The upgrade on Cedar Hill, Texas' bonds reflects: Participation in the diverse Dallas/Fort Worth economy with good access to the Dallas labor market, Rapid growth in assessed value (AV), Consistently sound financial operations with increased reserve levels, and Moderate debt levels coupled with a rapid amortization schedule. These strengths are offset by an escalating long-term liability to the U.S. Army Corps of Engineers, requiring annual set-asides from the water and sewer enterprise fund. Cedar Hill (population 32,000), once an agricultural community, has developed into a residential suburb of Dallas. Employment opportunities in the city are limited to retail and trade with most residents commuting 19 miles northeast to downtown Dallas. Growth in AV has been rapid, increasing 51% since fiscal
