Midwest

Michigan Gov. Rick Snyder Monday tapped Detroit CFO Jack Martin to be the new emergency manager of the city's troubled school system.

The Ohio Turnpike Commission plans to come to market the week of July 29 with $1.1 billion of turnpike bonds backed by a new credit pledge that is key to the state's future transportation funding plans.

Detroit bondholders may have a new worry after a judge ruled that Jefferson County, Ala., could have paid legal bills for its bankruptcy from cash that was going to pay warrant holders owed $3 billion.

With income taxes boosting state revenues across the Midwest, Ohio, Nebraska and North Dakota all expect to have record-high rainy day funds heading into a new fiscal year.

Illinois finished fiscal 2013 owing $1.4 billion less than it did in fiscal 2012, but still faces a backlog of $6.1 billion of bills.

Indiana Gov. Mike Pence this week tapped the director of the Hoosier Lottery to serve as the new chief of the Indiana Department of Transportation.

Bondholders of the nearly $6 billion of Detroit water and sewer debt hold one of the strongest hands for recovery as Detroit emergency manager Kevyn Orr tries to restructure the city's massive debt load.

Illinois Gov. Pat Quinn Wednesday said he was writing lawmakers' pay out of the new fiscal 2014 budget until they send him a comprehensive solution to address the state's $95 billion pension liability.

Louisville, Ky.-based Hilliard Lyons has hired former Cook County chief financial officer and former Chicago comptroller Tariq Malhance to lead its public finance banking efforts in the Chicago region and Illinois.

A new analysis warns of that local governments in Cook County face a debt burden of $34 billion, the bulk of that coming from Chicago and from unfunded retiree benefits.