The rating on Glendale, Ariz.'s bonds reflects: The city's participation in the strong, diverse Phoenix economic base; Wealth and income indicators that are about equal to national levels; Strong financial performance with balanced operating budgets and a strong fund balance; and A manageable debt burden with a rapid amortization. The bonds are a general obligation of Glendale and are secured by ad valorem taxes. Glendale is located in the northwest portion of the Phoenix MSA and benefits from strong, regional population and economic growth. The city's current population is estimated to be 212,342, which is 20% higher than its 1995 level. Despite strong population growth and a significant increase in housing starts and building permits since fiscal 1995, the city
