...S&P Global Ratings assigned its 'A+' long-term rating to Armona Union Elementary School District, Calif.'s $3.18 million series B (election of 2016) general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating on the district's outstanding GO bonds. The outlook is stable. Unlimited ad valorem taxes levied on taxable property within the district secure the GO bonds. The board of supervisors of Kings County has the power to levy these taxes at the district's request for the bonds' repayment. We understand the proceeds of the GO bonds will be used to finance the renovation, construction, and improvement of school facilities. The district's concentration in agriculture has contributed to limited economic factors, such as median household effective buying income (EBI) at 77.0% of the national level, unemployment rate of 7.9% in 2018, and moderate concentration with the top 10 taxpayers representing 30.5% of assessed value (AV). At the same time, the district has...
