Wisconsin Readies Second GO Deal in a Month
Wisconsin will refund $257 million of general obligation bonds Tuesday and may add another $56 million of forward delivery refunding bonds if the market cooperates.
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The Chicago City Council approved a 56% increase in the city's emergency services surcharge that's tacked on to phone bills, staving off the need for a $50 million property tax hike next year to cover the first year of higher contributions due under a pension reform plan.  more »
Moody's Investors Service revised the Illinois Institute of Technology's outlook to stable, easing pressure on the rating that is at the lowest investment grade level.  more »
A year after Detroit filed for bankruptcy, the city's decision to put pensioners above bondholders has created an uncertain recovery environment for the entire muni sector, according to Standard & Poor's.  more »
Construction of a bond-funded bridge project between Detroit and Canada that could cost as much as $4 billion advanced Wednesday when Michigan Gov. Rick Snyder and Canadian officials announced appointments to a pair of new authorities that will oversee construction and financing of the span.  more »
The federal judge overseeing Detroit's bankruptcy has delayed by one week the key trial in the case, while the city dropped its proposal to hire a post-bankruptcy monitor and FGIC dropped its subpoena of Gov. Rick Snyder  more »
The 6th circuit appeals court will hear oral arguments Wednesday on Syncora's appeal of a key decision in the Detroit bankruptcy, one of the insurer's five pending appeals in the case.  more »
Illinois made headway in paying down its bill backlog in fiscal 2014, bringing the total to under $5 billion for the first time in years, as state revenues showed growth on par with estimates.  more »
The Detroit Metropolitan Wayne County Airport is heading to market next week with $107 million of airport revenue bonds, hoping it doesn't take too much of a beating for carrying what is one of the most tainted names in the municipal bond world.  more »
Detroit emergency manager Kevyn Orr Tuesday issued an order that gives the city's mayor control of the Detroit Water and Sewerage Department.  more »
The Illinois Sports Facilities Authority is playing up the rare tax-exemption from state income taxes and sturdy repayment protections offered by its $285 million refunding that’s linked to the troubled state credit through an appropriation pledge.  more »
A settlement with Detroit's limited-tax general obligation bondholders that calls for a 34% recovery also gives the creditors a say in the city's effort to repudiate $1.4 billion of pension certificates, one of the most controversial aspects of the bankruptcy case.  more »
One rating agency dropped Rock Island County, Ill. out of the double-A category while another boosted it into the upper ranks, providing a stark contrast in credit views.  more »
The Chicago Infrastructure Trust hopes to launch a competitive selection process this fall for private partners in its third energy retrofit project – city outdoor lighting upgrades.  more »

As banks make more loans to lower-rated municipalities, they may have to follow Interagency Guidance on Leveraged Lending that was developed with private and corporate borrowers in mind.

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