The 'AA-' rating on Portage, Mich.'s bonds reflects the city's: Strong economic performance, Solid financial operations, and Moderately low debt levels. Mitigating factors include some tax base concentration and limited revenue flexibility. Debt service on the special assessment bonds will be paid primarily from the collection of uncollected assessments, which become due on and after Aug. 1, 2002. In addition, the city has pledged its limited tax full faith and credit as security. Portage is halfway between Chicago and Detroit on Interstate 94 in Kalamazoo County. The city encompasses 34.5 square miles and has 44,897 residents. One third of the land is zoned for residential use and the city also has a large commercial and industrial base. The city's leading
