Michigan

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.

The state's top court Thursday will hear oral arguments for four controversial ballot proposals that have wound their way through the state's legal system.

Standard & Poor’s last week revised its outlook to positive from stable on Michigan State University and affirmed its AA long-term rating.

Michigan’s recent legislative action reforming its largest retirement system is a credit positive for local school districts, Moody’s Investors Service said last week.

Michigan Gov. Rick Snyder and Attorney General Bill Schuette last week filed court papers seeking to dismiss a ballot proposal that would protect collective bargaining rights by making them part of the state constitution.

The Detroit-Wayne County Airport Authority comes to market this week with new-money and refunding airport revenue bonds.

The Legislature Wednesday approved a handful of reforms to the state's massive public school employee retirement system, but delayed until after November one of the biggest decisions – whether to convert the entire system into a 401(k) plan.

Triple-A rated Oakland County Tuesday sold $58 million of wastewater bonds to finance the purchase of Pontiac's sewer system. The troubled Detroit suburb will use the cash to pay off its debt and eliminate a general fund deficit.

The Flint, Mich., City Council last week voted to file a lawsuit to prevent the new emergency financial manager from taking office, saying the city's financial position has significantly improved since the state took it over last December.

Residents in the three-county Detroit area approved a tax increase that will allow the Detroit Institute of Arts to stay open.