Midwest

Detroit's move to secure debtor-in-possession financing marks a first for Chapter 9, one that, if successful, could pave the way for other bankrupt or cash-strapped cities, municipal bond experts said.

Minnesota will wrap up its new-money general obligation borrowing for the year in a sale Tuesday of up to $767 million that includes a refunding piece before shifting gears to financing the new Minnesota Vikings professional football stadium.

Wisconsin is asking financial advisory firms interested in helping the state evaluate its assets for possible sale or lease to submit their qualifications by Nov. 1.

Milwaukee plans to take competitive bids Wednesday on $130 million of school cash flow notes but can delay the deal if too steep a penalty is demanded amid uncertainty driven by Congress.

Gov. Rick Snyder Tuesday tapped former insurance executive R. Kevin Clinton as Michigan treasurer, a job that includes oversight of financially troubled communities such as Detroit.

Indianapolis will get a $1 billion new budget that wipes out a $15 million shortfall using proceeds from the sale of its utility systems.

Richard Baird, a top advisor to Michigan Gov. Rick Snyder, said he had considered trying to push for legislation to provide some protection for Detroit's low-income pensioners.

Outgoing Michigan Treasurer Andy Dillon outlined Detroit's descent into bankruptcy in a deposition ahead of hearings on whether the city is eligible to enter into Chapter 9.

Posey County, Ind. will remarket $1.26 billion of notes Thursday on behalf of Midwest Fertilizer Corp. ahead of plans to put a long term financing in place next year for its controversial fertilizer plant.

Moody's Investors Service has placed Methodist Medical Center of Illinois' A2 rating on review for a potential upgrade in anticipation of the hospital becoming part of the higher rated Iowa Health System's obligated group.