The rating on Newark Unified School District, Calif.'s GO bonds is based on the district's GO tax pledge securing the bonds. Rating factors include the district's: Participation in the San Francisco Bay area's strong and diverse economy, Above-average income and wealth, and Rapidly growing property tax base. These strengths are somewhat offset by high debt per capita, slow principal amortization, and dependence on the state's equalization aid per pupil funding, which in light of the district's slightly declining enrollment trends, constrains revenues. The district encompasses 13 square miles in southwestern Alameda County, which is 35 miles southeast of San Francisco. Newark, with a population of 43,500, and the district are coterminous. District enrollment, which is measured by average daily attendance,
