Midwest

The mayor of Harvey, Ill. has agreed to pay $10,000 and to never participate in a municipal bond offering again in order to settle charges with the Securities and Exchange Commission that he helped the city mislead bond investors by diverting proceeds from projects for which they were intended.

Bridgeport-Spaulding Community School District and New Haven Community Schools have manageable fiscal stress and will not require emergency management.

The Chicago City Council on Wednesday approved $600 million of new money general obligation borrowing along with new rules that require greater oversight of more complex financings such as those with interest-rate swaps.

Michigan Gov. Rick Snyder’s administration and lawmakers will work in the coming weeks to trim $333 million from the 2016 and 2017 budget plans due to a downward revision of revenues expected in the current biennium.

The use of “social impact bonds” as an alternative financing tool is on the rise and news that Chicago’s first venture into the space will pay off for investors demonstrates the benefits, market participants said.

Municipal bond market participants may agree that bank loan disclosure falls short but there's little consensus about how to improve it amid heightened regulatory scrutiny.

An Illinois city is currently under audit for $12.8 million of general obligation corporate purpose bonds it issued seven years ago.

Both 10-year transportation funding plans proposed by Minnesota Gov. Mark Dayton include $2 billion of road bonds.

The Wisconsin Center District is finalizing plans for a $203 million deal to cover much of the public tab for the new Milwaukee Bucks basketball arena.

Chicago is moving to finalize the new money piece of an up to $1.25 billion general obligation bond sale.