CHICAGO -- After more than a month of nothing, deals are starting to flow again for Michigan local issuers -- at a price.

After delaying a deal originally set for Aug. 1, Genesee County, Mich. sold $35 million of general obligation bonds Monday, testing a market roiled by Detroit’s bankruptcy.

Genesee County, with underlying ratings of AA by Standard & Poor’s and A2 by Moody’s Investors Service, saw yields range from 0.58% on 2014 maturity and 3% coupon to 5.51% on bonds maturing in 2038. All the debt is insured by Build America Mutual, rated AA by Standard & Poor’s. JPMorgan was underwriter.

The 5.51% rate is more than 1% higher than the rate on benchmark municipal bonds, according to Bloomberg.

Bonds maturing in 2020 saw an interest rate of 3.19%; bonds maturing in 2023 saw a 4.03% rate; 2028 maturity saw a 4.87% rate and 2033 5.28%.

Troy, Mich. is set to price $15 million of limited-tax GO bonds Tuesday with Fifth Third Securities as the underwriter.

The city of Westland, in Wayne County, is scheduled for Wednesday. That deal features $16.5 million of tax increment finance authority limited-tax GO bonds. Fifth Third Securities Inc. and Comerica Securities Inc. are the underwriters on that deal.

Like Battle Creek and Genesee County, Westland’s debt will carry bond insurance from Build America Mutual Assurance Co. The triple-A rated city of Troy is not expected to buy insurance.

The Genesee County bonds are water supply system revenue limited tax GO bonds. The debt has an optional 10-year call.

Genesee is the second of a handful of Michigan issuers who sold bonds recently after postponing them amid weak investor response after Detroit’s Chapter 9 bankruptcy filing.

Investors have been skittish about local Michigan GO debt since the filing, after the city said it would treat its GOs as unsecured.

Battle Creek Mich. sold $12 million of GOs last Thursday, with a total interest cost of 4.84%.

Saginaw and Oakland Counties also have deals in the pipeline.

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