The rating on Puyallup, Wash.'s bonds reflects the following credit strengths: Good financial performance, Continued growth of the tax base, and The city's participation in the diverse Seattle-Tacoma area economy. These strengths are offset by moderate debt levels and taxpayer concentration. The bonds are secured by the city's GO and unlimited ad valorem taxes. The bonds are being issued for the construction of a new library and represent the entire authorization approved by voters in September 1999. Puyallup is located about 7 miles southeast of Tacoma, Wash. and 20 miles south of Seattle. The city is a suburban-residential community with increasing trade and commerce activity based in agriculture, retail sales, and light industry. Population has grown a moderate 2.8% annually
