Michigan

CHICAGO — Michigan starts the week off with a three-day pricing of a $3.3 billion unemployment-obligation assessment revenue bond issue in the largest deal of the year so far.

Michigan officials said that an upcoming bond deal that is critical to keep Detroit's finances stable will be derailed if city officials proceed with a lawsuit challenging the city's recent consent decree with the state.

CHICAGO — Michigan legislators Tuesday sent Gov. Rick Snyder the final piece of a $48.2 billion all-funds fiscal 2013 budget that reflects the state’s stabilizing fiscal position.

Detroit's corporation counsel has asked the Michigan Court of Claims to overturn the consent decree recently inked between the state and city that allowed Detroit to avoid an emergency takeover.

Federal transportation officials said they want additional information before committing funds to a proposed light-rail line financed by private investors along one of Detroit's main thoroughfares.

CHICAGO — Michigan Gov. Rick Snyder is reportedly close to reaching a final agreement with Canada on a long-stalled $4 billion trade bridge spanning the Detroit River at the nation’s busiest trade route.

Fitch Ratings downgraded $3 billion of Detroit's sewer bonds as the city prepares to enter the market with a new-money issue in mid-June, in part to cover the expense of terminating costly interest-rate swaps.

The Detroit City Council last week approved a $1.12 billion fiscal 2013 budget that largely adheres to Mayor Dave Bing’s proposed spending plan.

Fitch Ratings last week stripped the Detroit suburb of Taylor of its investment-grade rating and warned of further action by assigning a negative outlook.

Michigan has set June 14 for the sale of $3.3 billion of bonds that the state will use to defease short-term debt issued in late December to pay off its federal unemployment liability.

CHICAGO — Michigan officials are putting the final touches on a fiscal 2013 budget that will likely mark the state’s first contribution since the early 1990s to prefund its towering retiree health care liability.

A struggling film studio located in the Detroit suburb of Pontiac has a new tenant, according to a report in the Detroit Free Press.

Michigan state Rep. Maureen Stapleton, who represents Detroit, last week introduced legislation that would create a bond-issuing authority to take over the city’s troubled lighting department.

Michigan Gov. Rick Snyder appointed Glenda Price, a former college president, to the nine-member financial advisory board that will help oversee the implementation of the consent agreement between Detroit and the state.

Michigan continues to climb out of its devastating 10-year recession and could see its unemployment rate fall to 7.4% by the end of 2014, economists and state fiscal officials said Wednesday at the Legislature’s twice-annual revenue estimating conference.

CHICAGO — Washtenaw County was forced to cover a May 1 debt-service payment for a small Michigan township that doesn't have enough money to meet its obligation on a failed special-assessment development.

Michigan Gov. Rick Snyder last Thursday met with top Canadian officials to talk about a proposed $4 billion, publicly funded trade bridge spanning the Detroit River between Detroit and Windsor, Ontario, according to local reports.

The Michigan Senate last week passed a package of bills that would repeal the personal property tax, but the controversial measure faces a more uncertain fate in the House, which likely won’t even consider the bills until the fall.

CHICAGO — Detroit Mayor Dave Bing Thursday tapped Jack Martin to be the city's new chief financial officer and oversee its urgent efforts to stabilize finances and avoid bankruptcy.

In a closely watched vote, residents of Allen Park, Mich., defeated a bond referendum that would have allowed the struggling Detroit suburb to make debt payments on a controversial failed film studio development.