The rating on Gladwin County, Mich.'s bonds reflects a shallow economic base, below-average income levels, limited taxing flexibility. Other rating factors include a large and growing tax base, a satisfactory financial position augmented by strong reserves in the delinquent tax fund, and a moderate tax burden. Many county residents commute 35 miles to Midland, the location of Dow Chemical Corporate headquarters and to the Midland co-generation plant. The county's employment base is shallow, focused in small manufacturing plants. Agriculture continues to have a strong presence in the county, with 450 farms totaling 80,000 acres. The limited county economy contributes to the historically above average unemployment and low per-capita income. The size of the tax base (over $1 billion in market
