The 'AA-' rating on the city of Tacoma, Wash.'s GO bonds reflects sustained growth in assessed valuation (AV), and solid financial management with demonstrated investment in infrastructure and facilities that will support long-term revenue growth. The rating also reflects: The city's full participation in the Puget Sound region's expanding and diverse economic base; Conservative fiscal policies which should enable the city to successfully operate without financial disruptions in an Initiative 747 environment (limiting revenues to 101% over the previous year plus new construction), and Solid financial performance with a moderate overall debt burden; These factors are somewhat mitigated by average wealth and income indicators. The bonds are secured by the city's ability to levy unlimited ad valorem taxes. Proceeds of
