Caitlin Devitt

CHICAGO — Michigan will hit the market Wednesday with $1.1 billion of short-term general obligation notes in what has become the state’s annual borrowing to cover expenditures while it awaits tax revenues.

CHICAGO — The Wayne County, Mich., Board of Commissioners last week gave preliminary approval to $700 million of debt to build a large new criminal justice complex in downtown Detroit.

CHICAGO — Indianapolis Mayor Greg Ballard said he would revise key terms of a proposal to lease city parking meters to a private company for 50 years amid rising criticism from members of the Indianapolis and Marion County City-County Council.

CHICAGO — UC Health, which operates the primary safety-net hospital in Cincinnati, is coming to market Tuesday with $207.5 million of revenue bonds to finance capital projects.

CHICAGO — Michigan fiscal analysts estimate that up to 15% of $1 billion of special assessment debt issued by local governments to finance residential growth is at risk for default.

CHICAGO — Detroit’s fiscal problems could act as a contagion for local governments across Michigan and the state itself, driving up borrowing costs and restricting access to credit, warns a new report by the Legislature’s independent Senate Fiscal Agency.

Moody’s Investors Service downgraded to Baa1 its underlying rating on Bishop International Airport.

Standard & Poor’s downgraded to AA-minus from AA its long-term and underlying rating on an Indianapolis-area school district due to a decrease in general fund reserves.

A developer’s effort to renovate South Bend’s tallest building into a high-end boutique hotel and senior-living center advanced last week when the city’s Economic Development Commission approved a plan for $7.5 million of city-issued bonds on behalf of the project.

CHICAGO — Ohio will take bids on $75 million of general obligation bonds Wednesday in the state’s first competitive sale since the 2008 market crash.

CHICAGO — Moody’s Investors Service downgraded more nonprofit health care providers than it upgraded during the third quarter, a trend it expects to continue through 2011, the agency said in a new report.

CHICAGO — The Ohio Housing Finance Agency will take institutional orders Thursday on $130 million of mortgage revenue bonds offered under the federal new issue bond program, marking the agency’s first — and likely its only — new-money transaction of the year.

CHICAGO — Novi, Mich.-based Trinity Health Credit Group, one of the country’s largest health care systems, enters the market Wednesday with $276 million of debt.

Standard & Poor’s removed the capital outlay certificates issued by 23 South Dakota school districts from negative credit watch, raising six ratings, affirming 10, and lowering seven.

The University of Nebraska board of regents will vote Friday on a $56 million plan to expand its Memorial Stadium to make it more competitive with other Big 10 stadiums. The Cornhuskers join the Big Ten conference next year.

Michigan Gov. Jennifer Granholm urged legislators Monday to restore $25 million cut from a tourism campaign after the state discovered it amassed a $120 million surplus during fiscal year 2011, which ended Sept. 30.

Detroit Public Schools emergency financial manager Robert Bobb said he was "very, very happy" with the final interest rates the troubled district saw on its $210 million stimulus-related borrowing Wednesday.

CHICAGO — Indiana auditors warned that the long-struggling city of Gary could face insolvency as it tries to overcome massive drops in property tax revenue tied to the state’s two-year-old tax cap legislation.

CHICAGO — Detroit Public Schools emergency financial manager Robert Bobb is promoting an investment in Wednesday’s $210 million sale of taxable stimulus bonds as an investment in both the troubled district and the future of Detroit.

Moody’s Investors Service upgraded to Aa3 from Baa2 its rating on St. Luke’s Hospital after it officially joined ProMedica Health System.