Michigan

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.

The Michigan Finance Authority closed on $79.5 million of distributable state aid fifth lien and LTGO financial recovery refunding bonds issued for Detroit.

As federal funding dries up, cites are searching for new funding sources.

Xavier University in Ohio is the latest private Midwest college to face bad financial news -- downgrades from two bond rating agencies -- but it's not alone.

Months after the SEC approved several spot bitcoin exchange-traded product shares, a number of Midwest public pension funds are dabbling in crypto investments.

Detroit-based Wayne State University will return to market with $31.7 million of general revenue refunding bonds, with proceeds refunding outstanding bonds.

States may need to look to Florida's catastrophe fund example as extreme weather increases, FEMA denies more requests and insurance becomes unprofitable in much of the Midwest.

Sterling Heights, Michigan, plans to issue $45 million of bonds to help finance a $1.06 billion redevelopment of Lakeside Mall, which closed at the end of June.

Detroit-based international law firm Miller Canfield has hired five public finance attorneys from Ice Miller. All five will join the firm's Chicago office.

The $82.5 billion fiscal 2025 budget includes the final tranche of Rebuilding Michigan Plan bonds.