The 'A-' rating on Durand, Mich.'s unlimited-tax GO sewer and water refunding bonds reflects the city's: Proximity to employment opportunities in Flint, Mich. and Lansing, Mich.; Good growth in assessed value of the small tax base due to continued commercial development; Good financial performance with high reserve levels; and Moderate, but manageable, debt burden with limited future capital needs. Low income levels and above-average unemployment offset these factors. Durand is on Interstate 69 between Flint and Lansing. The city is 15 miles southwest of Flint and 25 miles northeast of Lansing with both metropolitan areas easily accessible via the interstate. According to the 2000 U.S. Census, after holding steady from 1980-1990, Durand's population slightly declined between 1990 and 2000, dropping
