Caitlin Devitt

Moody's Investors Service last week affirmed its Aa2 and Aa3 ratings and stable outlook on $14.4 billion of outstanding bonds enhanced by the Michigan school bond qualification and loan program.

CHICAGO — Cleveland has sued the Cleveland Clinic over its decision to close a hospital on the city's east side, arguing in part that the prestigious clinic's acceptance of tax-exempt funding from the state requires it to provide equitable services to the city.

CHICAGO — After weeks of escalating debate with Mayor Dave Bing, the Detroit City Council Thursday approved a compromise $3 billion 2012 budget that restores half of the $50 million the council had trimmed from Bing's original proposal.

CHICAGO - Ohio Gov. John Kasich Thursday night is expected to sign into law a $112 billion, two-year all-funds budget that closes a shortfall in part by selling the state’s liquor distribution system and six prisons while paving the way for the lease of the Ohio Turnpike.

CHICAGO — Detroit Public Schools, which is under state receivership, plans to come to market later this year with a $200 million deficit borrowing to erase two-thirds of the red ink in its fiscal 2012 budget.

Oakland County Treasurer Andy Meisner last week announced a lawsuit against Fannie Mae and Freddie Mac for unpaid real-estate transfer taxes as part of the Michigan county's larger effort to combat foreclosures.

Gov. Mitch Daniels Wednesday will tour three Indiana cities to mark the five-year anniversary of Major Moves, the largest infrastructure program in the state's history, which was financed in part with the $3.8 billion Indiana Toll Road lease.

Standard & Poor's this week affirmed its AA rating and stable outlook on Cook County, which has $3.5 billion of outstanding general obligation bonds.

Fitch Ratings hit Detroit with a downgrade, pushing its debt two notches further into junk territory.

The Omaha Public Power District, which runs Nebraska's Fort Calhoun nuclear plant, is responding to the current flooding crisis as one would expect from the fourth-highest rated utility in the United States, credit analysts say.

CHICAGO - Fitch Ratings hit Detroit with a downgrade, pushing its debt two notches further into junk territory.

CHICAGO - Standard & Poor's revised its outlook to negative from stable on a small Michigan hospital that is facing the possibility of accelerated debt-service payments on its debt, all of which has been either privately placed with a bank or is in the form a bank loan.

CHICAGO - The treasurer of Cook County, Ill., Tuesday said she was shocked by recent figures showing that the county's local governments together owe $108 billion - nearly a quarter of which is due to unfunded pension liabilities.

The Michigan Supreme Court last week accepted Gov. Rick Snyder's request to hear a case regarding the constitutionality of taxing retirement income.

A well-known anti-gambling veteran said last week that he would "sue everybody" tied to a recent deal between Ohio Gov. John Kasich and the developers of two new casinos in Cincinnati and Cleveland.

Bloomington plans to issue $13 million of revenue bonds to finance the acquisition of 12 acres of downtown property from Indiana University. The city hopes to then sell the land to a developer for residential and retail projects.

The Central Indiana Regional Transportation Authority, a quasi-governmental organization that promotes public transit, said last week that it has launched a petition drive to support local funding options for public transportation.

CHICAGO - Michigan Gov. Rick Snyder has created a new school system that will take over the state's worst-performing schools, starting next year with 39 in Detroit.

CHICAGO — U.S. Sen. Mark Kirk of Illinois unveiled legislation Monday that would promote public-private partnerships for transportation projects by lifting federal restrictions on tapping private financing for airports, highways, and railroads.

CHICAGO — A Michigan city in receivership paid interest rates in the 6% range to sell a chunk of financial recovery bonds last week.