...S&P Global Ratings assigned its '##-' rating and stable outlook to West Fargo Park District, N.D.'s series 2019A refunding improvement bonds and affirmed its '##-' rating, with a stable outlook, on the district's general obligation (GO) special assessments prepayment debt. S&P Global Ratings also affirmed its 'A+' rating, with a stable outlook, on the district's lease revenue obligations, issued by West Fargo Park District Building Authority. Special assessments secure the series 2019A bonds. To the extent assessments are insufficient, state statute requires the district levy an unlimited tax on all taxable property within its boundaries to make up for the deficiency. The district is also authorized by statute to levy for debt service whenever management determines a deficiency in special assessments is likely to occur within one year. Given the timing issues involved with levying the tax after a deficiency occurs, we believe the general fund would be able to cover any unexpected shortfalls,...
