The rating Cedar Hill, Texas' bonds reflects: * Economic participation in the Dallas/Fort Worth metropolitan area and strong assessed value growth; * Good financial operations with increased reserve levels; * A high debt burden with a rapid amortization schedule; and * An escalating long-term liability to the U.S. Army Corps of Engineers, related to Joe Pool reservoir, requiring annual set asides. Cedar Hill, once dependent on agriculture, has developed into a residential bedroom community of Dallas, Texas. Population has continued to grow steadily, rising more than 25% since 1993 to 28,000. Employment opportunities in the city are limited to retail and trade with most residents commuting 19 miles northeast to downtown Dallas. Property values rose 11% in 1998 and are
