Vista Unified School District, Calif.'s certificates are secured by the district's lease rental payments. Inherent in a lease structure is the risk of nonappropriation. The Standard & Poor's underlying rating (SPUR) reflects the district's good general creditworthiness and an asset-transfer lease structure that includes the district's covenant to budget and appropriate lease rental payments. The district is leasing its Lincoln Middle School facility as collateral for the bonds. The rating also reflects some pressure on finances due to strong enrollment growth, offset by a stable local economy and continued strong financial operations. The district (population 204,000) comprises 39 square miles within San Diego County and provides primary, secondary, and special educational services to residents of all or a portion of
