The rating on Temple, Texas' bonds reflects: * A stable though concentrated base of incremental assessed valuation, * Good historical coverage levels, and * A pay-as-you-go capital plan. The district's captured AV of $56 million is largely industrial and concentrated, with the five largest taxpayers comprising over half of the total value. Fiscal 1997 revenues of $1.5 million provided debt service coverage of 2.8 times (x). The ending fund balance was $4 million. On July 1, 1998, the city used surplus revenues to call all $1.8 million of its remaining series 1988 bonds due 1999-2007. With that, only $750,000 remains outstanding of the 1992 series and maximum annual debt service drops from $543,000 to $213,000. Given current revenue levels, future
