Phoenix is the fifth largest City in the United States, the capital of Arizona, and the center of the metropolitan area encompassed by Maricopa County. Phoenix has been one of the most rapidly growing metropolitan areas in the country for several decades in terms of population, employment and personal income growth.
The sustained growth of Phoenix has contributed to the City's use of bonds as a major source of financing for its capital improvement programs. The City issues bonds to fund infrastructure and development through the following major debt categories: General Obligation; Excise Tax Revenue; Airport Revenue; Water Revenue; Wastewater Revenue; Community Facilities Districts; State of Arizona Distribution Revenue; Transit Excise Tax Revenue; and Rental Car Facility Charge Revenue.