Caitlin Devitt

Breaking a weeks-long silence, a spokesman for Michigan Gov. Rick Snyder told The Bond Buyer that the state supports Detroit's plan to default and treat its GO debt as unsecured. It answers a question that's been on the mind of the muni market since Kevyn Orr unveiled his controversial plan in June.

Ohio lawmakers last week sent a two-year $62 billion operating budget to Gov. John Kasich, who will sign the spending plan into law by Sunday, a day of the state's new fiscal year July 1.

Indiana Gov. Mike Pence has named Brian Bailey as the state's new budget director, replacing Chris Atkins who will become director of the Office of Management and Budget.

Michigan Gov. Rick Snyder appointed a former human resources director at the city of Pontiac to serve as emergency manager of Hamtramck, which now enters its second state takeover in less than 10 years.

The Gary/Chicago International Airport Authority is on a fast-track to privatize the airport and surrounding land to help revitalize the struggling city of Gary and position the facility as Chicago's third regional airport.

Moody's Investors Service revised its outlook to negative on the NCAA, warning that litigation tied to the growing public debate over the treatment of student-athletes pose risks to the agency's operations.

After a massive restructuring of Pontiac, Mich., emergency manager Louis "Bud" Schimmel says he's ready to retire after tackling one last obstacle: the city's retiree health care debt.

University Hospitals, one of Cleveland's largest systems, wants to acquire nearby EMH Healthcare.

Detroit's restructuring plan illustrates how unfunded pension and health care liabilities threaten bond insurers, Moody's Investors Service said in a comment Monday.

Posey County, Ind. will bring nearly $1.3 billion of short-term refunding debt to market for a controversial fertilizer plant after the state dropped its support.

Detroit emergency manager Kevyn Orr ordered an inspection of all the city employee benefit programs for possible corruption or mismanagement.

Detroit announced Wednesday plans to build a $650 million hockey and entertainment complex downtown that would rely on $300 million of private activity bonds for financing.

Detroit's controversial debt restructuring proposal illustrates the need for clarity in a shifting municipal market, the director of municipal research at Breckinridge Capital Advisors said Wednesday.

Detroit emergency manager Kevyn Orr knows the muni market is rattled that the city would cut GO debt in a restructuring, but says investors had plenty of warning signs.

The Michigan Court of Appeals Friday blocked an Ingham County judge's order that an aide to Gov. Rick Snyder turn over the names of all candidates for the Detroit emergency manager position.

Fitch Ratings downgraded to D from C the rating on $1.5 billion of pension obligation certificates of participation issued by Detroit in 2005 and 2006. The downgrade comes after Detroit missed a $39.7 million pay due on the COPs last Friday.

Michigan attorney general Bill Schuette issued a formal opinion arguing that the Detroit Institute of Art's prized art collection is off limits to creditors or Detroit officials struggling to cover the city's debt because it is held in a charitable trust.

Detroit's plan to treat all $11.4 billion of unsecured debt the same is aggressive and would set a precedent in the market, analysts said.

Detroit's decision to default on its unsecured debt could be an opportunity for the city's bond insurers to prove their importance in the market.

Detroit’s announcement Friday that it will default on some of its bonds, including a $39.7 million pension certificate payment due Friday, could have major repercussions for the municipal market, analysts and bond attorneys said.