The upgrade on Tacoma, Wash.'s bonds reflects substantial completion of the system's second water supply source, which will have only a modest effect on operations and rates of the existing system. The bonds are secured by net revenue of the water system. The upgrade also reflects the city's: Sound and diverse service area economy, More than adequate capacity to meet water demand, Manageable capital plan, and Sound financial operations. Tacoma, with a population of 193,556, is in Pierce County, 32 miles south of Seattle. The leading local employers are Fort Lewis Army Base and McChord Air Force Base, with a total of 30,000 military and civilian employees. The city is a trade center for southwestern Washington, providing education, retail trade,
