The 'AA' rating on Gladwin County, Mich.'s Michigan Transportation Fund bonds series 2004 reflects the county's pledge of annual gas and weight taxes received by the county from the state according to state law Act 51, Public Acts of Michigan, 1951, as amended. The bonds are being issued pursuant to the provisions of Act 51, Public Acts of Michigan of 1951, as amended and resolution adopted by the Gladwin County Board of Commissioners. The bonds are payable from monies to be derived from state-collected taxes returned to Gladwin County from the Michigan Transportation Fund for highway and road purposes pursuant to Act 51, as amended. As additional security for the payment of the principal of and interest on the bonds,
