Michigan

Detroit Mayor Dave Bing announced the city would close 50 parks, whittling the number of open parks down to 57, after the city council rejected a proposal to lease the city's largest park to the state for 30 years.

City officials recently warned that the Detroit suburb of Allen Park, which is already under state control, could run out of money by the end of February, and a new audit raises questions about the city's ability to continue "as a going concern."

A deal that would have allowed the state to lease Detroit's largest and most popular park and issue bonds to fix it up may be dead after city council tabled it and Gov. Rick Snyder withdrew the offer.

Moody's Investors Service Monday downgraded to A2 from A1 its underlying rating on Jackson Public Schools ahead of a planned refunding of $11.2 million of general obligation bonds.

Almost $24.75 million of limited obligation revenue bonds issued in 2005 and 2010 for the Old Redford Academy charter school in Detroit could become taxable and have been downgraded by Standard & Poor's because the Internal Revenue Service revoked the school's foundation's tax-exempt status.

Moody's Investors Service placed tobacco settlement revenue bonds of issuers in 17 states and two territories under review with direction uncertain because of legal settlement announced in December. The action affects $20.5 billion of debt.

Michigan Gov. Rick Snyder urged lawmakers to pass legislation to boost gas taxes and vehicle fees to raise at least $1.2 billion of new annual revenue for transportation infrastructure.

The treasury department is replacing Benton Harbor's long-time emergency financial manager, Joe Harris, on Feb. 1.

Newly fired Detroit Corporation Counsel Krystal Crittendon announced Monday she is forming an exploratory committee for a possible bid for mayor.

Detroit is expected this week to win a $25 million federal grant for a long-planned light-rail project along one of the city's main corridors.

Michigan will see a revenue decline and only moderate job growth in 2013 but both should steadily grow over the next few years as the state continues to recover from its "lost decade," economists and state fiscal officials said Friday.

Hours after Detroit Mayor Dave Bing and the City Council fired the city's corporation counsel, Bing said a state review team's decision about whether to take over the city could come as soon as Friday.

Detroit-based law firm Dickinson Wright PLLC, Michigan's bond counsel, announced last week it acquired Phoenix-based Mariscal, Weeks, McIntyre & Friedlander PA.

Detroit's recently filed annual audit warns that the struggling city faces substantial challenge from a possible $440 million cash payment tied to interest-rate swaps that hedge its pension bonds.

Moody's Investors Service downgraded the Bishop International Airport Authority, Mich. to Baa3 from Baa1 citing falling passenger levels and cuts in airline service offerings.

Michigan Gov. Rick Snyder signed into law a bill for fiscally distressed governments, replacing a law voters overturned in a ballot referendum.

Michigan Gov. Rick Snyder last week signed a series of high-profile economic development legislation that creates a Detroit area regional transit authority and a lighting authority for Detroit and other cities.

Standard & Poor's has revised its outlook on Perry Public Schools, Mich. issuer credit rating of BBB-plus to negative from stable due to its ongoing fiscal challenges.

Michigan Gov. Rick Snyder has named the six-member team charged with reviewing Detroit's battered finances in a process that could eventually lead to the appointment of a financial manager.

Detroit Public Schools has released its comprehensive annual financial report, which shows a general fund deficit of $76.3 million, down from $283.9 million.