The rating on West Contra Costa Unified School District, Calif.'s GO bonds reflects the following credit strengths: Continued stable financial performance and recovery from the district's financial mismanagement in the early 1990s, Sound reserve levels, and A low overall debt burden. The bonds are secured by unlimited ad valorem property taxes. The district has a potential $8.6 million liability due to the state as a result of the state's audit of the district's average daily attendance (ADA) records from 1996-1997. A final decision regarding the audit of the district's ADA is expected within the next few weeks. The state has approved a payback period of eight years. It is expected that financial operations would remain sound should the district be
