Regional News
Detroit Council Rejects Key Miller Canfield Contract, Endangering Badly Needed Cash
Tuesday, November 20, 2012
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After three hours of angry public comment, Detroit City Council Tuesday rejected a legal contract with public finance firm Miller Canfield that the state said is needed to win release of badly needed bond proceeds from a state-controlled escrow account.

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Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.

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