Midwest

Chicago Public Schools has reached an agreement to sell its downtown headquarters for $28 million.

The long saga over the fate of $98 million of defaulted St. Louis convention center hotel bonds is nearing an end with the trustee planning to make a final distribution payment of $1.4 million to bondholders next month.

The Michigan Finance Authority sold $300 million of bonds for Detroit's convention center Wednesday, seeing yields on the tax-exempt debt ranging from 2.73% on 10-year maturities to 3.44% on 20-year maturities.

The Chicago Infrastructure Trust is launching a new initiative that could lead to private financing for the installation of combined heat and power systems in some public buildings.

The trial on Detroit's debt-adjustment plan adjourned after court-appointed finance expert Martha Kopacz testified that its plan to exit Chapter 9 bankruptcy is feasible.

Chicago City Treasurer and former public finance banker Stephanie Neely is stepping down from the elected post to return to the private sector.

More details on Detroit's crucial settlement with bond insurer Financial Guaranty Insurance Co. emerged Tuesday, while testimony on the feasibility of the city's bankruptcy exit plan is expected to come Wednesday, the final day of the historic trial.

Moody's Investors Service dropped its rating on Detroit's $1.5 billion of certificates of participation to C from Ca, saying proposed settlements with insurers mean recoveries well below the Ca category.

Chicago's general obligation bond ratings will remain pressured until the city fully fixes its pension mess, top city finance officials told alderman, while warning City Council not to expect to use reserves to ease the pain of a coming $550 million pension spike.

A Michigan authority created to oversee the disbursement of nearly $200 million of state aid to bankrupt Detroit held its first meeting in Lansing last week.