Midwest

The Michigan Finance Authority was the nation's fifth largest issuer last year, driven largely by its last-minute, late-December issuance of $3.32 billion of short-term bonds to pay off the state's unemployment liability.

The Detroit City Council approved a $150 million bond sale that will generates cash to cover looming debt-service payments.

CHICAGO — The Mayo Clinic took retail orders Tuesday on $200 million of revenue bonds and will open the sale to institutional buyers Wednesday as it finances various capital projects, including a new proton beam therapy center at its flagship campus in Rochester, Minn.

Moody’s Investors Service raised its rating to Baa1 from Baa2 on Wheaton Franciscan Services in recognition of several years of improved operations at the Wisconsin hospital and the strong results expected this year.

The board of Kent State University approved a plan to issue $170 million of bonds to finance a large capital improvement plan. The debt will be general-receipts bonds with a 30-year maturity.

Minnesota House Republicans, who hold a majority, last week released a scaled-down version of Gov. Mark Dayton’s proposed capital budget known as the bonding bill package.

Moody’s Investors Service has taken the positive outlook off of St. Paul’s Aa1 rating ahead of the city’s sale later this month of $16 million of new-money general obligation debt.

Allen Park officials last week sent a letter to Michigan Treasurer Andy Dillon asking the state to launch a preliminary review of the city’s finances. The first step that could lead to a state takeover.

Moody’s Investors Service downgraded to Aa3 from Aa2 Wyoming, Mich.’s sewage disposal revenue bonds, as the city prepares to come to market with a $3.1 million refunding for savings.

Indiana Gov. Mitch Daniels appointed Sen. Connie Lawson as the new secretary of state after Charlie White was convicted of six felonies, including voter fraud.