Midwest

The resolution of Detroit's obligations in its Chapter 9 bankruptcy stands to shape the municipal bond market for years, the Federal Reserve Bank of Chicago concludes in a new report.

The city of Allen Park in Michigan is demonstrating a potential path for working through municipal financial stress by addressing issues relatively early on and by gaining important support from residents and the banking community.

Detroit's long-term revival depends on the ability to access the capital markets, which requires fair treatment of its bondholders in bankruptcy, said bankruptcy expert James Spiotto.

City Colleges of Chicago hit the road Thursday to promote a $250 million general obligation sale that garnered double-A level level ratings but carries the blemish of the city’s name.

Detroit Emergency Manager Kevyn Orr said he is considering several ways to wring cash out of the Detroit Institute of Art's collection.

Kentucky and Ohio consider options for building and funding a bridge project between Covington, Ky. and Cincinnati that could cost as much as $2.9 billion.

Illinois may make some progress in paying down its massive bill backlog in the fiscal 2014 budget, but it missed an opportunity to ease the growing strains on the state's fiscal foundation, a new report warns.

The trustee for $27 million of defaulted lease revenue bonds backed by Vadnais Heights, Minn. for a sports complex received is mulling final offers from potential buyers that range from $10.5 million to $13 million.

Bankruptcy Judge Steven Rhodes agreed to briefly lift the automatic stay on Detroit's bankruptcy temporarily to allow a state judge to issue an opinion on a related '13th check' pension dispute.

Fitch Ratings confirmed Wednesday that Detroit made its Oct. 1 debt service payments on water and sewer bonds despite a default on its general obligation debt.