Michigan

Michigan Attorney General Bill Schuette issued an opinion that Detroit's Downtown Development Authority has the constitutional authority to use its funds for a new $650 million public-private hockey stadium and entertainment district.

Detroit issued $1.28 billion of new debt that its bond team says required novel financing structures to satisfy both Michigan municipal law and the strict confines of Chapter 9 creditor settlements.

The largest municipal bankruptcy in the U.S. formally ends at 12:01 a.m. Dec. 11, and Detroit will begin fresh with local control and $7 billion less debt.

Detroit emergency manager Kevyn Orr said he is leaving the city with a new budget that would have a $100 million surplus after two years.

The Michigan House of Representatives Dec. 4 narrowly passed a roads funding bill that would raise $1.2 billion by diverting money now sent to schools and local governments.

Detroit emergency manager Kevyn Orr said he plans to resign from his position in the new few weeks and that he hopes the city will be allowed to formally exit bankruptcy by Christmas.

Ottawa County, Mich., is bringing $29 million of gilt-edged federally taxable bonds to market on Wednesday to pay off a chunk of its unfunded pension liability, the first of several similar deals that may be on the horizon from local Michigan issuers.

Michigan Gov. Rick Snyder is urging lawmakers to overhaul the state's gas tax formula within the next three weeks to raise up to $1.4 billion or more in new annual road funding.

The state of Michigan may come to market in the next several weeks with a $450 million bond deal to finance a controversial new hockey stadium in Detroit.

A federal judge wants more information on bond firms involved in a $31 million borrowing by Allen Park, Mich. that was the target of a recent SEC probe.

The Michigan Senate approved a new road funding tax that could raise as much as $1.5 billion in new annual funding, marking a victory for Gov. Rick Snyder.

The federal judge overseeing Detroit's bankruptcy has ordered mediation to resolve a dispute over the city's legal bills, which total $140 million and are climbing.

Michigan Gov. Rick Snyder has hired public finance veteran and former New York Lt. Gov. Richard Ravitch to act as senior financial advisor for a new financial review board that will oversee Detroit's finances as the city emerges from bankruptcy.

The outcome of Detroit's high-profile bankruptcy highlights the growing tension between pension obligations and bond debt for distressed governments while leaving a lack of legal clarity on the treatment of general obligation bonds.

The bankruptcy judge overseeing Detroit's Chapter 9 case confirmed the city's plan of confirmation Friday, capping the largest municipal bankruptcy case in the U.S. by endorsing a plan that favored pensioners over bondholders

Standard & Poor's said Detroit's bankruptcy will not affect the agency's general obligation ratings despite "months of headlines and court battles."

The city of Allen Park, Mich., is preparing to refinance up to $28 million of bonds that were the target of fraud charges and a recent settlement by the Securities and Exchange Commission.

The federal judge overseeing Detroit's bankruptcy will rule on the city's debt plan Friday, in one of the most closely watched cases in the muni market.

The Securities and Exchange Commission has charged Allen Park, Mich., and two former city leaders with fraud in connection with a municipal bond offering to support a movie studio project within the city.

Newly elected Wayne County, Michigan Executive Warren Evans said he believes the long-struggling county, home to Detroit, will be able to avoid a state-appointed emergency manager.