Midwest

CHICAGO — The Greater Cleveland Regional Transit Authority is bringing $41.7 million of highly rated sales-tax-backed bonds to market Thursday.

Three of the five Wisconsin school districts involved in a risky $200 million investment instrument have won rating upgrades following their recent settlement of litigation that releases the districts of their moral obligation to repay notes tied to the investment scheme.

The Minneapolis City Council signed off on funding plans for a new $975 million Minnesota Viking stadium downtown. The 7-6 vote came one day after a council committee advanced the financing package by the same vote.

The Detroit City Council last week approved a $1.12 billion fiscal 2013 budget that largely adheres to Mayor Dave Bing’s proposed spending plan.

Fitch Ratings last week stripped the Detroit suburb of Taylor of its investment-grade rating and warned of further action by assigning a negative outlook.

The Indianapolis Public Schools board last week approved a plan to lay off 163 employees to help close a $27 million shortfall.

Standard & Poor’s downgraded its rating on Springfield’s electric system revenue bonds by two notches to A and warned of further action by assigning a negative outlook.

Michigan has set June 14 for the sale of $3.3 billion of bonds that the state will use to defease short-term debt issued in late December to pay off its federal unemployment liability.

CHICAGO — The Illinois House approved a bill Friday that raises the cigarette tax by $1 and establishes charity care standards for the state's nonprofit hospitals in order to preserve their property tax exemption.

CHICAGO — In a narrow vote, Minneapolis City Council members gave preliminary approval to a plan to use existing sales and hospitality taxes to fund the city’s $150 million share of a new $975 million stadium for the Minnesota Vikings.