The rating on West Contra Costa Unified School District, Calif.'s notes reflects the district's general fund obligation pledge and strong coverage of debt service at June 30, 1998. The TRANs are secured by general fund taxes, revenues, and other monies attributable to fiscal 1997-1998. The district has pledged to segregate from general fund revenues 50% of the principal amount in both April and May 1998, as well as interest in June 1998. Debt service coverage by available net general fund cash balances at June 30, 1998 is a strong 1.6 times (x). The district also has significant other legally borrowable cash balances. Debt service will be held by a third-party fiscal agent in a guaranteed investment contract (GIC) until TRAN
