Caitlin Devitt

Michigan Gov. Rick Snyder Thursday morning declared that a state of fiscal emergency exists in the suburban Detroit-area Highland Park School District and state officials said they would be forced to advance the district its January state aid payment so that it could cover its bills, including this week's payroll.

Detroit can avoid a state takeover if city officials reach a deal with unions by early February, Michigan Treasurer Andy Dillon said Tuesday.

A recently abandoned plan to build a light-rail line in Detroit won new life last week when the federal government agreed to give local officials 90 days to refine a less costly plan.

Detroit Mayor Dave Bing told the City Council last week that contrary to earlier projections, the city would not run out of cash by April.

Indiana has become the fourth state in the country to reach an agreement with Amazon.com Inc. for the retail giant to collect state sales tax on Internet purchases.

The Indiana Finance Authority has issued a request for qualifications from legal firms interested in serving as transaction counsel on the state's portion of the $2.6 billion bi-state Ohio River Bridges project.

CHICAGO — Indiana's chief budget official is stepping down.

Seattle-based Perkins Coie LLP has hired a trio of public finance attorneys who will work out of the firm's Chicago office to help expand its health care business.

A week ahead of Michigan's formal revenue forecasting conference, an independent fiscal agency has released a report suggesting the state could end its current fiscal year with a $736 million surplus.

Indiana lawmakers returned to work Wednesday for a short session that begins with controversial labor legislation but will also likely include bills advancing a $1.3 billion bond-funded mass transit plan and raising more revenue for cash-strapped local governments.

Ohio will bring its first deal of the year to market next week, $174 million of general obligation bonds that will be used in part to finance the creation of high-paying technology jobs.

South Dakota Gov. Dennis Daugaard has proposed a constitutional amendment to require a structurally balanced budget every year and prohibit the state from issuing debt to cover operating expenses.

Moody’s Investors Service last week warned of a possible downgrade to bonds issued by the Central Plains Energy Project in 2007.

Fitch Ratings last week upgraded to AAA from AA-plus its rating on $60 million of ad valorem bonds issued by the Indianapolis Local Public Improvement Bond Bank, which functions as the borrowing arm of the triple-A rated Indianapolis.

When it comes to direct bank loans, the profile of the borrower should determine disclosure standards, said panelists on a recent webinar hosted by the Council of Development Finance Agencies.

The nation's largest nonprofit health care provider has extended its reach into the Chicago-area market with the acquisition of a suburban hospital chain.

The 10-member state-appointed financial review team that will begin digging into Detroit's finances next week is a diverse mix of high-profile state officials and local community leaders and businessmen.

Michigan-based Trinity Health, one of the nation's largest Catholic health care systems, will invest up to $150 million over the next five years as part of its acquisition of Mercy Health System if the deal is approved by an Illinois review board.

Michigan scored an interest rate of 0.24% on $3.32 billion of short-term, variable-rate bonds it priced Monday to pay off a mounting federal unemployment liability.

Moody’s Investors Service last week downgraded to A3 from A2 the Metrohealth System in Ohio and revised the outlook to negative from stable.