The Standard&Poor's underlying rating (SPUR) on Tustin Public Finance Authority, Calif.'s bonds reflects weak debt service coverage and a low value-to-lien ratio. These weaknesses are offset by: Good access to the Orange County and Los Angeles County employment bases, The large size of the district, and Adequate additional bonding provisions. The bonds are payable from a special tax levied within Reassessment District 95-1 and are secured by a first lien on debt service payments made by the district to the authority. The 95-1district covers almost 3,000 acres and was formed from the combination of two prior assessment districts. The district is largely residential and more than 90% developed. Land uses include mostly single-family and multifamily residential development, along
