Caitlin Devitt

Shut out of the public market by its junk-bond ratings and fiscal problems, cash-strapped Detroit on Thursday closed an $80 million private placement that pushes off a debt-service payment less than two weeks away.

CHICAGO — After winning the top financial advisor spot in Indiana last year, Sycamore Advisors LLC has hired a new employee and is considering another hire with an eye toward expanding beyond the state over the next few years.

The Pontiac School District plans to privately place $16 million of tax anticipation notes, one of several Michigan school systems eying the increasingly popular alternative to a public offering.

The Michigan Finance Authority was the nation's fifth largest issuer last year, driven largely by its last-minute, late-December issuance of $3.32 billion of short-term bonds to pay off the state's unemployment liability.

The Detroit City Council approved a $150 million bond sale that will generates cash to cover looming debt-service payments.

The board of Kent State University approved a plan to issue $170 million of bonds to finance a large capital improvement plan. The debt will be general-receipts bonds with a 30-year maturity.

Allen Park officials last week sent a letter to Michigan Treasurer Andy Dillon asking the state to launch a preliminary review of the city’s finances. The first step that could lead to a state takeover.

Moody’s Investors Service downgraded to Aa3 from Aa2 Wyoming, Mich.’s sewage disposal revenue bonds, as the city prepares to come to market with a $3.1 million refunding for savings.

Indiana Gov. Mitch Daniels appointed Sen. Connie Lawson as the new secretary of state after Charlie White was convicted of six felonies, including voter fraud.

Michigan Gov. Rick Snyder said Monday that a consent agreement to stabilize Detroit's financial position could be in place by the end of the week.

Detroit suffered fresh blows to its credit standing, while Michigan faces its own legal setbacks tied to its efforts to impose oversight on fiscally hobbled municipalities.

CHICAGO — The Ohio Department of Transportation announced that it has formed a new division dedicated to ramping up the state's privatization efforts in an effort to lower costs and find new funding sources.

Hamilton County, Ohio, sold its public-safety hospital for $15 million in an effort to plug a chronic shortfall in the fund that runs the county's two main sports stadiums.

South Dakota’s new fiscal 2013 budget should be positive for local school districts, which are in line to see a 2.3% per-pupil increase as well as a one-time financial increase, according to Moody’s Investors Service.

Detroit Mayor Dave Bing announced Monday he had sent a draft of a consent decree to the City Council for review.

Moody's Investors Service hit Detroit with a two-notch downgrade Tuesday afternoon, while hours earlier an Ingham County circuit court judge issued a decision that could delay negotiations between Michigan and its biggest city over a proposed consent agreement.

CHICAGO — Ohio comes to market Tuesday with $431 million of general obligation bonds after winning a rating-outlook boost from Moody's Investors Service.

Michigan Gov. Rick Snyder indicated that the state would not step in to help Detroit cover its looming debt payments even if the city does not have enough money to meet those obligations.

Detroit would issue $100 million of new-money self-insurance bonds and push off $37 million of near-term debt service as part of Michigan's plan to pull the city back from the brink of insolvency.

CHICAGO — Ohio Gov. John Kasich Wednesday unveiled a $1.74 billion, two-year capital plan that would rely on $1.36 billion of general fund-backed bonds.