...S&P Global Ratings has assigned its '##+' rating to the city of Cedar Park, Texas' series 2018 general obligation (GO) bonds, series 2018 limited-tax notes, and taxable series 2018 limited-tax notes. At the same time, S&P Global Ratings affirmed its '##+' long-term rating and underlying rating (SPUR) on the city's GO debt outstanding. The outlook is stable. The aforementioned series and existing GO debt is secured by a limited-ad valorem tax, levied on all taxable property within the city. Despite state statutory tax-rate limitations, we do not differentiate between the city's limited-tax debt and its general creditworthiness, since the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, which supports our view of the city's overall ability and willingness to pay debt service. State statutes limit the ad valorem tax rate for home rule cities to $2.50 per $100 of taxable assessed valuation (AV) for all city purposes....
