Summary: Eagle Lake, Texas; General Obligation

S&P Global Ratings assigned its 'A+' long-term rating to Eagle Lake, Texas' anticipated $3.3 million series 2023 certificates of obligation. The outlook is stable. An ad valorem property tax, within limits prescribed by law, on all taxable property within the city secures the certificates. An ad valorem tax pledge and limited surplus net revenue of the city's combined utility system, not to exceed $1,000, secure the certificates. Given the limitation of the net utility system revenue pledge, the certificates are rated based on the city's ad valorem tax pledge. The maximum allowable property tax rate in Texas is $2.50 per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to $1.50 per $100

...Most recent Historical information 2022 2021 2020 Very weak economy Projected per capita EBI % of U.S. 67 Market value per capita ($) 37,808 Population 3,587 3,628 County unemployment rate(%) 3.5 Market value ($000) 135,616 131,530 124,895 Ten largest taxpayers % of taxable value 11.6 Strong budgetary performance Operating fund result % of expenditures 2.2 21.0 12.2 Total governmental fund result % of expenditures 44.0 18.9 14.7 Very strong budgetary flexibility Available reserves % of operating expenditures 46.3 67.7 73.0 Total available reserves ($000) 958 1,326 1,398 Very strong liquidity Total government cash % of governmental fund expenditures 166 174 164 Total government cash % of governmental fund debt service 2,005 1,996 1,779 Adequate management Financial Management Assessment Standard Weak debt & long-term liabilities Debt service % of governmental fund expenditures 8.3 8.7 9.2 Net direct debt % of governmental fund revenue 112 Overall net debt % of market value 4.8 Direct debt...

Summary