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Government

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

Fitch Ratings downgraded Oroville Elementary School District to A-plus from AA-minus based on a structural imbalance that has steadily eroded the district's previously solid fund balances.

Utah should have $14 billion to apply to its fiscal year 2016 budget, according to Gov. Gary Herbert. That represents a 5.3% increase from the current spending plan.

Moody's Investors Service has withdrawn the ratings of 25 New York issuers with a combined $154 million in debt after they did not provide audited financial statements for fiscal year 2013.

Moody's Investors Service affirmed its A1 underlying long-term rating on Queen Health System of Hawaii ahead of its plans to price $403 million in revenue bonds.

The New York City Transitional Finance Authority on Tuesday wrapped up a two-day retail order period for its big building aid revenue bond issue ahead of the institutional pricing on Wednesday.

Jury selection began Tuesday in a federal class action lawsuit accusing the former Morgan Keegan & Co. Inc. of securities fraud for its role in underwriting $39 million of defaulted bonds for a failed artificial sweetener plant in Moberly, Mo.

Sen. Dean Heller, R-Nev., has introduced a bill that would make the deduction for state and local sales taxes permanent, while Rep. Bob Goodlatte, R-Va., has introduced a bill that would make the moratorium on taxing Internet access permanent.

Municipal bond defaults, which increased to record levels last year as Detroit's bankruptcy boosted the total, may remain elevated this year.

The Charlotte, N.C., City Council agreed to restructure two non-recourse bank loans obtained as part of the financing to build the NASCAR Hall of Fame.

The Securities and Exchange Commission's examination focuses for 2015 include issues related to protecting retail investors and assessing the compliance of municipal advisor firms, the commission announced Tuesday.

Local governments and school districts in the major oil and gas producing regions of Texas could suffer economically if the price of crude remains at its current lows, according to Fitch Ratings.