Michigan

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.

CHICAGO - The chair of a Senate subcommittee in Michigan Wednesday abruptly put off a key vote on a $4 billion, partly bond-funded bridge linking Detroit and Canada.

Michigan could see an unexpected surplus of nearly $300 million for fiscal 2011, which ended Sept. 30.

Moody’s Investors Service last week downgraded Lansing to A1 from Aa2, warning that the Michigan capital faces significant declines in property valuation and has a history of operating deficits.

CHICAGO - A close look at Flint, Mich.'s long-standing fiscal problems provides a glimpse into the challenges facing many of America's older industrial cities, according to a case study released last week by Michigan public finance scholars.

A possible state-ordered takeover of Flint advanced last week when Michigan Gov. Rick Snyder appointed a financial review team to examine the troubled city’s finances.

CHICAGO - Detroit Public Schools' new chief financial officer says the district's upcoming $239 million deficit bond sale will help put it on the road to stable fiscal health, allowing it to avoid the short-term borrowing it has relied on for years and erase a chunk of its structural deficit.

CHICAGO - Gov. Rick Snyder is pushing a measure to eliminate or trim Michigan's personal property tax, which could pressure localities that rely on the money for operating costs and debt repayment, according to the Senate Fiscal Agency and local government proponents.

CHICAGO - Michigan Gov. Rick Snyder this week unveiled $145 million of proposed cuts, mostly tied to the correctional system, to balance the budget as the state embarks on a fresh fiscal year starting Saturday.

CHICAGO — Michigan-based Trinity Health Corp. will bring the year's largest health care deal to market next week when it sells $648 million of debt, some of which will finance its recent acquisition of Loyola University Health System.