Michigan

After cancelling a special session Monday, the Detroit City Council could meet as early as Tuesday to reconsider last week's 8-1 rejection of a contract that would make Miller, Canfield, Paddock and Stone PLC the city's special counsel.

A day after the Detroit City Council rejected a key condition of the state's release of $30 million of badly needed bond proceeds, the city's CFO said that unpaid furlough days and other cuts could offset the loss and that "bankruptcy is not an option."

Moody's Investors Service said Tuesday that it is maintaining its negative outlook on Michigan's local school districts, nearly a quarter of which have been downgraded since 2009.

After three hours of angry public comment, Detroit City Council Tuesday rejected a legal contract with public finance firm Miller Canfield that the state said is needed to win release of badly needed bond proceeds from a state-controlled escrow account.

The Michigan Supreme Court may consider a lawsuit that seeks to remove the emergency manager of Detroit Public Schools after voters overturned the state’s emergency management law Nov. 6.

Triple-A rated Oakland County wants to take advantage of a new state law and issue GO bonds to refinance roughly $500 million of outstanding certificates of participation it issued in 2007 to cover its retiree health care liability.

Detroit Mayor Dave Bing and the Michigan treasurer Thursday signed a new agreement outlining 10 key reforms the city must implement over the next several weeks to access dollars from a bond-funded escrow account controlled by the state.

A week after voters overturned Michigan's controversial emergency management law, two of the state's six emergency managers are planning their exits and officials say the repeal could set the stage for the state's first municipal bankruptcy.

Detroit Medical Center CEO Mike Duggan announced last week he will step down by the end of the year, a move largely seen as clearing the way for a run for Detroit mayor.

Detroit Chief Operating Officer Chris Brown, key aide to Mayor Dave Bing, is leaving to take a job at Vestas Americas, a wind power provider.

Voters Tuesday repealed Michigan's controversial new law for fiscally stressed local governments, a move that Gov. Rick Snyder warned could lead to some municipalities declaring bankruptcy.

Plainwell Community Schools has sued Michigan after the state refused to sign off on a privately placed bond sale that would allow the district to pay off a state loan and generate interest-rate savings.

Moody's Investors Service cut its underlying rating on Dewitt Public Schools, Mich. to A1 from Aa3.

Gov. Rick Snyder Monday appointed long-time municipal finance veteran John Axe to the Michigan Judges Retirement System Board.

Two of Michigan's largest providers Wednesday announced plans to merge to create a new $6.4 billion system, joining the growing number of providers nationally who are hoping to consolidate.

Voters across Midwestern states face a slew of tax, spending, and bond referendum along with policy questions that pack a fiscal punch including whether Michigan's emergency management should be preserved and the state's ability to raise taxes limited.

Standard & Poor’s said the announcement of a proposed merger between health care giants Trinity Health and Catholic Health East does not affect their credit ratings yet, but that a consolidation would likely result in a credit with a weaker rating than Trinity’s AA rating.

Wyoming, Mich.-based Metro Health is seeking a strategic partner for a merger to help navigate changes in the health care industry.

Michigan officials Monday opted to push back by two weeks a $100M general obligation bond sale amid market disruption from Hurricane Sandy. The sale, which was set to price competitively Wednesday Oct. 31, will now sell Nov. 15, officials said.

Crittenton Hospital, in an affluent suburb of Detroit, comes to market Tuesday with $108M of new-money and refunding bonds.