Standard&Poor's Ratings Services assigned its 'A+' long-term rating to McKinleyville Union School District, Calif.'s 2014 general obligation (GO) refunding bonds. At the same time, we affirmed our 'A+' underlying rating (SPUR) on the district's GO debt. The outlook is stable. The rating reflects our opinion of the district's: Record of maintaining very strong available balances, which we anticipate will continue; Low overall debt burden; and Good financial management practices. Partly offsetting the above strengths, in our view, are the district's projected operating deficits through 2015 and dependence on state funding. Revenue from unlimited ad valorem taxes levied on taxable property in the district secures the GO bonds. The county board of supervisors has the power and obligation to
