Learn about Wayne County, Michigan Investor Relations, including Featured News and The Team.
Source
Source
Wayne County is a public corporation, created under the Constitution and Statues of the State of Michigan, with general governmental powers and authority. Under Act 206 of the Michigan Public Acts of 1893, as amended, the County Treasurer is the officer responsible for collection of delinquent real property taxes which are returned to the County as uncollected on March 1 of each year. The Treasurer is also responsible for the application of the borrowing proceeds and the preservation of the primary and secondary security,
The County is a home rule charter county incorporated under Act 293, Public Acts of Michigan 1967, as amended, and is governed by an elected Chief Executive Officer, who is elected on an at-large basis for a 4-year term, and a 15 member County Commission elected for 2-year terms from districts of approximately equal population.
The County is the most populous county in the State of Michigan with a population of 1,829,582 according to the 2010 US Census. The County is located in the southeaster corner of Michigan's Lower Peninsula, encompassing approximately 623 square miles, with its southeastern boundary being the shoreline of portions of Lake St. Claire and the Detroit River. The County is made up of 9 townships, 34 cities and 34 public school districts.
Standard and Poor's, a credit-rating agency, has given Wayne County an A rating, up from BBB+, Wayne County announced Friday.
"A credit rating is an informed opinion," advises the Standard and Poor's webpage explaining the rating scale.
"Credit ratings are forward-looking opinions about an issuer’s relative creditworthiness," the website explains. "They provide a common and transparent global language for investors to form a view on and compare the relative likelihood of whether an issuer may repay its debts on time and in full."
The scale runs from AAA ("Extremely strong capacity to meet financial commitments") to D on the low end (owing to "payment default on a financial commitment or breach of an imputed promise; also used when a bankruptcy petition has been filed).
Investment-grade ratings are BBB- and above.
Everything lower is considered speculative. An A rating indicates a "strong capacity to meet financial commitments, but somewhat susceptible to economic conditions and changes in circumstances," according to the rating scale.
The BBB rating signaled to investors that Wayne County had an "adequate capacity to meet financial commitments, but more subject to adverse economic conditions," according to the rating scale.
"The 'A' grade rating indicates stability of Wayne County’s ability to meet its long-term debt obligations, making the county more attractive to institutional bond investors," said Wayne County Executive Warren Evans, in a statement. "The rating increase means it will cost Wayne County less to finance long-term infrastructure and investment projects."
Evans added that "just six months ago, Moody's also upgraded Wayne County's rating to A3." Moody's is another top credit-rating agency.
Wayne County says that "the ratings the county currently enjoys are the highest since 2010," more than a decade ago.
Evans, who was elected in November 2014, noted that Michigan's largest county appeared then to be headed toward bankruptcy.
"When I first came to office, the common wisdom was that we could not possibly avoid going into bankruptcy," Evans said in the statement. "As it turns out, the common wisdom was wrong."
Evans' team says the county has "substantially" cut health care costs and long-term liabilities, increased its reserves, and is even building a new criminal justice complex.
Former county executive Robert Ficano's administration tried to build a jail in 2011, but was unable to complete it, halting construction in 2013. It stood half-built for years.
In 2018, under Evans the "fail jail," the two downtown jails, and Wayne County Circuit Court were all sold to Dan Gilbert's Bedrock, which has partnered with the county to build the new justice center off Interstate 75.
February 25, 2020
SEVEN MILE RD. BRIDGE OVER UPPER ROUGE RIVER UPDATE—DETROIT
_Motorists traveling on _****Seven Mile Rd. Bridge over Upper Rouge River will now need to adhere to new restrictions
DETROIT- After completing detailed inspections, the weight restrictions for Seven Mile Rd. Bridge over Upper Rouge River have been updated and will now be posted at 42/63/69 tons.
Informational signs have been posted to alert motorists. Inspections of the bridge will be conducted routinely. Motorists are cautioned to reduce speed when entering and exiting the bridge.
For vehicles over the posted weights, the following detours are enforced:
• If traveling eastbound on Seven Mile Road, use the truck detour route by turning right and take southbound Telegraph Road (US-24) to Six Mile (McNichols) Road. Enter into the far left lane and proceed past Six Mile (McNichols) Road. Use the left lane and enter the crossover to take northbound Telegraph Road (US-24) to Six Mile (McNichols) Road. Turn right and take eastbound Six Mile (McNichols) Road to Lahser Road, then turn left and take northbound Lahser Road to Seven Mile Road.
• If traveling westbound on Seven Mile Road, use the truck detour route by turning left and take southbound Lahser Road to Six Mile (McNichols) Road, then turn right and take westbound Six Mile (McNichols) Road to Telegraph Road (US-24), then turn right and take northbound Telegraph Road (US-24) to Seven Mile Road.
Wayne County is committed to the safety of its roads and bridges. The County has 231 bridges within its 43 communities. For updates and questions, the public can contact the Wayne County Roads Division at 888.ROAD.CREW.
DETROIT – Wayne County Executive Warren C. Evans announced the appointment of two key positions within administration with Hughey Newsome as Chief Financial Officer (CFO) and Lisa Whitmore Davis as the new Director of Senior Services for Wayne County.
