Midwest

The Detroit Public Library said it will be forced to close its doors if voters reject a 10-year tax renewal on the Aug. 5 ballot.

Moody's Investors Service downgraded the issuer credit rating of the metro Detroit suburb of Mount Clemens by two notches to A2 from Aa3, two weeks before voters consider a property tax increase.

Illinois Gov. Pat Quinn signed into law Tuesday a $1.1 billion bond-financed transportation package.

The Chicago Board of Education unanimously approved a nearly $6.8 billion budget even as some board members expressed reservations over the district's reliance on one-time manuevers to close a $900 million shortfall.

Illinois suffered a setback Wednesday when Standard & Poor's revised its outlook on the state's A-minus rating to negative, reflecting analysts' dim view of the state's new budget and concerns over whether retirement benefit reforms will withstand a legal test.

The Regents of the University of Minnesota will sell $141 million of general obligation bonds Thursday to finance construction of a new ambulatory care center.

With the votes in on Detroit's plan to deal with its $18 billion of debt, the stage is set for confirmation hearings next month that will pit unhappy bondholders and bond insurers against employees and retirees who overwhelmingly endorsed the plan.

Despite significant obstacles, Detroit's proposed plan of adjustment to exit its Chapter 9 bankruptcy is feasible, according to Martha Kopacz, the municipal finance expert hired by the bankruptcy court to assess the plan.

Detroit’s retirees and employees endorsed the city’s proposed plan of adjustment while holders of the city’s limited tax general obligation bond holders and certificates of participation rejected it, according to the voting results released late Monday by the federal bankruptcy court.

Detroit's proposed plan of adjustment to deal with its $18 billion debt load is feasible, the municipal finance expert witness hired by the federal bankruptcy court to assess the plan believes.