Michigan

Michigan gave Flint $2 million to improve its water quality, which has plummeted since it exited Detroit's system, under the state's new distressed cities program.

Fitch Ratings, which already maintains junk ratings on Wayne County, Mich., put the ratings on a negative watch just hours after the release of a new audit that warns the county could be out of cash by next summer.

The newly elected head of Wayne County Michigan, home to Detroit, warned Thursday that the county is on track to run out of cash by August 2016, calling it “financial Armageddon.”

Detroit Public Schools is offering $197 million of general obligation bonds through the Michigan Finance Authority backed by a state school loan fund program.

Trinity Health has pulled a $1.1 billion bond deal amid rising yields, putting the deal on the day-to-day calendar until the market improves.

Trinity Health this month prices its first significant bond deals since it merged with Catholic Health East in 2013, with three transactions totaling $1.45 billion including its first taxable deal.

More than two-thirds of Detroit homeowners will see property assessment reductions of 10% to 20% under a major reassessment program launched by Detroit Mayor Mike Duggan.

The nation's second-largest health care provider, Trinity Health, is bringing $1.4 billion to market next week in a deal that will in part raise money for a $4.5 billion capital plan.

It could be a crucial year for Detroit Public Schools as Michigan Gov. Rick Snyder, Detroit Mayor Mike Duggan and a newly created coalition of Detroit leaders take on problems at the long-troubled district.

Michigan's proposal to raise the sales tax to generate new road funding would also generate fresh dollars for school districts, Moody's Investors Service said Friday.

Jones Day, the law firm that oversaw Detroit's bankruptcy, said it cut its fee by $18 million, leaving a $58 million final tab that it defended as reasonable given the "cutting-edge" nature of the Chapter 9 case.

Michigan Gov. Rick Snyder urged voters to approve a May 5 ballot referendum calling for an increase in the state sales tax to raise $1.2 billion in new road funding during his state of the state address Tuesday.

Michigan officials said Friday they expect general fund revenues to be down by $857 million over the next two years, largely due to higher-than-expected use of business tax credits.

Lazard Freres, which represented retirees in the Detroit bankruptcy, said it agreed to a 37% fee reduction as part of court-ordered mediation.

Michigan economists are warning of unexpected revenue declines, due largely to sizable business tax credits, as the state prepares to release formal revenue projections on Friday.

Michigan Gov. Rick Snyder Tuesday tapped Flint's emergency manager to take over as the fourth manager of the troubled Detroit school system.

The Securities and Exchange Commission is urging a federal court to accept the settlements it had reached with two former officials of the city of Allen Park, Mich., in November, after the court vacated them a day later and asked for more information.

The last remaining stand-alone non-profit hospital in southeast Michigan has signed a letter of intent to merge with the largest non profit health care system in the country.

Michigan Gov. Rick Snyder has signed into law a pair of bills to create a large tax-free industrial zone in Detroit, an effort that supporters say will boost employment and investment in the city.

Kalamazoo, the latest in a series of local Michigan governments borrowing to cover retirements obligations, is expected to sell $90 million of bonds this week to pay off a chunk of its OPEB liability.