Midwest

A new assessment of Detroit's art collection puts its price tag at up to $4.6 billion, significantly higher than the city's first valuation and more in line with bond insurers' estimates.

The Illinois Finance Authority signed off on up to $700 million in new-money and refunding borrowing for the University of Chicago and a first time IFA approved borrowing by a college foundation to fund affordable student loan.

Opponents of the Atlanta Braves' $672 million stadium in Cobb County intervened in the proceeding to validate $397 million of bonds for the new Major League Baseball facility.

Wisconsin is prepping more than $500 million in general obligation bonds for sale this summer beginning with a competitive issue for $255 million of new money Wednesday.

Minnesota added $150 million to its budget reserves at the start of the fiscal year July 1, bolstering the funds to $811 million.

Erica Borggren, the Illinois director of veteran affairs, was named acting secretary of the Transportation Department following Ann Schneider's resignation after questions were raised over the department's hiring practices.

Chicago named one of its financial consultants, Martin J. Luby, as its independent registered municipal advisor to evaluate financing proposals as it seeks to comply with new regulations without stemming creative financing suggestions.

All creditors in the Detroit bankruptcy case must vote on the city's debt adjustment plan by Friday, a key vote that will set the stage for an August trial and the city's effort to exit Chapter 9 by early fall.

Continuing its quest for documents tied to the sale of $1.4 billion of certificates of participation, Detroit Friday said it would subpoena one of the banks as well as public finance attorneys involved with the 2005 transaction.

Michigan Gov. Rick Snyder July 3 appointed a turnaround consultant to take control of a distressed Detroit suburb after city officials rejected a consent agreement with the state.