Michigan

A group of high-profile Detroit-area supporters from the business and political communities urged lawmakers last week to advance a bill that would create a regional transit authority.

Lawmakers last week approved legislation that allows local governments to issue bonds to cover the costs of shifting to a 401-k style pension plan, as well as to cover their other-post employment benefits liability. Gov. Rick Snyder is expected to sign the measure.

A ballot referendum that would require a two-thirds legislative majority on any tax increases could negatively impact Michigan's bond rating by restricting its ability to cope with tough economic times, warns an independent research group in a report.

Ahead of a November ballot referendum to repeal Michigan's emergency management law, a new survey shows that 38% of local officials support it.

Benton Harbor, which is under state-controlled emergency financial management by Michigan, hopes to win a $7 million loan from the state to help stabilize its finances, according to local reports.

Oakland County, Mich., last week approved a $1.27 billion three-year general-fund budget that includes no tax increases and $500 bonuses for most full-time employees in the first year.

A year after firing its new CEO, the Wayne County Airport Authority, Michigan has hired the airport's long-time CFO Thomas Naughton to serve in the top position.

Michigan Gov. Rick Snyder Wednesday launched a campaign targeting six November ballot measures, including one that could overturn the state's emergency management law.

Michigan Attorney General Bill Schuette last week filed a federal lawsuit to halt a new $245 million American Indian-owned casino set to open in downtown Lansing later this year.

Detroit has hammered out a tentative lease agreement with Michigan to turn the city's popular Belle Isle park into a state park for at least the next 30 years.

Michigan State Sen. Mike Kowell plans to introduce bills to create a new statewide port authority that could issue bonds for economic development projects and expand powers of the Detroit Wayne County Port Authority.

Moody's Investors Service last week downgraded its rating to Ba3 from Ba1 on Ypsilanti Public Schools general obligation bonds, warning that the troubled Michigan district may face a so-called payless payday this year.

The Troy Downtown Development Authority says it will default on nearly $17 million of TIF bonds by November 2013. The bond insurer has threatened to sue or request state intervention if it is forced to cover the obligation and the city doesn't pledge to repay.

Michigan Gov. Rick Snyder Friday declared the Detroit suburb of Allen Park to be in a state of fiscal emergency, due in part to the city's struggle to pay $31 million of general obligation bonds issued for a now-failed film studio project.

A week after hearing oral arguments, the state Supreme Court Wednesday afternoon ruled that three of four high-profile referendums should appear on the November ballot. All three could have long-lasting impact on the state's future if approved.

The Detroit-Wayne County Stadium Authority next week is refunding $61 million of revenue bonds for interest rate savings.

A growing number of local officials are optimistic about their communities' future fiscal stability, a new University of Michigan survey shows. But problems persist, especially among larger jurisdictions struggling with retirement-related debt.

The University of Michigan Health System last week announced it has signed an agreement to acquire a piece of MidMichigan Health, a nonprofit system that serves a 14-county region in the center of the state.

Local communities in eight states with a stake in the controversial mostly bond-financed Prairie State Energy coal project in Illinois could face fiscal stress due to the higher than projected rates they are paying and future financial risks, a new report from an pro-environmental group warns.

Moody's Investors Service cut its rating to Baa2 from Baa1 on Crittenton Hospital, a stand-alone provider that operates in an affluent Detroit suburb.