Michigan

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.

Michigan lawmakers passed a new law for distressed communities that gives them the option of choosing a Chapter 9 bankruptcy, which has never happened there.

The Detroit City Council Tuesday reversed an earlier vote and narrowly approved a controversial three-year legal contract with public finance firm Miller, Canfield that state officials said is necessary for the release of bond proceeds.

The owners of the Detroit Red Wings announced plans to build a new downtown hockey arena to would anchor a $650 million mixed-use development.

Moody's Investors Service downgraded to A2 from A1 its rating on the Detroit-based Henry Ford Health System.

Michigan is expected to launch a fresh review into Detroit's finances next week, paving the way for the possible appointment of state takeover of the nearly bankrupt city.

The Detroit City Council will meet in two special sessions over the next several days to vote on key measures needed to win release of state-controlled bond proceeds and revenue aid that the city needs to make it through both the calendar and fiscal years.

Moody's Investors Service for the third time this year downgraded Detroit Wednesday, warning that a razor-thin cash cushion, political instability, and the recent overturn of the state's emergency management are pushing the city closer to bankruptcy or default.

Michigan senators Tuesday approved a bill that is part of a larger legislative package to create a bond-issuing regional transit system for the Detroit metro area.

Michigan Gov. Rick Snyder last week said the state has still not made a final decision about whether to create its own health insurance exchange or let the federal government run one as part of the new federal health care law.