Midwest

Ordinances introduced to the Chicago City Council Wednesday authorize $600 million in new-money, general obligation borrowing and impose new oversight rules on some bond structures.

Michigan municipalities may need to more than double investment in water infrastructure to avoid crises like the disaster in Flint, a report commissioned by the Michigan Infrastructure & Transportation Association showed.

Three years after entering the Texas market, UMB Bank is expanding its investment banking division with 11 hires from other firms, led by Victor Pucciarelli, former senior vice president for Hilltop Securities.

Illinois Gov. Bruce Rauner and House Speaker Michael Madigan dug in their respective heels, deepening a rift over the state budget.

A fix for Illinois’ $112.9 billion unfunded pension tab, which requires an $8 billion contribution next year, remains high on the minds of lawmakers in the midst of their 10-month-old budget impasse.

Michigan lawmakers return to work this week facing a new wrinkle in the proposed restructuring of the fiscally distressed Detroit Public Schools that stands to shape governance issues.

The Conroe Industrial Development Corporation in Texas has paid a penalty and agreed to redeem bonds under the Internal Revenue Service’s voluntary closing agreement program (VCAP) to settle a tax violation relating to bonds it issued in 2008 and refunded in 2012.

The Indiana Finance Authority’s $250 million 2014 private activity bond issue for the I-69 Section 5 project received a one-notch Fitch Ratings downgrade to BBB-minus.

The results of bond-related ballot measures in Missouri Tuesday offer mixed credit results, Moody’s Investors Service said.

In the political pendulum that marks Illinois’ budget gridlock, the legislature’s Republican minority leaders are taking their turn with a proposal to fund human and social service programs.