Caitlin Devitt

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.

CHICAGO — Detroit Mayor Dave Bing told the City Council Tuesday that failure to implement his budget proposals would lead to a state-mandated emergency financial takeover.

The new head of Cuyahoga County, Ohio’s most populous county, last week announced plans to use sales tax money to launch a $100 million bond-financed economic development fund.

Moody’s Investors Service this week downgraded to Baa2 from A3 $16.1 million of revenue bonds issued by the Capital Region Airport Authority, which serves the state capital of Lansing.

Wayne County, which includes Detroit, could adopt a multi-year budget under an ordinance approved by the board of commissioners last week. The ordinance allows, but does not require, the county executive to offer a multi-year budget.

CHICAGO — Michigan Thursday will competitively sell $150 million of taxable general obligation bonds to finance loans to help local school districts cover their debt-service payments.

CHICAGO — Indianapolis is set to come to market in the next few weeks with $58 million of water bonds even as it enters the final stages of selling its system to a nonprofit private utility.

CHICAGO — Rising pension costs facing many nonprofit health care providers could mean less money to spend on other needs, such as capital projects, Standard & Poor’s warned in a new report.

CHICAGO — Ohio lawmakers are eying a proposal to lease the state-controlled liquor ­distribution system for $1.2 billion to a newly formed private nonprofit entity.

Fitch Ratings last week downgraded to B from BB its rating on $18.5 million of revenue bonds issued by the Nebraska Educational Finance Authority on behalf of Midland Lutheran College.

Michigan voters would weigh in on a constitutional amendment allowing seven new casinos across the state under a proposal unveiled last week.