Caitlin Devitt

U.S. Bank filed papers Tuesday disputing Syncora Guarantee Inc.'s account of the bank's role in a court battle between the bond insurer and Detroit over the use of casino revenues.

In the sea of junk-rated Detroit debt trading for 30 to 40 cents on the dollar, the piece of the city's defaulted pension certificates that feature Berkshire Hathaway Assurance Corp. continue to see retail bids of nearly 90 cents on the dollar.

Detroit emergency manager Kevyn Orr has reportedly reached an agreement with counterparties on the city's interest-rate swaps that has the creditors taking a 25% haircut.

Michigan's emergency loan board Monday approved a move by Pontiac emergency manager to suspend the city's retiree health care payments for up to two years.

Detroit said in a Monday morning court filing that it had reached an important settlement with a creditor that renders moot an escalating dispute with bond insurer Syncora Guarantee Inc. over casino revenues.

Michigan Gov. Rick Snyder Monday tapped Detroit CFO Jack Martin to be the new emergency manager of the city's troubled school system.

The Ohio Turnpike Commission plans to come to market the week of July 29 with $1.1 billion of turnpike bonds backed by a new credit pledge that is key to the state's future transportation funding plans.

With income taxes boosting state revenues across the Midwest, Ohio, Nebraska and North Dakota all expect to have record-high rainy day funds heading into a new fiscal year.

Illinois finished fiscal 2013 owing $1.4 billion less than it did in fiscal 2012, but still faces a backlog of $6.1 billion of bills.

Indiana Gov. Mike Pence this week tapped the director of the Hoosier Lottery to serve as the new chief of the Indiana Department of Transportation.

Bondholders of the nearly $6 billion of Detroit water and sewer debt hold one of the strongest hands for recovery as Detroit emergency manager Kevyn Orr tries to restructure the city's massive debt load.

Illinois Gov. Pat Quinn Wednesday said he was writing lawmakers' pay out of the new fiscal 2014 budget until they send him a comprehensive solution to address the state's $95 billion pension liability.

A new analysis warns of that local governments in Cook County face a debt burden of $34 billion, the bulk of that coming from Chicago and from unfunded retiree benefits.

In the first formal push against Detroit emergency manager Kevyn Orr's restructuring plan, Ambac Assurance Corp. Monday called the plan harmful to the city's future and said it has hired an advisory firm.

Detroit sued Syncora Guarantee Inc. in state court Friday, accusing the bond insurer of blocking access to casino revenue and interfering with delicate negotiations over interest-rate swaps hedging pension certificates.

Once considered relatively isolated from Detroit's problems, its $6 billion of water and sewer debt have been been pushed into junk territory by two of the three major ratings agencies.

Michigan Gov. Rick Snyder Tuesday signed into law a pair of bills broadening state power over small school districts and appointed a review team to investigate the Pontiac School District.

The Columbus City Council approved an $842 million bond measure for the November ballot, and the city's school district approved a $200 million request.

The Pakistan-based company that last week sold $1.3 billion of notes for a controversial fertilizer plant in Indiana expects to head back to the market with the long-term financing in the first quarter of 2014.

The city of Evanston, Ill. lost its coveted Aaa rating last week when Moody's Investors Service downgraded it to Aa1 in light of the city's large pension liability.