Michigan

CHICAGO — A Michigan city in receivership paid interest rates in the 6% range to sell a chunk of financial recovery bonds last week.

CHICAGO - One of Michigan's top bond firms has launched a program to help fiscally stressed local governments navigate a slew of new laws crafted by Gov. Rick Snyder and passed by the Legislature this year.

Michigan Gov. Rick Snyder, Treasurer Andy Dillon, and budget director John Nixon met with analysts from all three major rating agencies earlier this week in a bid to boost the state’s credit.

CHICAGO — The Michigan Strategic Fund will enter the market next week with $122 million of revenue bonds to refund debt issued seven years ago to acquire and renovate a downtown Detroit landmark.

CHICAGO — Following passage of a new state law aimed at assuaging investor fears of bankruptcy, the city of Ecorse next week will sell $9.3 million of financial recovery bonds, making it one of Michigan’s only municipalities to enter the bond market while under state-controlled receivership.

The Michigan Legislature has passed a pair of bills that would lower the official municipal-population threshold for levying certain income and utility taxes to 600,000 from 750,000. The measures would effectively apply only to Detroit and allow it to continue collecting the taxes despite recent Census figures that show the city’s population fell to 713,000 during the last decade.

CHICAGO — Michigan-based Kalamazoo College this week is privately placing $36.4 million of bonds, a move that will raise new money and take all of its bonds off the public market to escape a bond covenant that has grown too ­restrictive.

CHICAGO — With the budget behind him, Michigan Gov. Rick Snyder said his top priority is swift passage of a bill that allows the state to enter into a public-private partnership to build a $4 billion Detroit River bridge that will be partially financed with tax-exempt bonds.

CHICAGO — The Michigan Legislature late Thursday was poised to approve a final $46.5 billion 2012 spending plan, marking the earliest finish to the state’s fiscal budget process in three decades.

CHICAGO — Detroit Mayor Dave Bing late Tuesday said he would veto a fiscal 2012 budget passed earlier in the day by the City Council that cuts more than $50 million from his $3.1 billion proposal.

CHICAGO — Michigan lawmakers are considering a package of bills to provide relief for local governments struggling to make debt-service payments on special assessment debt issued for failing developments.

CHICAGO — The Lansing Board of Water and Light will price $250 million of new-money utility system revenue bonds Tuesday to finance construction of a new natural gas plant in Michigan.

CHICAGO — The Board of Trustees of Western Michigan University, one of the state’s largest colleges, is expected to enter the market by the end of May with $68 million of mostly new-money debt.

CHICAGO — As Michigan lawmakers work to finish a fiscal 2012 budget by the end of May, fiscal officials said Monday the long-struggling state is poised to enjoy its strongest revenue growth in a decade.

A Detroit-based group opposed to Michigan’s controversial new emergency financial-management law filed petition language with the state Board of Canvassers for a referendum on it.

CHICAGO — Michigan Gov. Rick Snyder’s choice for emergency manager of Detroit ­Public Schools will enjoy broader powers than his predecessor, but faces a structural deficit that has increased more than 60% in two years.

Michigan Gov. Rick Snyder is now expected to wait until the Legislature ­approves a fiscal 2012 budget before introducing a draft measure to advance a controversial plan to build a publicly funded bridge over the busy trade route spanning the Detroit River.

CHICAGO — Michigan Gov. Rick Snyder warned Wednesday that 23 school districts across the state, most clustered around the Detroit area, qualify for a state takeover under its new emergency financial management law.

CHICAGO — Michigan Gov. Rick Snyder is floating a draft bill to advance a controversial and long-stalled $3.8 billion, partially bond-financed bridge spanning the busy trade route between Detroit and Canada.

CHICAGO — Detroit’s two pension funds late Monday filed a lawsuit against Michigan Gov. Rick Snyder and Treasurer Andy Dillon over the state’s controversial emergency financial management law.