The 'AA' rating on Huntsville, Ala.'s GO capital improvement warrants series 2003C is based on the full faith and credit of the city and reflects the city's: Strong and diversifying economy, as evidenced by above-average wealth and income levels and below-average unemployment rates; Moderately growing and diversifying tax base, with some concentration among the aerospace and electronic industries; Solid financial performance and sound management practices, characterized by operating surpluses and healthy reserves; and Moderate overall debt levels coupled with high annual debt service requirements. Offsetting credit factors include a reliance on sales taxes for operating revenues. Bond proceeds will fund the construction of public schools and recreation facilities. Located in northern Alabama, the city of Huntsville (population 162,536) has experienced
