Michigan

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.

Midwestern voters head to the polls tomorrow to cast decisions on elected offices, new casinos, and more than 125 ballot questions that would authorize more than $3.3 billion worth of borrowing, led by Detroit Public Schools' $500 million request and $750 million for a new public hospital in Indiana.

CHICAGO — Novi, Mich.-based Trinity Health Credit Group will enter the market today with $233 million of fixed-rate revenue bonds, followed by $102 million of variable-rate securities in two weeks to finance hospital projects in Indiana and Michigan.

Michigan Gov. Jennifer Granholm said this week she has appointed a team to review the finances of River Rouge, a move that could lead to an eventual declaration of a state of fiscal emergency.

CHICAGO — Michigan Gov. Jennifer Granholm said she would sign the six remaining budget bills next week, completing the state’s $40 billion fiscal 2010 budget and ending a tumultuous budget season.

CHICAGO — Detroit city and school officials are promoting a controversial $500 million bond proposal for the cash-strapped Detroit Public Schools as a key to helping rebuild the struggling city.

The Silverdome, the former home of the Detroit Lions, will be sold next month at auction.

Officials are looking at the possible refunding of the bulk of Detroit’s $8.4 billion in debt as one in a series of moves that a recent report said could save the cash-strapped city up to $600 million.

Traverse City last week won a two-notch upgrade on its general obligation debt from Standard & Poor’s to AA-plus from AA-minus.

CHICAGO — Henry Ford Health Systems is expected to enter the market this week with $322 million of new-money and refunding revenue bonds as part of the system’s scaled-back capital campaign to expand its services across southeast Michigan.

CHICAGO - Michigan could partner with private companies to build or operate its highways and bridges to boost badly needed transportation revenue under a bill being considered by the Legislature.