Median home prices within the district are high for a rural...

Median home prices within the district are high for a rural community, reflecting the district's attractiveness to buyers of second homes and telecommuters. Residents of the largest town also have access to job centers in the Fresno region, albeit via a one-hour drive to the south. Separately, the district recently lost about a third of its students and will lose about a third of its tax base in fiscal 2007 due to an annexation vote that removed a portion of the district's far southwest territory. This has been incorporated into the rating and we expect continued property turnover and new construction will translate into a growing property tax base within the school's new boundaries.