Michigan

A lawsuit filed in federal court by 17 states against the Trump administration targets a presidential memorandum ending federal approvals for wind energy.

Michigan lawmakers must pass a 2026 budget before Oct. 1, but the Republican-controlled state House and Democratic-controlled Senate are far apart.

Michigan's Great Lakes Water Authority went to market in June with roughly a billion dollars of bonds, part of a complex transaction that included a tender.

A year after raising its ratings to investment grade, Moody's Ratings upgraded Detroit's issuer and general obligation bond ratings again, to Baa1.

Deals from two small Michigan cities show how bond-funded improvements are used to keep up with water infrastructure replacement needs.

May 6 brought disappointing results for two Midwest states with school bond referendums on ballots, as voters mostly rejected the issuances.

Closing is scheduled for White Lake Township, Michigan's second try at a GO bond sale after the first was interrupted by the cybertheft of bond proceeds.

While the White Lake, Michigan, township hack is the best-known and publicly disclosed cyberattack, there have been others. Some issuers and firms are reluctant to share these experiences publicly.

SEC probe relating to a cyberattack on a Michigan township's bond sale could involve looking into whether investors are getting an accurate picture of the issuer's credit risk, a former SEC enforcement attorney said.

White Lake Township, Michigan, is facing legal action on two fronts: one of them related to the hack of its bond deal closing last year, the other a civil suit. 

Charter schools drove the worst January ever for impairments since Municipal Market Analytics began tracking default trends, the firm said in a Feb. 5 report.

Detroit Public Schools Community District has taken the state Treasury Department to court over its ability to use operating tax revenue to pay down bonds.

The offering document for a White Lake Township bond sale sheds more light on the hack criminals used to intercept funds between the underwriter and borrower.

The battle over ESG investing is spreading in the Midwest, with the recent passage of an Ohio law and a decision by the Indiana Public Retirement System.

It's hard enough convincing local governments to spend money on cyber insurance that covers ransomware attacks, said Omid Rahmani, public finance cybersecurity lead at Fitch Ratings. The new and very specific threat of a hacked financing process, is "absolutely" underappreciated by the public finance industry.

Wednesday marks the 10-year anniversary of Detroit's exit from bankruptcy. Its Chapter 9 declaration in 2013 was the largest municipal bankruptcy in the U.S.

"This matter is now under active investigation by federal authorities and impacted financial institutions, who are coordinating with the White Lake Township Police Department," said Daniel Keller, chief of police, in a statement.

"I'm going to call her the GOAT because she opened doors for women," a county commissioner said of Catherine McClary, a co-founder of Michigan Women in Finance, who died Monday.

Legislation for a local government revenue sharing trust fund in Michigan has stalled in the state Senate. On Tuesday, supportive officials gathered in Lansing.

Some Midwest states, notably Michigan and Ohio, dipped well below a national average that saw roughly two of every three school bond measures approved in November.