Caitlin Devitt

CHICAGO - In another move aimed at helping fiscally stressed municipalities enter the bond market, Michigan lawmakers have sent Gov. Rick Snyder legislation that would allow them to refinance outstanding financial recovery debt.

CHICAGO - Detroit Public Schools hopes to enter the market in the next two weeks to float a deficit bond issue that would eliminate two-thirds of its red ink.

The Ohio Housing Finance Agency last week approved the issuance of $15.5 million of tax-exempt multifamily bonds that will be used to renovate affordable housing properties in several counties across the state.

North Dakota said last week it has reached a new record high in daily oil production. Production reached 423,550 barrels a day, according to the Department of Mineral Resources.

Wayne County officials will break ground Thursday morning on a new $300 million, mostly bond-financed lockup in downtown Detroit.

Fitch Ratings downgraded to A from A-plus its rating on Reid Hospital and Health Services last week, warning that the Richmond, Ind., facility continues to suffer from operating losses. Fitch revised the outlook to stable from negative.

CHICAGO - A nursing home in Gary, Ind., has skipped monthly payments that fund debt service since last March, forcing the bond trustee to dip into a reserve account to cover a Sept. 1 interest payment.

CHICAGO - Michael Stampfler, the emergency manager of Pontiac, Mich., resigned Friday after 14 months, calling the job a "sad and almost hopeless endeavor" and warning that bankruptcy or merger are the only real solutions for the troubled Detroit suburb.

CHICAGO - The Ohio State University board this week will consider a proposal to privatize its parking system for an upfront payment from a private operator.

CHICAGO - Some struggling development districts around Omaha have turned to Chapter 9 bankruptcy as a way to restructure debt as they wait out an ailing housing market.

Columbus-based law firm Peck, Shaffer & Williams LLP has hired a new attorney for its Columbus office.

Fitch Ratings last week downgraded to BB-plus from BBB its rating on $80 million of facilities revenue bonds issued for Mercy Medical Center, a 337-bed teaching hospital in Canton.

Michigan Gov. Rick Snyder announced last week that a former superintendent of the Kansas City school system will be in charge of a new system that will operate the state’s lowest performing schools.

Indiana recently said it will hand control of five academically troubled schools to private school-management firms.

CHICAGO - The Indiana Municipal Power Agency, which supplies power to municipal electric utilities, is expected to enter the market Thursday with $88.5 million of power supply system revenue bonds.

CHICAGO - Chicago-based law firm Pugh, Jones & Johnson PC has brought in attorney Lorraine Tyson to replace veteran bond lawyer Scott Bremer, who left two months ago.

CHICAGO - Chicago-based law firm Chapman and Cutler LLP has hired public finance attorney Robert Drillings to staff the New York office and expand the firm's municipal practice there as well as in New England and the mid-Atlantic region.

CHICAGO — The Indianapolis Local Public Improvement Bond Bank plans to enter the market next week with $200 million of subordinate, special-tax bonds to refund debt issued 14 years ago to finance Conseco Fieldhouse, home of the Indiana Pacers pro basketball team.

Ohio Gov. John Kasich is looking to hire a consultant to explore the privatization of the Ohio Lottery.

The Michigan Legislature last week approved a bill to require public employees to contribute to their health care benefits.