Caitlin Devitt

CHICAGO — Indiana legislators last week passed a $28 billion two-year general fund budget and several bond-related bills but failed to pass a controversial measure allowing fiscally distressed municipalities to file for bankruptcy.

CHICAGO — North Dakota legislators last week approved a fiscal 2012-13 $9.9 billion budget that reflects the state’s flush position, featuring $500 million of tax cuts, nearly $1 billion of infrastructure projects financed with cash, and $1 billion of reserves. For the third biennium in a row, the budget includes no borrowing.

CHICAGO — Cleveland Mayor Frank Jackson warned this week that the loss of state funding directed to local governments in Gov. John Kasich’s proposed 2012-2013 budget would force him to lay off up to 7% of the city’s workforce and would devastate Ohio’s largest cities.

CHICAGO — Michigan Gov. Rick Snyder warned Wednesday that 23 school districts across the state, most clustered around the Detroit area, qualify for a state takeover under its new emergency financial management law.

CHICAGO — The political landscape of fiscally stressed governments is an increasingly important factor as analysts assess a credit’s risk, a panel of municipal analysts said in here last week.

CHICAGO — Two weeks after it hit Cleveland with a credit downgrade, Fitch Ratings has cut the rating on $835 million of bonds issued for Cleveland Hopkins International Airport to A-minus from A.

CHICAGO — Standard & Poor’s boosted the issuer credit rating of South Dakota to AA-plus from AA, citing the state’s strong reserves and low long-term debts.

The Ohio Building Authority captured an interest rate of 3.57% on its April 19 sale of $15 million of lease-revenue bonds. Proceeds will finance capital projects related to juvenile correctional facilities run by the Ohio Department of Youth Services.

Michigan is expected to report that it will collect roughly $500 million in surplus revenue when fiscal officials release updated revenue projections on May 16.

Indiana lawmakers will debate whether to allow municipalities to enter into bankruptcy as they hammer out final differences to a bill passed by both chambers but stripped of the Chapter 9 option by the House.

CHICAGO — Michigan Gov. Rick Snyder is floating a draft bill to advance a controversial and long-stalled $3.8 billion, partially bond-financed bridge spanning the busy trade route between Detroit and Canada.

CHICAGO — Detroit’s two pension funds late Monday filed a lawsuit against Michigan Gov. Rick Snyder and Treasurer Andy Dillon over the state’s controversial emergency financial management law.

CHICAGO — A failed film studio project touted by a Hollywood producer has left a Detroit suburb struggling to cover payments on $31 million of bonds that have sparked an informal investigation by the Securities and Exchange Commission.

The long-time director of the Ohio Air Quality Development Authority is retiring, just weeks after Gov. John Kasich released a budget proposal that would remove most of the authority’s responsibilities and nearly all of its budget.

The board of Western Michigan University in Kalamazoo approved a request to issue up to $70 million of revenue bonds to finance capital projects.

Wayne County will likely buy a piece of land in downtown Detroit to build a new county jail.

An Indiana board granted the city of Gary an exemption from property tax caps last week for one final year. The exemption will mean $10.8 million more in property tax revenue for the struggling city.

CHICAGO — Indiana University Health Inc., the state’s largest health care system, on Monday will price $228.2 million of variable-rate bonds in the first of three borrowings that will total nearly $800 million.

CHICAGO — Michigan’s fiscal 2012 budget took a big step towards completion this week as Gov. Rick Snyder and his fellow Republican leaders announced a compromise plan to increase taxes.

CHICAGO — Fitch Ratings on Wednesday downgraded Cleveland to A-plus from AA-minus, warning that the city’s reserves are depleted as it faces fiscal challenges.