Michigan

The Michigan Strategic Fund signed off on the borrowing that will be priced by a syndicate led by Citi and Siebert.

Smith, who joined the Michigan-based law firm in 2016, will lead a 16-member team.

“There’s been absolutely no effort made to take this collection of ideas and price it out,” Mayor Mike Duggan said of proposals to change the city charter.

Indiana, Michigan and Ohio budget proposals benefit from a revenue picture that is more optimistic than feared earlier in the COVID-19 pandemic.

The Motor City's spread penalties were reduced by more than half compared to its previous sale in October in a deal that was oversubscribed by 20 times.

S&P Global Ratings raised Detroit's outlook to stable from negative on a BB-minus rating; Moody's affirmed the city at Ba3 with a positive outlook.

State tax revenues remain down compared to pre-coronavirus figures but estimates in a new forecast are higher than its previous official forecast in August.

Former Michigan Gov. Rick Snyder and two former Flint emergency managers entered not guilty pleas Thursday on criminal charges tied to their alleged roles in the Flint water contamination crisis

Michigan Attorney-General Dana Nessel filed misdemeanor willful neglect of duty charges against former Gov. Rick Snyder in a Genesee County court.

Former state Treasurer Jay Rising will take the helm of Detroit's finances next week, replacing Dave Massaron.

Michigan Gov. Gretchen Whitmer named Dave Massaron to replace Budget Director Chris Kolb, who is taking an administrative job at the University of Michigan.

The state will repay borrowing by the Michigan Strategic Fund to cover its $600 million preliminary settlement over the Flint water contamination crisis.

The high-yield deal will mark the junk-rated city's third post-bankruptcy general obligation issue on its own credit, without any external support.

Fitch says the bond-financed settlement provides certainty and leaves the state's reserves intact, which puts the state on sound footing to manage the uncertainties with the coronavirus.

The Michigan Strategic Fund would issue bonds to fund a loan that would go to cover claims stemming from contamination of the city's water system.

The COVID-19 pandemic pushed the Henry Ford Village continuing care retirement community over the fiscal cliff and into a Chapter 11 filing.

The fate of the state budget and ratings may depend on the progressive income tax ballot measure. Midwest voters also face $2.3 billion of bond measures Tuesday.

Detroit's spreads widened from last deal in 2018 but interest rates were lower thanks to overall bond market conditions.

The lawsuit seeks up to $2 billion from JPMorgan, Stifel and Wells Fargo, saying they abetted the crisis in their role selling debt for the Karegnondi water pipeline.

Gov. Gretchen Whitmer signed a $63B fiscal 2021 budget into law last week that Moody's views as a credit positive for local governments.