Michigan

The 10-member state-appointed financial review team that will begin digging into Detroit's finances next week is a diverse mix of high-profile state officials and local community leaders and businessmen.

Michigan scored an interest rate of 0.24% on $3.32 billion of short-term, variable-rate bonds it priced Monday to pay off a mounting federal unemployment liability.

Detroit's stressed fiscal situation warrants a full-blown state review, Michigan's treasurer said in a preliminary analysis of city finances ordered by Gov. Rick Snyder.

Detroit's $500 million senior-lien water bond sale last week saw spreads as high as 178 basis points over the triple-A benchmark scale on the longer maturity serial bonds.

Days before the end of their 2011 session, Michigan lawmakers sent Gov. Rick Snyder legislation that would allow the state to issue up to $3.2 billion of bonds to cover its federal unemployment debt.

Detroit comes to market with nearly $500 million of senior-lien water revenue bonds in a deal that could face headwinds from the city's well-known fiscal woes along with the uncertainties being raised over the treatment of water and sewer debt in Jefferson County, Ala.'s bankruptcy.

Michigan lawmakers are considering a move to reform a controversial law for fiscally stressed municipalities that was recently enacted, in order to head off an effort to repeal it.

Moody's Investors Service put Detroit's already junk-rated unlimited tax general obligation bonds and $4.6 billion of A1-rated water and sewer debt on review for possible downgrade.

Fitch Ratings downgraded Michigan's largest county to BBB-plus from A-minus, warning that it will take years for it to overcome deficits amid a weak economy.

Moody’s Investors Service last week dropped Taylor’s general obligation limited-tax rating three notches to Baa3 from A3.

Michigan Gov. Rick Snyder last week appointed a seven-member review team to examine Inkster’s finances after a preliminary review found evidence of fiscal stress.

Detroit, which is edging closer to a state takeover, could be on the hook for hundreds of millions in termination fees tied to its derivatives contracts on more than $2.5 billion of outstanding debt if the state appoints an emergency manager.

The Michigan Senate Thursday approved legislation that would make Michigan the third state to issue bonds to repay federal loans for unemployment benefits.

CHICAGO — Michigan Gov. Rick Snyder Tuesday announced the appointment of an emergency financial manager for Flint, finalizing the state's takeover of the struggling city.

A group opposed to Michigan's new emergency financial manager law for fiscally stressed municipalities said it is closing in on its goal of gathering enough signatures to suspend the law until it is voted on next November.

Two days after delivering a much-anticipated speech outlining Detroit’s fiscal problems, Mayor Dave Bing announced he would eliminate 1,000 positions — or 9% of the city’s workforce — by the end of February.

CHICAGO - Gov. Rick Snyder dodged a bullet Friday when a divided Michigan Supreme Court affirmed his controversial move to tax retirement income, a measure that balances the two-month-old 2012 budget and is part of the Republican governor's ambitious overhaul of the state's tax code.

CHICAGO - Michigan Gov. Rick Snyder said Thursday he expects Detroit officials will soon request a preliminary financial review - the first step toward a state takeover of the city.

Detroit voters approved a new city charter that imposes a set of ethical rules for public officials.

CHICAGO - The Wayne County, Mich., Airport Authority, which runs Detroit Metropolitan Airport, will come to market Thursday with $127 million of refunding bonds.