The rating on Glendale, Ariz.'s GO refunding bonds reflects the city's: Participation in the strong, diverse Phoenix, Ariz. economic base; Wealth and income indicators that are about equal to state and national levels; Strong financial performance with balanced operating budgets and large and increasing fund balances; and 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 metropolitan area and benefits from strong regional population and economic growth. The city's current population is estimated to be 207,152, which is 23% higher than its 1994 level. Despite strong population growth and a significant increase in housing starts and building
