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FGIC Reportedly Close to Deal with Detroit
Bond insurer Financial Guaranty Insurance Co., the last major holdout creditor in Detroit's bankruptcy, is reportedly nearing a settlement with the city that includes a mix of cash and city assets.
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A post-bankrupt Detroit will not only be a "normal borrower" within a year, but will be stronger than many credits in the muni market, the city's investment banker testified in federal court Tuesday.  more »
Using language Mayor Rahm Emanuel is unlikely to replicate in campaign brochures, Chicago's latest bond documents lay out for investors in stark terms the risks posed by its steep credit deterioration and hazards should it slip further.  more »
Residential property tax rates in Chicago have risen by more than 30% over the last decade, with other selected Cook County communities reviewed by the Civic Federation of Chicago experiencing increases of at least 55%.  more »
The judge overseeing a retiree lawsuit challenging the city of Pontiac's effort to cut retiree health care benefits has ordered the parties into in mediation with one of the mediators of the Detroit bankruptcy case, while the city has hired Detroit's top restructuring firm to analyze its options for paying off the debt.  more »
US Bankruptcy Judge Steven Rhodes, who is overseeing Detroit's bankruptcy, ruled in favor of the city Monday when he dismissed a restraining order blocking the city's ability to shut off water to nonpaying customers.  more »
Detroit Friday gained Michigan's final approval for a plan to issue $1.1 billion of bonds for a bankruptcy exit financing and to raise money to pay off several creditors.  more »
Ohio has launched what officials say is a first-of-its-kind program that creates a new state-backed credit for local government note issuers.  more »
Detroit officials regained control of most government functions, while remaining under state-controlled emergency management, after the city council late Thursday adopted a resolution that keeps Kevyn Orr on as manager with reduced powers until the bankruptcy is over.  more »
Chicago officials said the city's O'Hare International Airport is on pace to reclaim the title of the world's busiest airport by flights, a title it ceded a decade ago to Atlanta's Hartsfield-Jackson Memorial Airport.  more »
Moberly, Missouri has adopted new debt management policies as it seeks to repair its junk bond credit bruised over a failure to make good on bonds sold for a troubled artificial sweetener construction project.  more »
Batavia, Ill., officials plan to ask the Illinois Attorney General Lisa Madigan's office to examine the city's 2007 decision to purchase power from the controversial bond-financed, coal-fired Prairie State Energy Campus.  more »
A day after Michigan gave a $2.6 million loan to the city of Allen Park, Gov. Rick Snyder declared that the Detroit suburb's financial emergency is resolved, allowing the city's emergency manager, Joyce Parker, to formally step aside.  more »
Moody's Investors Service has raised by one notch its sales tax ratings on three Iowa school districts to reflect an extension of their sales tax base not previously factored into its ratings by Moody's.  more »

Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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