Midwest

CHICAGO — An Iowa water district’s long-awaited plan to restructure $140 million of debt — including $83 million of water revenue bonds — is now on hold due to litigation filed by Bank of America Corp. in an attempt to block a pending asset sale.

After winning long-awaited approval from a bond insurer, Detroit Public Schools plans to enter the market Thursday with $231 million of one-year notes urgently needed to make payroll through August.

CHICAGO — Illinois received $6.1 billion in bids from 128 investors on its sale this week of $3.7 billion of taxable eight-year general obligation bonds to cover its 2011 pension contribution, a level the state touts as a sign of investor confidence following an income tax increase.

CHICAGO — Former Ohio Treasurer Kevin Boyce has joined Rice Financial Products Co. to staff the firm's Columbus office.

Former Illinois congressman and presidential chief of staff Rahm Emanuel will take office as Chicago's next mayor in May, inheriting daunting fiscal challenges as a new era in city government is ushered in that could shake up the local public finance field.

Indiana would prohibit bond issuers from hedging more than 20% of their outstanding debt in a bill that passed the state Senate Tuesday and now heads to the House.

CHICAGO — Wisconsin lawmakers reconvened Tuesday with the clock ticking on Gov. Scott Walker's plan to restructure $165 million of debt service due May 1.

CHICAGO — Double-A rated Ohio Wednesday will price two series of bonds totaling $58 million to finance cultural, sports, parks, and recreation projects across the state.

Moody's Investors Service has downgraded Hamline University's rating to Baa2 from Baa1 due to its highly leveraged balance sheet. The move affects $56 million of debt, including this week's $26 million issued through the Minnesota Higher Education Facilities Authority.

The Metropolitan Sports Facilities Commission expects insurance to cover most of the $19 million price tag for a new roof on the Hubert H. Humphrey Metrodome.