The upgrade on Portage, Mich.'s bonds reflects solid growth in the pledged revenue stream equal to 60.9% (21.8% to cities and 39.1% to counties) of the statewide collection of gas and weight taxes after required disbursements to various funds, including the state comprehensive transportation fund, have been completed. Distributions from the state to cities and counties have increased an average of 4.7% and 4.6%, respectively, on an annual basis since 1989. Also reflected in the upgrade is the improved economic performance in Michigan as demonstrated by good income growth, some diversification of the employment base, and a trend of unemployment rates that are below the national average despite labor force increases. The Michigan Transportation Fund program enhances city and county
