...S&P Global Ratings has assigned its '##+' rating to the city of Cedar Park, Texas' $31,330,000 general obligation (GO) bonds, series 2020 and $19,150,000 certificates of obligation, series 2020. 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. Including this issuance, the city will have $50.5 million of debt outstanding. The bonds are secured by a limited ad valorem tax, levied on all taxable property within the city. The certificates of obligation are additionally secured by a subordinate-lien pledge of net revenues, not to exceed $1,000 derived from the operation of the city's water and sewer system. 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...
