Midwest

Flint, Michigan won’t walk away from its participation in the $285-million bond financed pipeline the Karegnondi Water Authority is building to deliver water to the city, a decision aided by state help and other concessions, Mayor Karen Weaver said Tuesday.

An Iowa casino and racetrack is challenging the proposed loss of its tax-exempt status by the Internal Revenue Service, claiming it lessens the burdens of government and is a legitimate 501(c)(4) social welfare organization.

The Illinois Finance Authority greenlighted $1.4 billion of borrowing plans at its June meeting, led by Presence Health’s preliminary plans to restructure debt as it works to stave off further credit erosion.

The Securities and Exchange Commission has settled with a former Chicago charter school operator over charges that he negligently approved and signed a misleading official statement for a $37.5 million bond offering to build three charter schools.

Iowa will return to the market twice this month after a six-year absence to snag refunding savings.

Cook County, even paying the yield penalty most Illinois issuers face, landed $57 million in present value savings on a $285 million refunding in its first GO deal for more than two years..

Ohio-based Mercy Health’s ailing collections process and the winding down of its affiliated insurance company – both of which have cut into operating profits -- drove Fitch Ratings to revise the system’s outlook to negative

The political and financial dysfunction of Illinois cost the state $12 million on Thursday’s $550 million bond pricing compared to its previous sale in January, according to a report from the University of Illinois Institute of Government and Public Affairs.

Allen Park, Michigan is readying a conversion of $16.7 million of debt from a short-term to a long-term structure in a move designed to help it climb back toward investment-grade territory after a disastrous venture into a movie studio.

Illinois paid a steeper penalty to borrow Thursday after a fresh round of downgrades but a municipal market offering historically low yields helped disguise the spreads.