Caitlin Devitt

Detroit emergency manager Kevyn Orr said he asked the Securities and Exchange Commission to investigate the city's interest-rate swaps amid "serious questions" about the legality of the financings.

Bond insurer Ambac Assurance Corp. urged the federal judge overseeing the Detroit bankruptcy to reject the city's latest swap-termination deal, saying the terms are too rich in light of legal questions tied to the original financings.

As Detroit gears up to file its plan of adjustment this month in its historic bankruptcy case, the chief mediator in the case ordered the city Tuesday to meet with bondholders in a series of mediation sessions next week.

The mediators overseeing Detroit's bankruptcy case recommended that the bankruptcy judge approve a settlement between the city and its interest-rate swap counterparties, calling it a significant step.

A group of retired teachers and school officials launched the first legal challenge to Illinois' controversial pension reform law, claiming it is unconstitutional.

Detroit emergency manager Kevyn Orr filed an order with the bankruptcy court outlining and defending the city's revised settlement with its interest-rate swap counterparties.

Detroit's pension funds Thursday asked a federal circuit court to allow an expedited appeal of the bankruptcy court's recent ruling that the city is eligible for Chapter 9 and that its pensions can be cut, saying the case has national implications that warrant a speedy review.

Attorneys for Detroit's pension funds said they will challenge a new settlement between the city and its interest-rate swap counterparties.

Cincinnati re-launched construction Thursday on a $133 million, partly bond-funded streetcar line a week after the city council unexpectedly voted to revive the controversial project after a pledge of private support.

Michigan Gov. Rick Snyder's push to create a new authority to take over troubled schools, a growing sore spot for the state, advanced last week when the Senate passed controversial legislation expanding the program.

A $650 million project featuring a new hockey arena and entertainment district in downtown Detroit stepped closer to reality Friday, and officials announced that it includes the demolition of the storied Joe Louis Arena.

North Dakota, enjoying the largest oil boom in its history, won a coveted triple-A rating from Standard & Poor's Friday.

A controversial $1.3 billion toll road linking Indiana and Illinois advanced last week when an Indiana planning council approved the plan.

It will be a busy week in Detroit, with the federal judge considering to key financings that have sparked major opposition from the muni market, as well as whether creditors can appeal the recent eligibility ruling.

Standard & Poor's hit the Detroit suburb of Lincoln Park, Mich. with a seven-notch superdowngrade, citing the city's unwillingness to honor lease payments to a private company.

About to leave an office stripped of power, Detroit Mayor Dave Bing said he restored integrity to the tarnished post and helped establish a stronger foundation for the city.

Bond insurer Syncora has asked to delay a key hearing on Detroit's proposed interest-rate swap settlement and debtor-in-possession financing.

Indiana Gov. Mike Pence said this week he would sell the state plan and ask state agencies and universities for cuts to offset an unexpected $141 million budget shortfall.

The not-for-profit health care sector has reached a negative tipping point, warned Standard & Poor's, which also said new health care law could start to impact states' larger credit profiles.

Indiana Gov. Mike Pence, who is ending his first year in office, said last week that eliminating the business personal property tax will be one of his top legislative priorities in 2014.