Midwest

Illinois Gov. Pat Quinn will lay out a fiscal 2015 budget proposal and reveal how he plans to deal with a looming income tax rate rollback. The Chicago Tribune is reporting the plan makes permanent the tax increase.

The city of Flint and Genesee County in Michigan and their new Karegnondi Water Authority are bringing $220 million of bonds to market to finance their breakaway from the Detroit Water and Sewerage Department and build their own 63-mile pipeline to Lake Huron.

The judge overseeing Detroit's bankruptcy case ordered the city to disclose more details of a proposed $120 million loan with Barclays, including financing terms and the use of proceeds.

Illinois hospitals provided $704 million in charity care as part of $5.2 billion in annual "community benefits," according to the Illinois Hospital Association's latest review of hospitals' annual filings.

Milwaukee-based Robert W. Baird & Co. Inc. extended its public finance banking reach to Minnesota, establishing a new Minneapolis office by hiring Paul Donna, Michael Hoheisel, and Matt Rantapaa from Northland Securities.

The Detroit Water and Sewer Department plans to come to market in June with $150 million of sewer bonds — and possibly a restructuring of its entire $4 billion portfolio — in the midst of the city's tumultuous bankruptcy and talks to privatize the asset.

The counterparties to Detroit's interest-rate swaps mounted their first public defense of a controversial settlement with the city Friday, arguing that the derivatives are legally secured and warning that litigation would be costly and painful for Detroiters.

Iowa's revenue estimating panel has finalized its projections for the next budget year offering numbers on par with its December report.

The Regional Transportation of Illinois is expanding its pursuit of companies and towns involved in the practice of setting up alleged sham offices in small towns to avoid higher sales taxes in Cook County.

Three Detroit-area hospital systems said Friday they plan to merge into a single $2.8 billion system.