The smallest amount of municipal- bond issuance in Michigan in 10 years is threatening to derail the state’s economic comeback, showing how Governor Rick Snyder underestimated the fallout from Detroit’s bankruptcy.
Less than two years after Dartmouth College’s new President, Philip Hanlon, graduated in 1977, the school got so fed up with fraternity hijinks it gave the groups 12 months to end all racist, sexist and alcohol-abusing antics or face banishment.
Russell Runge, an assistant city manager in Missouri, hovered on the edge of a packed reception for economic-development boosters and automotive-industry executives in northern Michigan. Runge was seeking jobs.
The middle-aged Chinese woman who answers the door apologizes for the wait as she stands in the entryway, sporting leopard-print slippers. She’s been exercising, she says. Two tiny dogs, fuzzy like the slippers, yap at her feet.
Saginaw County joining at least two other Michigan issuers in putting off municipal bond sales shows the fallout from Detroit’s bankruptcy is greater than expected by Governor Rick Snyder and Emergency Manager Kevyn Orr.