...S&P Global Ratings has assigned its '###' long-term rating to the city of West University Place, Texas' series 2020 general obligation (GO) refunding bonds. At the same time, we affirmed our '###' long-term rating on the city's general obligation debt outstanding. The outlook is stable. The bonds, when issued, will constitute valid and binding obligations of the city and will be payable from the proceeds of a continuing, direct annual ad valorem tax levied, within the limits prescribed by law, against all its taxable property. The ad valorem taxes are not levied on a narrower or distinctly different tax base, and there are no limitations on the fungibility of resources available for the payment of debt service. We view the limited-tax GO debt pledge as on par with the issuer credit rating, which reflects the city's general creditworthiness. The proceeds from the sale will be used to refund previously issued debt for a net present-value savings, with no extension of the final maturities....
