Moody's assigns Aa2 to North Royalton, OH's $7.6M GOLT Bonds, Ser. 2014

Posted on: April 23, 2014, 8:20 pm

NEW YORK, April 23, 2014 --Moody's Investors Service has assigned a Aa2 rating to the City of North Royalton, OH's $7.6 million Various Purpose Bonds General Obligation Bonds (Limited Tax), Series 2014. The bonds are secured by the city's general obligation limited tax (GOLT) pledge, subject to the State of Ohio's (Aa1 stable outlook) statutory 10-mill limitation. Proceeds from the bonds will be used to retire the city's outstanding Various Purpose (General Obligation Limited Tax) Bond Anticipation Notes, Series 2013 maturing on May 22, 2014. The notes to be retired were originally issued for the purpose of paying a portion of the cost to construct a YMCA. Concurrently, Moody's affirms the city's other series of rated GOLT debt. In total, the city has $21.8 million in long-term GOLT debt outstanding, $16.5 million of which is Moody's rated...

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