Michigan

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.

Michigan would issue $3.2 billion or more of bonds to repay federal loans for unemployment benefits under a pair of bills that the Senate Finance Committee unanimously approved Wednesday.

CHICAGO - Michigan Gov. Rick Snyder has declared that Flint is in a state of financial emergency, setting up the long-struggling city for a state takeover.

Fitch Ratings last week downgraded to BB-plus from BBB-minus its rating on junior-lien tax-increment financing bonds issued by the Detroit Downtown Development Authority.

A judge last week approved a restructuring plan for the troubled Detroit Water and Sewerage Department that allows the city to maintain ownership but gives the seven-member board more authority over certain matters, including labor negotiations.

CHICAGO - Novi, Mich.-based Trinity Health's possible acquisition of the stand-alone, 159-year-old Mercy Health System, based in Chicago, last week advanced when the two Catholic health care providers announced they had signed a nonbinding letter of intent to negotiate a union.

CHICAGO - Detroit Mayor Dave Bing on Thursday publicly raised the specter that perhaps only a state-appointed emergency manager will have the tools necessary to solve the long-troubled city's financial woes. He left the door open to the possibility of taking on the role.

CHICAGO - One troubled local school district in Michigan has seen its ratings sink into junk territory while another could be heading toward a state-mandated takeover.

The Michigan state treasurer last week said Three Oaks, located in Berrien County, is out of state receivership.

CHICAGO - Michigan Gov. Rick Snyder laid out an ambitious infrastructure plan Wednesday, saying the state needs $1.4 billion of new money to maintain its roads and bridges and should borrow $600 million for sewer and water projects.

Fitch Ratings last week downgraded the town of Port Huron in eastern Michigan to A-plus from AA-minus, affecting $24 million of general obligation bonds.

CHICAGO - As problems of local governments garner national attention, Michigan's cities and towns continue to face significant stress, with half expecting more pressure next year, but some are starting to see slight improvement, according to a new report by the University of Michigan.