Caitlin Devitt

Michigan Gov. Jennifer Granholm Wednesday unveiled a deficit-elimination plan that features cuts and a handful of one-time revenue measures, including restructuring a chunk of the state's outstanding general obligation debt.

U.S. District Judge James B. Zagel told attorneys in the corruption trial of former Illinois Gov. Rod Blagojevich to be back in court Aug. 26 to set a date for a new trial.

Moody's Investors Service warned this week that last week's flooding across central Iowa could have negative credit implications for the hardest-hit towns.

The looming foreclosure on a downtown Cleveland landmark could have implications for tax increment financing debt sold for the project and TIF-backed borrowings across the state and nationally, say some Ohio bond attorneys.

Fitch Ratings has placed six Ohio port authority pooled loan programs on negative watch while it reviews the process used to rate them.

The Omaha Public Power District's board approved up to $300 million of bonds to finance capital projects over the next two years.

Gov. Mitch Daniels said Indiana's education budgets are likely to be spared additional cuts if revenues remain at their current levels. Late last year he ordered $300 million cut from the K-12 budget and $150 million from the higher-education budget to help offset declining revenues. The K-12 budget accounts for more than half of the state's general fund.

The Municipal Bond Club of Chicago and Fitch Ratings are hosting a 10-week overview of the muni market starting Sept. 16.

Federal prosecutors late Tuesday afternoon said they would likely retry former Illinois Gov. Rod Blagojevich after a jury was able to reach a unanimous verdict on only one of 24 counts brought against him.

Indiana Gov. Mitch Daniels has tapped budget director Chris Ruhl as head of the state's Office of Management and Budget.

CHICAGO — The Michigan Finance Authority plans to enter the market Thursday to sell $198 million of one-year notes on behalf of the Detroit Public Schools.

The owner of Major League Baseball’s Detroit Tigers and the National Hockey League’s Red Wings said Monday he hopes to buy the National Basketball Association’s Detroit Pistons, a move that could bring the team back into the city limits from its current suburban home.

The new owners of the Pontiac Silverdome — former home of the Detroit Lions — hope to turn the arena into a destination for Major League Soccer games.

The cash-strapped developer of a downtown Evansville hotel located next door to a high-profile new arena plans to turn the property back over to the city.

CHICAGO — The Ohio Water Development Authority will price $451 million of triple-A rated water pollution control bonds Thursday, the bulk of which will be taxable Build America Bonds.

CHICAGO — There is cautious optimism for the nonprofit health care sector as operating performance and debt-market access show improvement after two years of financial turmoil.

CHICAGO — Michigan voters approved a slew of local borrowing and millage-increase proposals in Tuesday’s primary election, supporting a range of capital projects and funding transportation, library, and public safety budgets.

CHICAGO — Moody’s Investors Service downgraded the Chicago suburb of Oak Lawn to Aa3 from Aa2, warning that the village faces a series of fiscal challenges after two years of operating deficits.

CHICAGO — South Dakota’s Regional Health today will offer $57 million of fixed-rate revenue bonds that will be used to fund various capital projects and refund a chunk of fixed-rate debt to achieve savings.

Moody’s Investors Service Monday downgraded the Lakewood Hospital Association to A3 from A2, warning that it faces significant financial challenges going forward. Analysts kept the outlook negative at the lower rating.