Michigan

CHICAGO — Michigan Republican Governor-elect Rick Snyder has tapped Utah’s top budget official as his new budget director, starting Jan. 1.

CHICAGO — The Wayne County Airport Authority will begin refunding more than $1 billion of senior-lien general airport revenue bonds Monday to achieve interest-rate savings and take advantage of the federal alternative-minimum tax holiday.

CHICAGO — Officials in Hamtramck, Mich., said they would try to set up a meeting with state Treasurer Robert Kleine in a fresh effort to win permission to file for bankruptcy.

CHICAGO — Officials in Hamtramck, Mich., said they would try to set up a meeting with state Treasurer Robert Kleine in a fresh effort to win permission to file for bankruptcy.

CHICAGO — Michigan officials Wednesday said they denied a request by the Detroit suburb of Hamtramck for permission to file for bankruptcy.

CHICAGO — A Detroit legislator was poised Wednesday to sponsor a package of bills that would allow Michigan to securitize up to $400 million of its tobacco settlement payments to erase the deficits carried by Detroit Public Schools and 41 other state school districts.

CHICAGO — The board of the Detroit Medical Center voted to extend the deadline for its $1.5 billion acquisition by a for-profit Tennessee health care company to Dec. 31, saying the parties were still waiting for state regulatory approvals.

CHICAGO — Midwestern voters next week go to the polls to decide the fate of $2.16 billion worth of borrowing requests, choose new governors, and decide spending and taxing measures.

CHICAGO — The triple-A rated University of Michigan Wednesday will sell $220 million of general revenue bonds to finance part of its 10-year, $5.5 billion capital plan.

CHICAGO — Michigan will hit the market Wednesday with $1.1 billion of short-term general obligation notes in what has become the state’s annual borrowing to cover expenditures while it awaits tax revenues.

CHICAGO — The Wayne County, Mich., Board of Commissioners last week gave preliminary approval to $700 million of debt to build a large new criminal justice complex in downtown Detroit.

CHICAGO — Michigan fiscal analysts estimate that up to 15% of $1 billion of special assessment debt issued by local governments to finance residential growth is at risk for default.

CHICAGO — Detroit’s fiscal problems could act as a contagion for local governments across Michigan and the state itself, driving up borrowing costs and restricting access to credit, warns a new report by the Legislature’s independent Senate Fiscal Agency.

CHICAGO — Novi, Mich.-based Trinity Health Credit Group, one of the country’s largest health care systems, enters the market Wednesday with $276 million of debt.

Detroit Public Schools emergency financial manager Robert Bobb said he was "very, very happy" with the final interest rates the troubled district saw on its $210 million stimulus-related borrowing Wednesday.

CHICAGO — Detroit Public Schools emergency financial manager Robert Bobb is promoting an investment in Wednesday’s $210 million sale of taxable stimulus bonds as an investment in both the troubled district and the future of Detroit.

CHICAGO — Detroit Public Schools will hit the market Tuesday, taking retail orders on roughly $210 million of debt and opening it up to institutional buyers Wednesday.

CHICAGO — Michigan lawmakers Wednesday were expected to wrap up the final $46.7 billion all-funds budget for 2011 as the state heads into a new fiscal year Friday.

CHICAGO — Michigan’s largest charity-care provider, already junk-rated, saw its outlook revised to negative by Moody’s Investors Service Monday.

CHICAGO — Detroit-based law firm Lewis & Munday PC has been on a small hiring spree since last year and has opened an office in New York with an eye on Connecticut.