The 'A-' standard long-term rating and Standard&Poor's underlying rating (SPUR) on Durand, Mich.'s unlimited-tax GO bonds reflects the city's: Proximity to employment opportunities in Flint, Mich. and Lansing, Mich.; Sound financial performance with adequate reserve levels; and Moderate debt burden with limited future capital needs. Below-average income levels are an offsetting factor. Durand is located 15 miles southwest of Flint and 25 miles northeast of Lansing, with both metropolitan areas easily accessible via Interstate 69. According to the 2000 U.S. Census, after holding steady from 1980-1990, Durand's population declined 8% between 1990 and 2000 to 3,933. The city's 2002 median household effective buying income level was below average at 87% of the national and 84% of state averages.
