Michigan

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.

The proposed combination of the major not-for-profit healthcare players in Illinois, Michigan, and Wisconsin encountered opposition in Michigan.

Michigan avoided deep cuts for fiscal 2021 but is still lobbying for federal relief to make up for coronavirus-driven tax losses as a fiscal 2022 gap looms.

Diverse issuers from NYC to Texas to Chicago to Michigan to PA Turnpikes priced billions into the primary while the secondary again took a back seat.

Michigan now pegs its three year coronavirus-related revenue losses at $5 billion but cautions that much remains unknown heading into 2021.

This week's $800 million deal is the first of $3.5 billion to be sold by the end of 2023 allowing Michigan to beef up its road and bridge infrastructure.

A preliminary settlement would resolve claims against Michigan by Flint residents over the city's 2014 lead-in-water contamination crisis.

The authority's issue will also provide new money to help finance renovations at the state's historic capitol building in Lansing.

Huntington says the Michigan team that came over from Hilltop has experience covering local school districts and governments as well as the state.