The 'AA+' long-term rating on Lake Orion Community School District, Mich.'s unlimited-tax GO refunding bonds reflects the district's qualification for participation in the Michigan State School Bond Loan Fund program. The 'A' Standard&Poor's underlying rating (SPUR) reflects the district's: Primarily residential status in Oakland County, with the local economy anchored by a General Motors Corp. (GM) facility; Steady and consistent tax base growth; Above-average wealth and income levels; and Improving financial position. The district's very high debt burden and slow amortization, combined with expenditure pressures associated with enrollment growth are mitigating rating factors. The district's full faith and credit pledge secures the bonds. The district is centrally located in Oakland County ('AAA' GO rating) 30 miles north of
