The rating on Texas City, Texas' bonds is based on: * A concentrated tax and employment base; * Good financial performance, improved since fiscal 1991; and * A high debt burden with a slower than average rate of retirement. Texas City is a deep-water port located nine miles north of Galveston and 40 miles from Houston. The economic base includes a significant presence in the petrochemical industry, including the largest gasoline refinery operated by Amoco Oil Co. The port has also attracted large investment by Union Carbide Inc., Sterling Chemicals, Inc., Phibro Petroleum Co., and others which operate stable and profitable facilities. As a result of the industrial activity, the tax base is very large at $3.9 billion, though also
