The underlying rating on Austin, Texas' bonds reflects: Sound coverage of future maximum debt service based on 1.33 times (x) pro forma historical coverage in fiscal 1998; A closed lien on revenues offsetting a revenue stream dependent on narrow, but healthy, economic activity; A diversified metropolitan area economy that has exhibited strong growth in employment and income levels over the past decade; and A strong trend of passenger activity and growth in rental car activity at the city's Burgstrom Airport, coupled with strong growth in the national rental car industry. The bonds are secured by a pledge of a special motor vehicle rental tax set at 5% of gross revenues, parking revenues, and Town Lake Event Center revenues. Revenue generated
