The 'AA+' rating on Vandercook Lake Public Schools, Mich.'s $5.11 million 2004 unlimited-tax GO refunding bonds reflects the district's participation in the Michigan School Bond Loan Fund Program. The 'A-' Standard & Poor's underlying rating (SPUR) reflects: Participation in the Jackson, Mich. MSA; Growing enrollment, which is linked to state aid; Solid financial position; and Moderate overall debt burden. These strengths are tempered by a local economy that has experienced a rise in unemployment levels over the past few years and moderate taxpayer concentration. The bonds are secured by the district's unlimited-tax GO pledge. The district is located in Jackson County, Mich. ('A+' GO rating), just south of the city of Jackson ('A-' GO rating) and mostly within Summit Township.
