district's GO unlimited property tax pledge. Bond proceeds will be used to prepay special assessments, for interest cost savings, owed to West Fargo for infrastructure improvements. The district's existing lease revenue bonds are limited obligations payable solely from lease payments made by the district. Lease payments are made from district revenues or other legally available funds, subject to

...S&P Global Ratings assigned its '##-' long-term rating to West Fargo Park District, N.D.'s series 2017A general obligation (GO) special assessment prepayment bonds. At the same time, we affirmed our '##-' long-term rating on the district's existing GO debt and our 'A+' long-term rating on its existing lease revenue debt. The outlook is stable. The series 2017A bonds are secured by the district's GO unlimited property tax pledge. Bond proceeds will be used to prepay special assessments, for interest cost savings, owed to West Fargo for infrastructure improvements. The district's existing lease revenue bonds are limited obligations payable solely from lease payments made by the district. Lease payments are made from district revenues or other legally available funds, subject to annual appropriation. The rating is one notch off the GO due to appropriation risk. The '##-' rating reflects our view of the district's:...

Summary