...S&P Global Ratings assigned its '##+' rating to the City of Cedar Park, Texas' $8 million combination tax and revenue certificates of obligation, series 2021, and $2.5 million limited tax notes, series 2021. At the same time, S&P Global Ratings affirmed its '##+' long-term rating and underlying rating (SPUR) on the city's general obligation (GO) debt outstanding. The outlook is stable. Including this issuance, the city will have $235.4 million of net direct 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 payable from a limited pledge (not to exceed $1,000) of surplus revenues 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...
