The rating on Glendale, Ariz.'s revenue refunding bonds reflects the city's: Sound legal provisions, which include a historical additional bonds test requiring 3 times (x) coverage of maximum annual debt service (MADS); Excellent debt service coverage (DSC) level of 39.68x in fiscal 1998; Solid growth of pledged revenues averaging 10% annually since fiscal 1995; Rapid amortization of debt with the final maturity on these bonds being in 2009; and Participation in the strong and diverse Phoenix, Ariz. MSA. The bonds are payable from an installment purchase payment to be made by Glendale under a lease agreement with the city's municipal corporation. The installment purchase payments to be made by the city are payable and secured by a lien on the
