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Chicago Fed: State Policy Drove Michigan Locals to Fiscal Crisis
Michigan's decade-long policy of repeatedly cutting local aid to help deal with its own fiscal problems has helped drive some of its local governments into fiscal crisis, the Chicago Fed says in a new report.
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The University of Missouri Curators sold $150 million of new-money taxable bonds Monday with tentative plans to return the market next year to fund another $100 million in approved projects.  more »
Wisconsin will refund $132 million of transportation revenue bonds on Thursday, two days after state voters cast a decision on a proposed constitutional amendment that would bar future raids on the state's transportation fund for other expenses.  more »
A foreign company has selected Illinois as the site of its planned $1.4 billion fertilizer plant with the help of some local and state financial incentives.  more »
Members of Detroit's two pension systems and Wayne County's retirement system have the systems' actuarial firm, alleging that consultants used faulty assumptions that contributed to underfunding that some say helped drive the city into bankruptcy.  more »
Barraged with political advertisements about the state's fiscal mess, Illinois voters will elect leaders for two fiscal offices — comptroller and treasurer. Incumbent comptroller Judy Baar Topinka, a Republican, is running for re-election against Democrat Sheila Simon.  more »
A proposed $3 billion rapid passenger rail system in the Midwest would cut the five-hour train trip between Chicago to Detroit by almost two hours.  more »
The operator of the Indiana Toll Road won federal court approval for a bankruptcy plan that will either sell its 75-year lease of the highway or restructure the company with $2.75 billion of new debt.  more »
Wisconsin and its local governments face relatively low levels of fiscal pressure with a stable outlook due to distinct traits that aid in the maintenance of their health, Moody's Investors Service writes in a special report published Tuesday.  more »
The Illinois State Toll Highway Authority will returns to the market Thursday to borrow $400 million of new-money, toll-backed debt to kick off record infrastructure spending planned in the coming year.  more »
Prairie State Generating Co. has named Donald Gaston its new president and chief executive officer after a nationwide search.  more »
Wisconsin's Mercy Health System and Illinois' Rockford Health System plan to join forces as soon as December pending regulatory approval.  more »
Michigan should enact protection of general obligation bonds to help the state's local governments in the wake of Detroit's treatment of its GOs as unsecured, says bankruptcy expert James Spiotto.  more »
The trial to decide if Detroit's bankruptcy confirmation plan will be approved closed with attorneys for the city defending its debt-adjustment plan as fair to creditors and capable of setting the city on a path to revitalization.  more »

Americans are suffering the consequences of Congress, governors and legislators across the U.S. pushing the burden of today's costs onto the backs of tomorrow's taxpayers by repeatedly putting off infrastructure repairs and new construction.

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