Midwest

Michigan needs to play a bigger role in Detroit's recovery, and help the city access the capital markets, experts told the Michigan Municipal League's annual meeting.

Detroit's attorneys renewed arguments about the need for speed in its Chapter 9 case Thursday, telling the judge the city needs to know soon if it will officially be afforded bankruptcy protection.

A Financial Industry Regulatory Authority arbitration panel has ruled against The Police and Fire Retirement System of the City of Detroit, which was seeking at least $39.9 million from Citigroup Global Markets, Morgan Stanley Dean Witter and other firms over risky investments.

As one of the few major museums owned by a municipality, the Detroit Institute of Arts is in the crossfire of the largest municipal bankruptcy, says director Graham Beal.

An Illinois judge said he intends to rule next week on whether Gov. Pat Quinn acted within his authority to strike legislative pay from the fiscal 2014 budget to pressure lawmakers on pension reforms.

Fitch Ratings renewed its warning about a potential broader market impact on how it rates unlimited tax GOs should Detroit prevail in bankruptcy in treating its unlimited tax bonds as unsecured.

Build America Mutual Assurance Co., the municipal-only financial guarantor seeking to establish itself in a reviving bond insurance market, this month wrapped $76 million of new general obligation bonds for Michigan issuers to help them overcome the taint of Detroit's bankruptcy.

A Cook County Circuit Court judge rejected Chicago's efforts to trim the size of a $58 million arbitration award won by the private operators of four downtown city and park district-owned parking garages.

Local Michigan issuers continued to trickle back into the market Tuesday, with the triple-A rated city of Troy paying anywhere from 50 to 100 basis points more than similarly rated debt.

Illinois Democratic gubernatorial candidate William Daley, former White House chief of staff, bowed out of his challenge to incumbent Pat Quinn, a fellow Democrat.