Daily Briefs

Man accused of
abusing, imprisoning kids pleads no contest

LANSING, Mich. (AP) — A Michigan man has pleaded no contest to child abuse for allegedly punishing his five children with whippings and confinement in a dark, locked bedroom described by one officer as a dungeon.

Thirty-three-year-old Yenier Conde’s trial was underway Tuesday when the Lansing man pleaded no contest to two counts of second-
degree child abuse. A no contest plea is not an admission of guilt but is treated as such for sentencing purposes.

The Lansing State Journal reports that prosecutors agreed to dismiss 13 other charges. Conde’s sentencing is set for July 28.
Conde and his then-wife, Sarah Conde, were charged last year after police said they locked their children in a dark bedroom that a detective likened to a “dungeon.”

Their parental rights were later terminated.

Sarah Conde pleaded guilty in June to one count of second-degree child abuse. Her sentencing is scheduled for later this month.

State sells more than $235 million in State Building Authority bonds
State Treasurer Rachael Eubanks on Thursday announced that the state of Michigan successfully sold more than $235 million in 2019 revenue and refunding State Building Authority bonds.

The sale came with strong investor interest as more than 85 investors put in orders for bonds. Exceptionally high demand resulted in a lower interest rate on the bonds (all-in true interest costs of 3.19%) maturing in 2054, with several new investors purchasing the bonds.

The bonds are being issued to refund the outstanding 2009 I and II series bonds, which will result in over $11 million in annual lease cancellation savings for the state through 2032. In addition, the bonds will refund outstanding commercial paper supporting capital outlay projects and fund the completion of some of those projects.

“This was a tremendously great day for the state of Michigan,” Eubanks said. “The strong demand for Michigan bonds shows that investors are willing to put their dollars behind our state. The credit ratings agencies also displayed confidence in Michigan’s economic and financial health by affirming their credit ratings.”

Prior to the bond sale, the credit rating agencies conducted a thorough review of the state’s economy and finances in order to assign the state a credit rating. The state’s credit ratings were affirmed by Standards and Poor’s at AA Stable, Moody’s Investor Services at Aa1 Stable and Fitch at AA Stable.

Due to the bonds being an appropriation credit of the state, the rating agencies rate the State Building Authority bonds one notch below the credit ratings of the state of Michigan. The authority’s bonds are rated AA- by S&P, Aa2 by Moody’s and AA- by Fitch.
The strong ratings enable the state to borrow money at a lower interest rate, which translates to taxpayer savings and reflects the general creditworthiness of the state.

Miller Canfield served as bond counsel, with Robert W. Baird as municipal advisor on the sale.