Midwest

Detroit Mayor Dave Bing announced Monday he had sent a draft of a consent decree to the City Council for review.

Moody’s Investors Service has affirmed the University of Iowa’s Aa1 rating and stable outlook for its utility system revenue bonds ahead of a $25 million sale slated for this week.

CHICAGO — Ohio comes to market Tuesday with $431 million of general obligation bonds after winning a rating-outlook boost from Moody's Investors Service.

Holders of $229 million of debt issued for a now-bankrupt upscale continuing care retirement community in downtown Chicago would recoup just pennies on the dollar under an initial bid for the facility.

Michigan Gov. Rick Snyder indicated that the state would not step in to help Detroit cover its looming debt payments even if the city does not have enough money to meet those obligations.

Detroit would issue $100 million of new-money self-insurance bonds and push off $37 million of near-term debt service as part of Michigan's plan to pull the city back from the brink of insolvency.

CHICAGO — Ohio Gov. John Kasich Wednesday unveiled a $1.74 billion, two-year capital plan that would rely on $1.36 billion of general fund-backed bonds.

Detroit Mayor Dave Bing late Tuesday blasted Michigan Gov. Rick Snyder for a proposed consent decree that the mayor said is a thinly disguised state takeover of the distressed city.

CHICAGO — The Illinois Finance Authority board on Tuesday advanced direct-purchase issues for two health care refunding deals and an $11 million allocation of Midwestern Disaster Area Bonds, the latest in a series of projects to tap the federal program before it expires at the end of the year.

CHICAGO — Local governments in Cook County, Ill., have raised property taxes nearly 50% during the last 10 years, mostly to keep pace with growing pension and employment benefits, and are moving along an "unsustainable" path that could eventually force some into bankruptcy, a Chicago-based public policy group warns in a new report.