Law and legal issues

Ahead of a $30 million deal, ratings analysts said Michigan continues to rebound from recession and appears well protected against fallout from the Chapter 9 bankruptcy of its largest city, Detroit.

Jefferson County, Ala., plans to sell $1.7 billion of refunding sewer warrants before it exits Chapter 9 bankruptcy, according to County Commission President David Carrington.

The Virginia Supreme Court issued a ruling Thursday that allows the Elizabeth River Tunnels project to move forward as a tolled facility.

Bankrupt Jefferson County, Ala., reached a deal with major creditors to accept bigger haircuts and allow a modified plan of finance for the county to emerge from Chapter 9 this year.

The Dauphin County, Pa. commissioners voted to approve $170 million in revenue bonds related to the parking lease deal in Harrisburg, Pa.'s debt-recovery plan.

Fitch Ratings knocked Detroit's Downtown Development Authority – planning a $650 million hockey arena and entertainment complex -- into junk-ratings territory.

A court decision awarding the equivalent of 20% of Atlantic City's annual revenues to a local casino is a credit negative for the city, Moody's Investors Service said.

The Securities and Exchange Commission’s chief administrative law judge has dismissed a commission order instituting cease and desist proceedings against two UBS Financial Services, Inc. of Puerto Rico executives for allegedly misleading mutual fund investors.

Detroit’s bankruptcy eligibility trial will continue into next week after five days of testimony in which Michigan Gov. Rick Snyder and Detroit emergency manager Kevyn Orr sparred with creditor attorneys.

In historic testimony in Detroit's bankruptcy case, Michigan Gov. Rick Snyder said the state did not offer any aid to the ailing city to avoid pension cuts.

Attorneys representing Victorville, Calif. and its officials argued in court that SEC fraud charges in connection with a 2008 bond offering should be dismissed.

A federal permit improperly allows the Alabama Department of Transportation to begin work on the $5.4 billion “Northern Beltline” project, according to a federal lawsuit.

Detroit emergency manager Kevyn Orr made his first court appearance late Friday to testify in the city’s Chapter 9 bankruptcy trial.

Jefferson County, Ala., said additional negotiations will be necessary with major creditors of the county’s debt-laden sewer system.

A Minnesota city and investors holding $26.4 million of defaulted revenue bonds for a broadband network have a settlement agreement.

Tampa Bay Water, a regional supplier on Florida's mid-west coast, will pay more than $20.6 million to the engineering firm it sued over alleged design flaws in a reservoir.

A federal court in New York delayed the sentencing of former UBS Banker Mark Zaino to Dec. 12 for his role in rigging municipal bond contracts.

Bond insurers fought Detroit's restructuring proposal ahead of its bankruptcy filing in part because they did not want to set a precedent for other cities, said the city's investment banker Ken Buckfire.

In its first bond sale since 2006, the once bankrupt city of Vallejo, Calif. is planning to offer $19 million of water revenue refunding bonds next week.

The California Public Employees' Retirement System has filed documents appealing San Bernardino, Calif.'s eligibility to be in chapter 9 bankruptcy.