Michigan

Detroit Public Schools will enter the market with a $142 million bond issue that will allow the troubled district to get out of an agreement with Assured Guaranty Inc. that for years has cramped its ability to borrow.

A federal bankruptcy court last week approved a deal allowing the Flint-based McLaren Health Care Corp. to buy Cheboygan Memorial Hospital, a troubled facility located in northern Michigan.

A move to eliminate Michigan’s personal property tax would likely drive up real property taxes, a coalition of public school leaders warned last week.

Detroit Mayor Dave Bing Friday announced his two appointments to the nine-member financial review board that will oversee the city’s finances as part of the new consent decree with the state.

The Michigan House Local, Intergovernmental and Regional Affairs Committee last week began considering a bill to increase the amount a troubled municipality could borrow from the state to $20 million from $3 million.

A battle over competing international bridge plans in Michigan that has roiled the Legislature for years could find resolution with a public vote later this year.

Michigan said it withheld its April 20 state aid payment to the Pontiac City School District, a move that Moody’s Investors Service warned presents a severe credit challenge to the already troubled system.

CHICAGO — The Michigan Senate Wednesday launched the first hearing on Gov. Rick Snyder's controversial measure to eliminate the state's personal property tax, a move that would likely bring more pain for already-struggling local governments.

Michigan Gov. Rick Snyder last week determined that a financial emergency exists in Muskegon Heights Schools, a district in a Detroit suburb that has been plagued by years of deficits and falling enrollment.

CHICAGO — Michigan is touting the strong history and credit quality of its water loan program as it brings $240 million of triple-A rated clean and drinking water revenue bonds to market Tuesday.

CHICAGO — Detroit Mayor Dave Bing's office Wednesday presented a $2.5 billion all-funds fiscal 2013 budget that marks the first step in a rigorous new budget process required under the historic consent agreement the struggling city signed with Michigan last week.

CHICAGO — The Michigan Finance Authority is bringing $153.4 million of revenue bonds to market next week on behalf of the Oakwood Obligated Group, a four-hospital system located in the Detroit area.

Despite legislative setbacks and an ongoing battle with a powerful Detroit family, the leaders of Michigan and Canada continue to tout as a top priority a new $4 billion bridge to span the nation's busiest trade route between Detroit and Canada.

Moody's Investors Service Monday knocked down its rating on $4.6 billion of Detroit water and sewer debt by three notches, a move the agency said reflects the risk that the city will default or file for bankruptcy.

A financial emergency exists in Muskegon Heights Schools, said an eight-member, state-appointed team that has reviewed the district’s finances.

Fitch Ratings this week affirmed Romulus’ BBB-plus rating and revised its outlook to stable from negative, citing the city’s improving financial operations.

As Detroit and Michigan officials work against the clock to come to an agreement to stabilize the city’s finances, Rep. Hansen Clarke, D-Mich., introduced a bill that would secure up to $500 million in federal funding for the city.

CHICAGO - Michigan officials filed an appeal Tuesday afternoon against a circuit court decision that has prevented the state team reviewing Detroit's finances from meeting.

CHICAGO — The Michigan Senate last week advanced a measure to divert a piece of the state's fuel sales tax to finance transportation infrastructure projects, part of an effort to raise more money for the depleted roads fund.

The Pontiac School District plans to privately place $16 million of tax anticipation notes, one of several Michigan school systems eying the increasingly popular alternative to a public offering.