Midwest

The Chicago Public Schools unveiled a proposed $5.7 billion fiscal 2015 budget that relies on a windfall of property tax dollars by extending its collection cycle into the next fiscal year to help wipe out a $900 shortfall.

A federal appeals court judge advanced bond insurer Syncora Guarantee Inc.'s appeal of a key decision about casino tax revenue in the Detroit bankruptcy case, ordering a lower court to review the challenge by July 14.

Illinois retiree healthcare premium subsidies are protected by the state constitution, the Illinois Supreme Court concluded in a challenge that could foreshadow the fate of the state's more recent pension overhaul.

At least two bond insurers in the Detroit bankruptcy case will now enjoy the exclusive right to vote on the city's bankruptcy exit plan in place of individual bondholders.

Detroit alerted the federal bankruptcy court Wednesday of plans to issue a subpoena to the Bond Buyer for information about the city's controversial $1.4 billion pension certificates of participation sale, and a bond insurer subpoenaed a trio of public finance professionals for depositions in their case.

Illinois entered the new fiscal year Tuesday with $4.6 billion in unpaid bills and another $1.1 billion expected in the coming months, according to data provided by Illinois Comptroller Judy Baar Topinka's office.

Chicago will host its annual investors' conference on Friday, Aug. 8 to update market participants on the city's credit including progress made over the last year on the pension front and ongoing strains.

Syncora Guarantee Inc. is challenging bankrupt Detroit's April settlement with its unlimited-tax general obligation bondholders, saying it violates Michigan law.

The Indiana Finance Authority will sell $250 million of private activity bonds to finance a public-private partnership for a stretch of Interstate 69 that state officials say will be key to the state's future economic health.

Detroit's two interest-rate swap counterparties returned to court to complain that the city's plan of confirmation does not conform to the terms of the settlement they reached with the city.