Midwest

Illinois put a price tag of $60 million on the savings on its $1 billion general obligation sale Thursday attributed largely to investors rewarding the state for a recently enacted pension overhaul.

Competitive bids Thursday on $27 million of revenue bonds will fund a new University of Iowa dormitory to help deal with a housing crunch due to rising enrollment.

Michigan Gov. Rick Snyder said it would be premature to assume that Detroit's bankruptcy will drive up borrowing costs across the state.

The Chicago City Council approved the appointment of a new comptroller and up to $1.9 billion of general obligation and Midway Airport borrowing at its meeting Wednesday.

Michigan Gov. Rick Snyder unveiled a 2015 budget that would boost spending on troubled local governments and school districts, build up the state's rainy day fund and finance $200 million of tax breaks.

Illinois' $1 billion general obligation sale Thursday is expected to benefit from improved investor appeal following a pension system overhaul but ratings agencies haven't altered their Illinois ratings.

Fitch Ratings dropped Cleveland's airport to BBB-plus with a negative outlook amid United's recent announcement it would drop the airport as a hub, and city and state officials scrambled to respond to the news.

A partially bond funded plan to build a $650 million hockey arena and entertainment district near downtown Detroit advanced Tuesday when the city council agreed to transfer 39 acres of public land to the project.

Illinois Gov. Pat Quinn wants to push back the scheduled Feb. 19 release of his fiscal 2015 budget until March 26.

Moody's Investors Service downgraded Williston, N.D. to Baa2 from A3, and assigned a negative outlook, warning that the city, in the heart of the state's historic oil boom, faces significant infrastructure needs.