Trinity River Authority, Texas' revenue refunding bonds are secured by a first lien on net revenues provided by contractual payments from five member cities that make up operating and maintenance charges of the participating cities' water and sewer funds. The 'A' rating is based on the underlying credit quality of the water and sewer systems of the participating cities: Bedford, Texas (N.R.); Euless, Texas ('A'/Stable); Grapevine, Texas ('A' (Standard&Poor's underlying rating (SPUR))\Negative); Colleyville, Texas ('A' (SPUR)\Stable); and North Richland Hills, Texas (all debt insured). These systems exhibit the following credit characteristics: Stable, predominantly residential, service areas; Moderate water and sewer rates; Rate flexibility; and Adequate debt service coverage. Payments are based on the participants' proportional water consumption. The
