West Contra Costa Unified School District, Calif.'s TRAN rating reflects the district's general fund pledge and strong coverage of debt service at the June 30, 1999 repayment date. The TRANs are secured by general fund taxes, revenues, and other monies attributable to fiscal 1998-1999. The district has pledged to segregate from general fund revenues 50% of the principal amount in both April and May 1999 and interest in June 1999. Debt service coverage by projected available net general fund cash balances at June 30, 1999 is an adequate 1.18 times (x). The district also has access to significant borrowable sources of additional liquidity that boost coverage to a strong 1.6x. Debt service will be held by a third-party fiscal agent
