Midwest

The Detroit Council unanimously approved emergency manager Kevyn Orr's plan to refinance up to $5.5 billion of water and sewer bonds to help resolve the city's bankruptcy.

Despite strong investment gains and other improvements, a persistent underlying weakness remained the underlying theme for the non profit health care sector in 2013, according to Standard & Poor's.

A group of bondholders trying to recoup their investment in a failed Moberly, Mo. artificial sweetener plant has added as a defendant Raymond James Financial Inc. — which acquired the bond deal's underwriter and lawsuit's original target.

Detroit asked the bankruptcy court to approve financing deals that would allow it to refinance up to $5.5 billion of water and sewer debt, providing the first glimpse of settlement details with the bondholders in the court request.

Borrowing by Midwest issuers slid 13.2% for the first half of 2014 but new-money issuance fueled by Chicago and Illinois deals helped boost new-money by 16.8%.

The National Association of Bond Lawyers released a paper Tuesday to help educate bond lawyers and other market participants about general obligation bonds in the wake of the Detroit and Jefferson County, Ala. bankruptcy filings.

The Illinois Sports Facilities Authority said its recent $291 million refunding generated more than 5.47% of net present savings for $16 million in savings to ease its debt service burden going forward.

Syncora Guarantee Inc. is targeting the federal mediators who crafted the main settlement at the heart of Detroit's bankruptcy exit plan, arguing that they showed illegal and politically motivated bias toward pensioners and saving the city's art.

Detroit said a planned $300 million exit financing that key to its recovery will feature a first lien on income taxes and mature in 11 to 15 years.

The mayor of the city of Warren in Macomb County has filed a lawsuit to overturn a recent ballot proposition that will phase out the personal property tax, which goes to local governments.