Midwest

The Illinois State Toll Highway Authority kicks off its New Year with a long planned $400 million refunding that will be followed in late winter with new-money borrowing to support an ongoing $12 billion program.

A day after Michigan Gov. Rick Snyder unveiled a plan to pledge $350 million to Detroit's pensions, bondholders said it remains unclear how the influx of cash will play out legally.

Wisconsin will take bids on $237 million of general obligation bonds Tuesday against a backdrop of improving state revenues Gov. Scott Walker wants to return most to taxpayers.

Michigan Gov. Rick Snyder said the state will commit up to $350 million to pay off Detroit's pension debt and protect its prized art collection, in what would be the state's first significant intervention in the historic bankruptcy.

The judge overseeing Detroit's bankruptcy case turned down a request by bond insurers and other major creditors to weigh in on the fate of the city's art collection.

Missouri Gov. Jay Nixon proposed a fiscal 2015 budget that would increase education spending $500 million and authorize $200 million in appropriation supported bond borrowing for a mental health facility.

The Minnesota Supreme Court refused to block the state's sale of $468 million of general fund appropriation-backed bonds to help pay for the new $975 million Minnesota Vikings NFL football stadium.

A key legislative panel Tuesday approved a bill that would cut the state's corporate and business taxes as part of an effort by Gov. Mike Pence to attract more businesses to the Hoosier State.

The Detroit bankruptcy judge Wednesday will consider a motion by bond insurers and other major creditors asking for a formal role in the assessment of the city's art collection and ways to monetize it.

Moody's Investors Service has revised its outlook to stable from negative on Springfield, Ill.'s A1 rating.