...S&P Global Ratings assigned its '###' long-term rating to the City of Lewisville, Texas' $63.3 million series 2022 general obligation (GO) refunding and improvement bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the city's parity limited-tax debt outstanding. The outlook is stable. The GO 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. 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 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. GO bond proceeds will be used to refund debt for projected net present value savings as well as fund various capital improvement projects throughout...
