Bankruptcy

Gov. Tom Corbett late Thursday night signed a bill to prevent Harrisburg and other distressed small-to-medium-sized cities in Pennsylvania from filing for bankruptcy protection - at least for the next year - under the threat of losing all state aid.

The Federal Bureau of Investigation has entered the probe into questionable payments by Harris County to two brokers involved in county investment transactions.

Little Rock lawyer Sheffield Nelson has filed a revision with the secretary of state’s office to his proposal that would amend the Arkansas constitution and increase the state severance tax on natural gas to help fund maintenance of city, county and state roads.

BRADENTON, Fla. - Santa Rosa Bay Bridge Authority bondholders did not get paid July 1, according to the Florida agency's trustee, Bank of New York Mellon.

DALLAS - The Austin City Council has paved the way for promoters of a Formula One race to receive $25 million per year from the Texas comptroller's office over the next decade, but a lawsuit challenging the legality of the state subsidy still stands in the way.

WASHINGTON - The Securities and Exchange Commission may appeal a recent federal court decision tossing out an auction-rate securities case the agency brought against Memphis-based Morgan Keegan & Co.

Nevada Treasurer Kate Marshall issued a statement earlier this month in reaction to what she considered misreporting on the state's debt burden.

Chowchilla has made its full June interest payment on its lease revenue bonds after previously defaulting and using up its reserve fund.

California Gov. Jerry Brown signed two bills tied to the budget Wednesday that will effectively eliminate most redevelopment agencies, sparking a legal battle.

A New York appeals court ruled that bond insurer MBIA Insurance Corp. can proceed with fraud claims against Countrywide Home Loans Inc., when the court Thursday denied Countrywide's motion to dismiss the case.

BRADENTON, Fla. - A last-ditch effort to prevent the Santa Rosa Bay Bridge Authority in northwest Florida from a bond payment default has failed and the remaining member of the board plans to resign next week.

The 11th Circuit Court of Appeals in Atlanta Tuesday overturned a federal judge's ruling that ordered massive cutbacks in drinking water withdrawals by Atlanta and surrounding communities from a federal reservoir known as Lake Lanier.

Pennsylvania's Senate late Tuesday approved a bill that would force a state takeover of Harrisburg and other financially strapped cities if they don't approve a recovery plan, and prohibit them from filing for bankruptcy protection.

DALLAS — The Oklahoma Supreme Court declined Monday to hear arguments in a lawsuit contending that the use of $101.7 million of highway tax revenues to balance the state’s fiscal 2012 budget was unconstitutional.

DALLAS — Facing 22 more years of debt service on its Jobing.com Arena, Glendale, Ariz., is seeking a new strategy to keep the Phoenix Coyotes playing in the $180 million venue after a deal to sell the hockey team fell through.

CHICAGO — Detroit Public Schools, which is under state receivership, plans to come to market later this year with a $200 million deficit borrowing to erase two-thirds of the red ink in its fiscal 2012 budget.

Bank policyholders suing MBIA Inc. over its $5 billion restructuring are now able to pursue claims in court after the New York State Court of Appeals reinstated the lawsuit.

BRADENTON, Fla. - Jefferson County, Ala., agreed not to file for bankruptcy in return for a 30-day "standstill" agreement under which the receiver for the county's sewer system will allow negotiations to resume over defaulted sewer debt and won't pursue a rate increase - at least for now.

Oakland County Treasurer Andy Meisner last week announced a lawsuit against Fannie Mae and Freddie Mac for unpaid real-estate transfer taxes as part of the Michigan county's larger effort to combat foreclosures.

The New Mexico Supreme Court ruled last week that Gov. Susana Martinez went beyond her constitutional powers by using her line-item veto authority to reduce appropriations for a housing program to $50,000 from the legislatively approved $150,000.