The ratings on West Contra Costa Unified School District, Calif.'s GO bonds reflect: Continued stable financial performance and recovery from the district's financial mismanagement in the early 1990s, Steady improvements in reserve levels, and Below-average total overlapping debt levels. Offsetting credit concerns include 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 records from 1996-1997. In addition, the district continues to repay $1.8 million annually in debt service for a $30 million state loan that provided the district with emergency funding in the early 1990s, when the district was in deficit operations. The bonds are secured by unlimited ad valorem property taxes. Located 15 miles northeast of
