The underlying rating on Newark Unified School District, Calif.'s bonds reflects the district's: * Participation in the San Francisco Bay Area's strong and diverse economy, * Above-average income and wealth indicators, and * Large and steadily growing property tax base. These strengths are somewhat offset by above-average and growing debt levels. The district encompasses 13 square miles in southwestern Alameda County, serving the city of Newark, 35 miles southeast of San Francisco. The city (population 40,500) is predominantly residential and largely built-out. Student enrollment, currently 7,247, is projected to grow a manageable 1% annually through 2001. Newark's economic base features manufacturing, retail trade, and services. In addition to the district, leading employers include Ross Stores' headquarters and a Hewlett-Packard plant.
