Midwest

Nebraska Gov. Dave Heineman last week vetoed a bill that would give cities the option to hold a referendum on a sales tax increase.

Michigan Gov. Rick Snyder last week determined that a financial emergency exists in Muskegon Heights Schools, a district in a Detroit suburb that has been plagued by years of deficits and falling enrollment.

Indiana Gov. Mitch Daniels last week tapped a new commissioner of the Department of Revenue after the outgoing commissioner and two of his top deputies resigned in the wake of a pair of high-profile accounting errors.

Illinois House Speaker Michael Madigan, D-Chicago, has introduced legislation seeking a constitutional amendment to require a three-fifths supermajority vote of the General Assembly for any future pension benefit increases.

Moody’s Investors Service has placed Springfield’s A1 senior-lien electric revenue bond rating under review for a downgrade due to a significant narrowing of the utility’s financial position that resulted in a debt covenant violation for fiscal 2012.

A bankruptcy court judge in Chicago will be asked next week to approve a $53.5 million cash offer to purchase the assets of the Clare at Water Tower continuing-care community in a deal that provides holders of the facility’s $229 million of debt with a recovery rate of at least 20 cents on the dollar, sources said.

CHICAGO — Michigan is touting the strong history and credit quality of its water loan program as it brings $240 million of triple-A rated clean and drinking water revenue bonds to market Tuesday.

CHICAGO — Detroit Mayor Dave Bing's office Wednesday presented a $2.5 billion all-funds fiscal 2013 budget that marks the first step in a rigorous new budget process required under the historic consent agreement the struggling city signed with Michigan last week.

CHICAGO — Two former Raymond James & Associates Chicago bankers have resigned to join Stifel, Nicolaus & Co. with the goal of bolstering the firm's business with big issuers in Illinois and complementing its Midwestern and national public finance practice as it seeks to expand its fixed-income business.

CHICAGO — The Michigan Finance Authority is bringing $153.4 million of revenue bonds to market next week on behalf of the Oakwood Obligated Group, a four-hospital system located in the Detroit area.