Caitlin Devitt

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.

Indianapolis paid an interest rate of 5.25% on its recent issue of qualified Midwestern disaster area bonds issued last month to help finance a new downtown development project on behalf of Eli Lilly & Co.

The long-struggling city of Gary announced plans last week to close its main library by the end of the year. The move comes as the library’s annual budget is expected to drop to $2.5 million from $6.5 million, according to local reports.

CHICAGO — Indiana’s governor would have sole power to create new toll roads and enter into public-private partnerships for highway projects under a bill already passed by the Senate and expected to be considered by a House subcommittee as early as Wednesday.

CHICAGO — Fitch Ratings Friday downgraded $4.6 billion of Detroit water and sewer revenue bonds, citing weak financial performance and future challenges, including looming capital needs and risks associated with derivatives.

CHICAGO — Indiana is considering increasing its pension contribution levels over the next two years to bolster the funded ratios of state-supported pension plans to past high levels that were considered a top credit strength for the triple-A rated state.

CHICAGO — The Detroit suburb of Hamtramck has pressed Michigan officials to allow it to become the state’s first city to file for bankruptcy. Now it has reached a financial agreement with Detroit that, together with a hoped-for $2.5 million state loan, could stabilize its finances for at least the next 10 months.

CHICAGO — Moody’s Investors Service Tuesday downgraded its long-term rating on DePauw University to A3 from A2, warning that the small Indiana liberal arts school suffers from deeply imbalanced operations.

The Cleveland Metropolitan School District could lay off 13% of its workforce and shutter seven schools in an effort to close a $47 million shortfall and stabilize its bottom line.

After days of debate, Nebraska lawmakers last Saturday approved a bill that will divert a slice of the state’s sales tax to finance road projects.

The Cook County Board of Commissioners tapped a new interim chief for the health and hospital system after the unexpected resignation of two-year chief financial officer William Foley last week.