Midwest

The Michigan Legislature adjourned for the summer on June 12 after failing to reach an agreement on new transportation funding despite weeks of intensive effort and support from business and labor groups and Gov. Rick Snyder.

Bruce Rauner, Republican candidate for Illinois governor, outlined plans to cut $1 billion in spending to help balance the state's books without revenues from an expiring income tax hike.

Missouri Gov. Jay Nixon vetoed legislation establishing tax breaks and exemptions, warning that state and local governments couldn't afford the measures.

Detroit's new public lighting authority is gearing up for its first public bond sale, which has earned an A-minus rating from Standard & Poor's.

Dane County, Wis., will take competitive bids Thursday on $84.5 million of general obligation bonds and notes for various projects including a new airport parking facility and landfill expansion.

The Des Moines Airport Authority Board approved a long-term site plan that calls for construction of a new, $468 million partially bond-financed terminal but officials still need to identify $200 million in financing.

Two more foundations have pledged $13 million to Detroit's pensions via the Detroit Institute of Arts in a bid to protect the museum's prized art collection as part of a grand bargain worked out by federal court mediators.

Bond insurer Syncora Guarantee said in a court filing that Detroit, as well as federal court mediators and even the bankruptcy judge himself have unfairly singled out the insurer as part of an anti-Wall Street public relations campaign.

Detroit officials will meet Thursday with Ambac Assurance Corp. and Blackrock Financial in a court-ordered mediation session to try to reach a settlement after months of failed talks.

The Chicago Transit Authority has received a first time rating from Kroll Bond Rating Agency of AA on its upcoming sale of nearly $600 million of sales tax backed revenue bonds to fund capital projects.