Michigan

Gov. Jennifer Granholm Friday signed off on legislation allowing Detroit — and all Michigan cities — to issue up to $250 million of fiscal stabilization bonds to help eliminate deficits and pay off short-term obligations.

CHICAGO — Michigan would join a growing number of states allowing local governments to issue bonds to finance loans to residential and commercial homeowners for energy-efficiency upgrades under a bill being considered by a state House committee.

CHICAGO — Michigan Gov. Jennifer Granholm Wednesday night delivered her eighth and final state of the state address, saying 2009 was a dividing line after a “a decade of hell.”

CHICAGO — The Michigan Department of Transportation last week significantly cut its five-year construction plan, warning the state faces the loss of $2.4 billion in federal aid through 2014 because it lacks matching dollars.

CHICAGO — Triple-A rated University of Michigan will enter the market today with $163 million of general revenue Build America Bonds.

CHICAGO — Standard & Poor’s has upgraded 10 local borrowers that have issued debt through the Michigan Transportation Fund — boosting most of them to top AAA marks— primarily due to high debt-service coverage.

CHICAGO — As the largest buyer of qualified school construction bonds, Guggenheim Partners LLC has purchased a piece of nearly every QSCB issue since the federal stimulus act launched the new type of tax-credit bond earlier this year.

CHICAGO — Gov. Jennifer Granholm said she will consider revamping Michigan’s tax structure next year as the state finishes what she called one of the worst years in its history.

A plan to build a light-rail system along one of Detroit's thoroughfares advanced with the passage of the federal government's 2010 omnibus spending bill.

Detroit Public Schools today is expected to price roughly $325 million of federal stimulus bonds that will finance a capital campaign that city leaders hope will help rebuild both the struggling district's buildings and its reputation.

CHICAGO — Michigan captured a 0.53% interest rate on its Tuesday pricing of $1.25 billion of short-term notes, the lowest interest rate ever on a state cash-flow borrowing.

CHICAGO — Michigan’s House Appropriations Committee will hold a hearing today on a bill that would allow Detroit to sell $250 million of fiscal stabilization bonds to help erase the struggling city’s deficit.

CHICAGO — Michigan today will price $1.3 billion of fixed-rate notes as part of its annual borrowing to cover expenditures throughout the fiscal year as its awaits an influx of revenue.

CHICAGO — The Michigan State Building Authority is expected to enter the market Wednesday with $105 million of lease-backed, fixed-rate revenue bonds.

The chairman of the bond-issuing Michigan State Housing Authority is the target of several lawsuits adding up to more than $100 million, according to a report in the Detroit News this week.

CHICAGO — Detroit hopes to issue up to $250 million of fiscal stabilization bonds — a move that would require a change in Michigan law — as part of Mayor Dave Bing’s plan to eliminate the city’s $325 million deficit and avoid running out of cash by early next year.

Oakland County Executive L. Brooks Patterson said he plans to hold a summit next month for local government officials to discuss challenges facing Michigan municipalities.

CHICAGO — William Beaumont Hospital, one of Michigan’s largest health care systems, plans to enter the market next week with $273 million of fixed-rate new-money and refunding bonds that will continue the system’s efforts to reduce its floating-rate risks.

CHICAGO — General fund revenues in Michigan are expected to decline more than 20% in fiscal 2009 from last year — the single largest drop since the state began tracking the figures in 1962, fiscal officials say.

CHICAGO — Voters in Ohio, Indiana, and Michigan were in the mood to say yes Tuesday, approving bond issues for a new hospital in Indianapolis, a capital improvement plan for Detroit Public Schools, and a measure allowing casinos to set up shop in Ohio’s four largest cities.