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Wisconsin insurance commissioner Sean Dilweg Friday announced a rehabilitation plan for the riskiest assets — mostly mortgage-backed securities — insured by Ambac Assurance Corp. The plan aims to fairly compensate holders of the risky assets without depleting the insurer of its ability to pay other future claims, including insured municipal bonds.
October 8 - Michigan
Detroit Public Schools emergency financial manager Robert Bobb said he was "very, very happy" with the final interest rates the troubled district saw on its $210 million stimulus-related borrowing Wednesday.
October 7 - Illinois
Fitch Ratings dropped the Chicago Board of Education's general obligation rating one level to A-plus Thursday due to mounting fiscal challenges from state aid delays and the looming expiration of federal aid and pension relief that helped close a fiscal 2011 deficit.
October 7 -
CHICAGO — Chicago-based BMO Capital Markets has hired senior public finance health care banker David Johnson and three of his colleagues from Ziegler Capital Markets for its merged higher education and health care practices, and named a fouth colleague to lead its strategy and analytics efforts.
October 6
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CHICAGO — Indiana auditors warned that the long-struggling city of Gary could face insolvency as it tries to overcome massive drops in property tax revenue tied to the state’s two-year-old tax cap legislation.
October 6 - Illinois
CHICAGO — In a stark illustration of Illinois’ deteriorating balance sheet, the state ended the first quarter of fiscal 2011 with $5.5 billion in overdue bills and faces a possible structural deficit of at least $15 billion in the next fiscal year if no action is taken, Comptroller Dan Hynes warned in his quarterly report.
October 5 - Michigan
CHICAGO — Detroit Public Schools emergency financial manager Robert Bobb is promoting an investment in Wednesday’s $210 million sale of taxable stimulus bonds as an investment in both the troubled district and the future of Detroit.
October 5
- Wisconsin
CHICAGO — Milwaukee will competitively sell $225 million of revenue anticipation notes Tuesday on behalf of Milwaukee Public Schools to help it manage its cash flow.
October 4 - Ohio
CHICAGO — After years of selling its long-term debt through negotiated sales, the Cleveland Metropolitan School District opted to take competitive bids on its recent issue of $55 million of qualified school construction bonds.
October 4 - Michigan
CHICAGO — Detroit Public Schools will hit the market Tuesday, taking retail orders on roughly $210 million of debt and opening it up to institutional buyers Wednesday.
October 1
