The 'BBB+' Standard & Poor's underlying rating (SPUR) on Gladwin County, Mich.'s limited GO water supply and sewer disposal system bonds reflects: The county's weak operating history and diminishing, although adequate, reserve levels, which pose challenges to its finances in the future; State revenue sharing cutbacks coupled with Headlee Act provisions that limit the county's ability to increase property taxes without a voter override; A limited economy centered on tourism, agriculture, and manufacturing; and High unemployment rates and below-average income levels. County debt levels are low. Debt service expenditures are less than 1% of the county's operating budget. Gladwin County, with a population of 26,023, is in central Michigan. The area economy is dominated by agriculture and recreational activity, given
