Midwest

Michigan will pay 0.40% in interest for $30 million of two-year taxable general obligation bonds that the state sold in a competitive sale last week.

Cook County, Ill., approved a new $3.2 billion spending plan for fiscal 2014 that raises no taxes and relies on federal aid under the new health care law to offset chronic shortfalls in its massive health system.

The question of whether Detroit negotiated in good faith with its creditors, or even could, emerged as a central question in the nine-day trial over whether the city is eligible to enter Chapter 9 bankruptcy.

Fitch Ratings late Friday socked Chicago's general obligation rating with a triple-notch downgrade over its mounting pension woes and lack of a solution to date.

Illinois lawmakers wrapped up their annual veto session Thursday without acting on a state pension fix, but they did pass a pension overhaul for the Chicago Park District that is being labeled a framework for potential city changes.

Illinois cleared out its previous fiscal year's bills at the quickest pace since 2009 but its fiscal position could deteriorate as bills are again mounting and the income tax windfall of last April won't be repeated, the state comptroller warns in quarterly report.

Two bond insurers sued Detroit Friday for defaulting on its general obligation bonds, a challenge that goes to the heart of the city's unprecedented effort to treat its unlimited-tax GO debt as unsecured.

Attorneys will present closing arguments Friday in Detroit's court battle to enter Chapter 9 bankruptcy, capping an eight-day trial that centered on whether the city has negotiated in good faith with creditors.

The Chicago Infrastructure Trust settled on a model for its inaugural financing but may miss its goal of closing on $27 million deal by the end of the year.

Bond insurer Syncora Guarantee Inc. filed an objection to Detroit's effort to repair its broken down streetlight system with the use of the city's utility tax to back bond payments.