The rating on Plano, Texas' GO bonds and tax notes, based on the full faith and credit of the city, reflects: A diversified economic base with significant ongoing additional investment; Sustained strong assessed value (AV) growth enhanced by the city's highly desirable location 20 miles north of the Dallas MSA; Significantly above-average wealth and income levels; Conservative financial and debt management policies reflected in monthly expenditure and revenue reporting; Extremely strong general fund reserve levels augmented by additional reserves in various funds, providing significant financial flexibility; and Manageable debt levels enhanced by rapid principal amortization with an increasing percent of financing done on a pay-as-you-go basis, and manageable future debt needs. Plano's 2001 estimated population of 243,000 has grown nearly
