Michigan

Detroit officials this week announced the city won a $30 million federal grant to help buy and upgrade city buses among other capital upgrades.

City officials say the $102 million of cuts - made without union or city council approval - are needed to avoid "chaos" as the city is on track to go broke by Oct. 15.

Moody's Investors Service last week affirmed its Baa2 rating on Wayne County, Mich., but revised the outlook to negative from stable.

The powerful nine-member financial advisory board that oversees Detroit's consent decree with Michigan undertook its first major action last week, approving $102 million of cuts proposed by Mayor Dave Bing.

The Michigan Supreme Court agreed last week to hear a simmering dispute over a ballot referendum to overturn the state's emergency manager law. The court set a date of July 25 for the hearing.

An Ingham County judge shot down the Detroit Corporation Counsel's motion to reconsider the dismissal of a lawsuit that challenging the city's consent decree with the state. The decision removes one hurdle from the path of a badly needed bond transaction for the city.

Michigan Gov. Rick Snyder last week signed into law legislation that will set aside a portion of sales tax revenues for the cash-strapped transportation fund.

Detroit faces two new lawsuits challenging the city's recent consent decree with the state about its finances.

Michigan and city officials reached an agreement with Bank of America Merrill Lynch that pushes back by two weeks the payment date on $80 million of privately placed notes. The extension gives the city more time to resolve a dispute with its top attorney, who is challenging the city's consent decree with the state.

Michigan Treasurer Andy Dillon last week recommended that the state launch a formal investigation into the finances of Allen Park, which has struggled with growing deficits since issuing $31 million of bonds in 2009.

Michigan officials Friday were hoping to win an extension from Bank of America Merrill Lynch on the payment due date on $80 million of privately placed notes to win more time to settle a dispute with Detroit and move forward with a planned refinancing.

Moody's Investors Service last week placed Crittenton Hospital Medical Center’s Baa1 rating on review for downgrade, warning that the Michigan hospital's debt service coverage ratio has declined below the required covenant provisions.

Michigan Gov. Rick Snyder Monday signed a capital budget bill that authorizes $304 million of debt for projects at higher education institutions.

Moody's Investors Service said it has placed the Baa1 rating of Crittenton Hospital Medical Center, Mich., on review for possible downgrade, affecting $39.7 million in rated debt outstanding.

Detroit will pay yields ranging from 1.72% to 5.30% on $667 million of new-money and refunding sewer revenue bonds that the city's sewer department priced Wednesday.

CHICAGO — Traffic between Michigan and Canada may not be sufficient in the short term to justify construction of a new $3.5 billion trade bridge between the two countries, but that will likely change over the long term, Fitch Ratings said in a commentary released this week.

CHICAGO — Local governments in Michigan would be able to issue municipal bonds to pay off their unfunded pension liabilities if they close their pension plans, under legislation passed by the Senate last week.

The Detroit City Council last week approved the two final positions on the financial advisory board that will oversee the implementation of the city’s consent decree with Michigan.

Fitch Ratings Friday lifted its negative rating watch on Detroit's $1.5 billion of pension certificates of participation after the city made a scheduled $34.2 million debt service payment.

Michigan and Canadian officials Friday announced an agreement to build a new $4 billion, largely bond-financed trade bridge that has Canada taking on nearly all of the financial risk for the massive project.