The 'A' long-term rating assigned to Michigan Finance Authority's series 2011A local government loan program revenue bonds (revenue-sharing bonds) and on the authority's various series of existing revenue-sharing bonds is based on the pledge of the participating governmental unit's state revenue-sharing funds to the authority as security for the bonds. Participants have pledged their distributable state aid to the authority. According to the pledge agreement, if five days before a loan payment to the authority is due there are insufficient funds held by a depository to make such loan payment, the authority will notify the state treasurer. The treasurer has agreed to advance and intercept revenue-sharing payments in a sufficient amount to make the loan payment. To qualify for a
