The rating on Newark Unified School District, Calif.'s certificates reflects: The general creditworthiness of the district; The strong essentiality of the leased facility; The district's pledge to budget and appropriate annual lease payments; and Additional strength provided by a voter-approved tax override, which is pledged to bond repayment. Proceeds will be used to refund the district's outstanding 1985 certificates. The 1985 certificates were used to refund the 1976 and 1984 certificates, which were used to finance improvements to the Newark Memorial High School site. The bonds are secured by district's lease rental payments. Under an installment purchase agreement, the district has covenanted with the Newark Unified School Building Corp. to budget and appropriate lease payments for the district's high school
