...S&P Global Ratings assigned its '###' rating to Lewisville, Texas' anticipated $11.6 million series 2021 general obligation (GO) bonds and $16.24 million series 2021 certificates of obligations (COs). At the same time, S&P Global Ratings affirmed its '###' rating on the city's existing GO debt. The outlook is stable. The GO bonds and the CO bonds are payable from the levy and collection of a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city. The certificates are additionally secured from a limited pledge not to exceed $1,000 of net revenues of the city's combined waterworks and sewer system. Given the limited nature of the additional pledged revenues, we base our ratings on these obligations on the city's limited-tax GO pledge. Despite state statutory tax-rate limitations, we do not differentiate between the city's limited-tax debt and its general creditworthiness because the ad valorem tax is not derived from a measurably...
