Michigan

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.

The Michigan Finance Authority was the nation's fifth largest issuer last year, driven largely by its last-minute, late-December issuance of $3.32 billion of short-term bonds to pay off the state's unemployment liability.

The Detroit City Council approved a $150 million bond sale that will generates cash to cover looming debt-service payments.

Allen Park officials last week sent a letter to Michigan Treasurer Andy Dillon asking the state to launch a preliminary review of the city’s finances. The first step that could lead to a state takeover.

Moody’s Investors Service downgraded to Aa3 from Aa2 Wyoming, Mich.’s sewage disposal revenue bonds, as the city prepares to come to market with a $3.1 million refunding for savings.

Detroit Mayor Dave Bing announced Monday he had sent a draft of a consent decree to the City Council for review.

Michigan Gov. Rick Snyder indicated that the state would not step in to help Detroit cover its looming debt payments even if the city does not have enough money to meet those obligations.

Detroit would issue $100 million of new-money self-insurance bonds and push off $37 million of near-term debt service as part of Michigan's plan to pull the city back from the brink of insolvency.

Detroit Mayor Dave Bing late Tuesday blasted Michigan Gov. Rick Snyder for a proposed consent decree that the mayor said is a thinly disguised state takeover of the distressed city.

Standard & Poor’s last week downgraded the city of Allen Park deeper into junk-bond territory, dropping its long-term rating on the Michigan city’s unlimited-tax and limited-tax general obligation bonds to B from BB-plus.

The Michigan treasurer announced Friday that Detroit Public Schools will take over management of the struggling Highland Park School District.

Moody’s Investors Service has downgraded to Baa1 from A3 its rating on the Brighton Area School District and maintained its negative outlook, warning that the Michigan district is facing financial pressures and a significant general fund deficit.