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Over the past three years, 38 of Michigan’s counties have returned their roads to gravel because they lacked the money needed to maintain their paved infrastructure — and this year nearly half of the state’s counties will be faced with making the same decision, the County Road Association of Michigan warned last week.
February 9 - Michigan
Gov. Jennifer Granholm Friday signed off on legislation allowing Detroit — and all Michigan cities — to issue up to $250 million of fiscal stabilization bonds to help eliminate deficits and pay off short-term obligations.
February 9 - Illinois
Moody’s Investors Service last week downgraded to junk the unlimited-tax general obligation debt issued by the village of Riverdale, in suburban Chicago.
February 9 -
CHICAGO — Purdue University in Indiana will enter the market today with $73.6 million of student fee bonds to refinance some of its variable-rate debt into a fixed-rate mode.
February 8 - Michigan
CHICAGO — Michigan would join a growing number of states allowing local governments to issue bonds to finance loans to residential and commercial homeowners for energy-efficiency upgrades under a bill being considered by a state House committee.
February 5 - Michigan
CHICAGO — Michigan Gov. Jennifer Granholm Wednesday night delivered her eighth and final state of the state address, saying 2009 was a dividing line after a “a decade of hell.”
February 4 - Ohio
CHICAGO — The Ohio legislature yesterday approved a bipartisan measure to put a $700 million general obligation bond proposal on the May ballot to finance one of the state’s largest jobs program through 2016.
February 3 -
CHICAGO — The Indianapolis Local Public Improvement Bond Bank will enter the market today with about $200 million of bonds, in the first of two borrowings that will finance construction of a new, $754 million safety-net hospital for Marion County.
February 2 - Ohio
Three months after Ohio voters approved casino gambling in the state, they will weigh in on another gaming issue on the May ballot: whether to allow a proposed Columbus-based casino to change its location.
February 2 -
The state would privatize the Ohio Lottery and the Ohio Turnpike and use the money to fund a college scholarship program under a bill introduced last week by Sen. Kevin Coughlin.
February 2 -
A plan to build a new hospital advanced last week when the Merrick County Board of Supervisors approved a plan by Litzenberg Memorial County Hospital to build a new $25 million facility and a $9 million long-term care facility.
February 2 -
The Michigan Department of Transportation last week put out a request for proposals seeking construction bids from companies interested in work on a new, $1.8 billion, bond-financed bridge across the Detroit River. The deadline for responses is March 17.
February 2 -
CHICAGO — The Michigan Department of Transportation last week significantly cut its five-year construction plan, warning the state faces the loss of $2.4 billion in federal aid through 2014 because it lacks matching dollars.
February 1 - Ohio
CHICAGO — Suburban Cincinnati’s largest mall has failed to make its last two debt service payments — and is not expected to make its upcoming payment in February — leaving the Port of Greater Cincinnati Development Authority and a pair of suburbs scrambling to figure out how to pay the debt once the reserve fund is drained.
January 28 -
CHICAGO — Cleveland’s single-A rated University Hospitals Health System Inc. plans to open a retail order period Monday for roughly $92 million of refunding bonds in a transaction that will shift a chunk of the system’s variable-rate debt into a fixed-rate mode.
January 27 - Ohio
CHICAGO — Ohio Gov. Ted Strickland used his fourth state of the state address yesterday to highlight a growing alternative energy industry he said would help spark an economic renewal and push lawmakers to approve a $950 million bond program that would finance a technology jobs program.
January 26 - Michigan
A state representative has introduced a bill that would require Michigan to detail the financial impact of all proposed new laws on local government and state revenues.
January 26 - Michigan
Detroit Mayor Dave Bing last week appointed a pair of new city executives, including a former finance chief for the Bing Group.
January 26 - Michigan
Chippewa Valley Schools and Berkley Public Schools are seeking to borrow a total of roughly $260 million to finance capital projects. They plan to seek voter approval for the new debt on the Feb. 23 ballot.
January 26 - Indiana
An Indiana Senate committee was poised to vote late yesterday on a bill that would allow casinos on Lake Michigan and the Ohio River to move onto land.
January 26
