AAA Bond Rating

Scottsdale General Obligation bonds continue to maintain the highest possible rating from the three major national bond rating agencies, Standard & Poor’s, Fitch Ratings and Moody’s Investors Services, reaffirming their confidence in the city’s financial management and its economic outlook. Scottsdale is one of a select number of municipalities achieving top ratings from all three.

High bond ratings mean the city is able to sell General Obligation bonds to finance voter-approved capital projects, including new parks, libraries, pools and roads, at lower interest rates. The ratings also increase the value of existing General Obligation bonds for investors.

Summary of Current Ratings: Moody's Investors Service Standard & Poor's Ratings Services Fitch Ratings
General Obligation (GO) Aaa AAA AAA
Municipal Property Corporation (MPC) Aa1 AAA AA+
Water & Sewer Revenue (W&S) Aaa AAA AAA

Bond Descriptions

Bond and Long Term Payment Types Currently in Use

General Obligation
General Obligation (GO) bonds are backed by the full faith and credit of the issuing municipality. The bonds are secured by the ad valorem (property tax) taxing power of the city. The Arizona Constitution provides that general obligation bonded indebtedness for a city for general municipal purposes may not exceed six percent (6%) of the net assessed full cash property valuation of the taxable property in that city. In addition to the six percent (6%) limitation for general municipal purpose bonds, cities may issue general obligation bonds in an amount up to an additional twenty percent (20%) of the net assessed full cash property valuation for supplying such city with water, artificial light or sewers, and for the acquisition and development of land for open space preserves, parks, playgrounds and recreational facilities, public safety, and streets and transportation facilities. In order for GO bonds to be authorized for a specific public project, the bond issue must first be approved by a vote of the citizens.
Municipal Property Corporation
Municipal Property Corporation (MPC) is a non-profit corporation created in 1967 by the city as a financing mechanism for the purpose of financing the construction or acquisition of capital improvement projects for lease to and use by the city. The MPC is governed by a board of directors consisting of citizens from the community approved by the City Council. MPC bonds are secured by the city's lease payments which are in turn secured by city excise tax and other undesignated general fund revenues. These bonds may be issued without a vote of the citizens.
Water and Sewer Revenue
Water and Sewer Revenue bonds are secured by the revenues generated from the project or system. There is no maximum debt limitation for Revenue bonds, however, each issue is required to have annual dedicated revenues equal to at least 1.2 times the annual debt service. In order for Water and Sewer Revenue bonds to be authorized, the bonds issue must first be approved by a vote of the citizens.
Improvement District
Improvement District (ID) bonds are sold by special purpose districts that are formed by property owners in a designated area within the city who agree to be assessed for the repayment of the costs of constructing improvements which benefit their property. The city is the repayment source of last resort to a bondholder should a property owner default on his assessment. ID bonds are secured by a lien on the property and improvements of all parcels in each district. ID bonds are typically issued to finance local street, water or sewer improvements; or to acquire an existing water or sewer operation.
Certificates of Participation (COP)
Certificates of Participation (COP) lease-purchase agreements are entered into with a Trustee or Lessor, for the acquisition, operation and/or maintenance of a project. COPs are secured by annual budget appropriation made by the city. If the city does not make an appropriation sufficient to pay lease payments in a year, the Lease will terminate, and the city is required to vacate and return possession of the Project to the Trustee. These types of long term payment agreements do not require a vote of the citizens.

Bond and Long Term Types Not Currently in Use

Highway User Revenue Fund
Highway User Revenue Fund (HURF) bonds are special revenue bonds issued specifically for the purpose of constructing street and highway projects. These bonds are secured by gasoline tax revenues collected by the State and distributed to cities and towns throughout the State based on a formula of population and gas sales within the county of origin. These bond issues must first be approved by a vote of the citizens.

Bond Registrar

Registrar and/or Paying Agent

Computershare Trust Company
U.S. Bank

Owners of City bonds who wish to change the name or address of the payee must contact the Registrar and/or Paying Agent.

Bond Series

The following bonds have been issued but have not yet matured. Some of these bonds may have been called, refunded or defeased by the City. For a list of outstanding bonds, please refer to the City's audited Comprehensive Annual Financial Report.

General Obligation Bonds

General Obligation Bonds
Date of IssueSeriesOriginal Principal Amt.Registrar and Paying Agent
July 11, 2012Series 2012 Refunding83,025,000Computershare Corporate Trust
Feb. 13, 2013Series 201375,000,000Computershare Corporate Trust
May 7, 2014Series 201414,000,000Computershare Corporate Trust
Apr. 2, 2015Series 2015 Refunding160,415,000U.S. Bank
Mar. 8, 2017Series 2017 A17,410,000U.S. Bank
May 17, 2017Series 2017 B18,495,000U.S. Bank
May 17, 2017Series 2017 Refunding39,985,000U.S. Bank
Dec. 6, 2017Series 2017 C25,500,000U.S. Bank
Dec. 30, 2020Series 2020 Refunding168,220,000U.S. Bank
Feb. 10, 2021Series 202131,390,000U.S. Bank
Feb. 10, 2021Taxable Series 202119,770,000U.S. Bank
Feb. 1, 2023Series 202134,175,000U.S. Bank
Feb. 1, 2023Taxable Series 202139,530,000U.S. Bank

Municipal Property Corporation Bonds

Municipal Property Corporation Bonds
Date of IssueSeriesOriginal Principal Amt.Registrar and Paying Agent
Nov. 29, 2006Series 2006 Refunding165,960,000Computershare Corporate Trust
May 29, 2014Series 2014 Refunding22,735,000Computershare Corporate Trust
Jan. 6, 2015Series 2015A$45,300,000Computershare Corporate Trust
Mar. 26, 2015Series 2015 Refunding$93,570,000U.S. Bank
Mar. 1, 2017Series 2017 Refunding79,970,000U.S. Bank
May 24, 2017Series 2017 A, B62,585,000U.S. Bank
Oct. 23, 2019Series 2019A9,275,000U.S. Bank
Oct. 23, 2019Series 2019B33,275,000U.S. Bank
Feb. 17, 2021Series 2021A Refunding7,920,000U.S. Bank
Feb. 17, 2021Taxable Series 2021B Refunding135,185,000U.S. Bank

Community Facilities District Bonds

Community Facilities District Bonds
Date of IssueSeriesOriginal Principal Amt.Registrar and Paying Agent
Sep. 18, 2012Series 2012 DC Ranch Refunding14,670,000Computershare Corporate Trust
Nov. 14, 2019Series 2019 Waterfront Refunding2,563,000U.S. Bank

Last Updated: May 8, 2024

Was this page helpful?
Tell us how we can be more helpful.

City Treasurer's Office

7447 E. Indian School Road Scottsdale, AZ 85251
Back to Top