Midwest

Illinois will soon begin remarketing $600 million of variable-rate paper from a 2003 issue with fresh letters of credit from six banks to replace an expired liquidity facility from Depfa plc.

Detroit should drop its plan to unwind its costly interest-rate swaps and instead argue the transactions be declared illegal, a former municipal investment banker Wallace Turbeville said in a report released.

Chicago plans to enter the market Thursday with $326 million of Midway International Airport second lien refunding bonds in a long planned restructuring that was on hold as the city pursued a privatization deal.

Moody's Investors Service this year has downgraded nearly a quarter of the local school districts it rates in Michigan, a big jump from last year that reflects growing budget strains and challenges.

The Illinois Finance Authority approved plans by long-struggling East St. Louis to free itself from state advisory oversight and laid the groundwork for Pace suburban bus service to borrow for capital projects.

Detroit has not reallocated payments for its unlimited-tax general obligation bonds because those bonds are tied up in federal mediation talks, the city said Monday.

Commissioners in Hamilton County, Ohio, are expected to consider a proposal to restore part of a property tax rebate that the county has repeatedly cut in order to fund two of the city's sports stadiums.

Detroit Monday disclosed the fees it must pay to Barclays Capital Inc. to secure a $350 million debtor-in-possession financing, after the bankruptcy judge overseeing the city's case ordered the disclosure.

The Minneapolis City Council has approved a $100 million planned renovation of the 23-year-old city-owned Target Center arena.

Moody's Investors Service downgraded Green Bay, Wis.'s general obligation rating one notch to Aa2 as it prepares to sell $25 million of taxable lease revenue bonds to finance convention center improvements.