The rating on Maricopa County Community College District, Ariz.'s bonds reflects: A very large and growing enrollment base; Revenue diversity derived from three unique income streamsù property taxes, tuition and fees, and state appropriations; Healthy liquidity ratios; and A broad and expanding economic base encompassing the Phoenix metropolitan area. The district, established in 1962, is Maricopa County's only community college district and the second-largest community college system in the nation. Headcount enrollment in fall 1996 was 168,225, up 8% over fall 1993. Most students are part-time, resulting in a full-time equivalent enrollment of 46,200. Headcount for fall 1997 was estimated at 176,000. Increasing tuition and property tax revenues have enabled the district to rebuild its general fund balances, following drawdowns
