Caitlin Devitt

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.

Moody’s Investors Service revised its outlook to negative Monday and affirmed its Aa3 rating on Earlham College. The liberal arts college in Richmond has $36.4 million of direct debt, of which $26.5 million is rated by Moody’s.

CHICAGO — After years of selling its long-term debt through negotiated sales, the Cleveland Metropolitan School District opted to take competitive bids on its recent issue of $55 million of qualified school construction bonds.

CHICAGO — Detroit Public Schools will hit the market Tuesday, taking retail orders on roughly $210 million of debt and opening it up to institutional buyers Wednesday.

CHICAGO — The continuing-care retirement community sector is starting to show signs of stabilization after suffering through two years of hardship, according to credit analysts.

CHICAGO — Michigan lawmakers Wednesday were expected to wrap up the final $46.7 billion all-funds budget for 2011 as the state heads into a new fiscal year Friday.

CHICAGO — Michigan’s largest charity-care provider, already junk-rated, saw its outlook revised to negative by Moody’s Investors Service Monday.

Michigan Gov. Jennifer Granholm told the Detroit Free Press last week that the beleaguered Detroit Public Schools system would likely have to remain under state control for several years.

Fitch Ratings downgraded to A-plus from AA its rating on Reid Hospital & Healthcare Services Inc., affecting $188 million of debt. The outlook remains negative at the lower rating.

A civil engineering group gave Indiana’s infrastructure a grade of D-plus in a report card, warning it needs billions of dollars in improvements. The state’s grade was slightly higher than the nationwide average of D.

CHICAGO — Ohio Tuesday will take retail orders for $582 million of refunding bonds to achieve lower interest costs over the next eight years.

CHICAGO — Investor outreach has become increasingly important as issuers continue to struggle with fiscal and market challenges, said panelists at the Women in Public Finance conference here Thursday.

CHICAGO — The Nebraska Public Power District will enter the market Monday with $270 million of bonds as part of its annual borrowing to finance capital projects.

CHICAGO — North Dakota continues to buck national trends, with officials this week reporting that revenues collected in the current biennium have exceeded projections and that the state is on track to see a $700 million surplus by next June.

CHICAGO — Indiana voters in November are expected to approve a ballot measure to make the state’s property-tax caps permanent — a move some local officials say could deepen the chill on local government borrowing that’s settled over the state since the caps were enacted in 2008.

Kent State University’s board last week approved $250 million of capital projects that feature $210 million of general receipt-backed borrowing.