Midwest

A group of ratepayers from a Chicago suburb are suing five advisors and consultants, accusing them of misrepresenting the value of participation in the bond-financed Prairie State Energy Campus to the city of Batavia.

Bond insurer Syncora Guarantee challenged Detroit's settlement with its unlimited-tax general obligation bondholders in court Tuesday, arguing that it means Detroiters will continue to pay taxes on a levy that they did not approve on the original ballot.

As Detroit gears up for a key trial on its bankruptcy exit plan next week, a long-simmering dispute over $1.4 billion of certificates of participation is just starting to heat up.

Ratepayers from a Chicago suburb will file a lawsuit as soon as Tuesday seeking compensation for steep energy rate hikes they've paid due to cost overruns at the bond-financed Prairie State Energy Campus coal-fired power plant.

Indianapolis Mayor Greg Ballard named Greg Clark to formally take over as director of the Indianapolis Local Public Improvement Bond Bank to replace Deron Kintner, who is leaving the city.

Loyola University Chicago has hired Robert A. Munson to serve as chief financial officer, filling a position being vacated by the retirement of Bill Laird after 11 years.

The Detroit City Council has approved a series of four bond issues that include nearly $1 billion of new limited-tax GO bonds to help finance unsecured creditor settlements as part of its bankruptcy plan.

Illinois-based OSF Healthcare System's A3 rating is stabilizing due to recent operating improvements after a tough 2013, Moody's Investors Service said.

Standard & Poor's has revised its outlook on Springfield, Ill.'s City Water, Light & Power's electric revenue bonds to stable from negative.

Detroit Bankruptcy Judge Steven Rhodes pushed back the start date of a trial on the city's confirmation plan by eight days to Aug. 29, noting that the city's plan to reach a settlement with its water and sewer bondholders will likely result in a newly amended confirmation plan.