Public finance

The federal judge overseeing Detroit's bankruptcy has ordered mediation to resolve a dispute over the city's legal bills, which total $140 million and are climbing.

CONNECTICUT

The fall meeting of the Municipal CFO Forum slated for Thursday and Friday in Chicago will focus on "financial communications."

A renewed interest in subdivisions that stalled during the recession is likely the main reason the California Debt and Investment Advisory Commission reported doubling of refunding volume in land-secured Mello-Roos bonds from fiscal year 2011-12 to 2012-13, according to government consultant Larry Kosmont.

Michigan Gov. Rick Snyder has hired public finance veteran and former New York Lt. Gov. Richard Ravitch to act as senior financial advisor for a new financial review board that will oversee Detroit's finances as the city emerges from bankruptcy.

COLORADO

Virginia lawmakers likely will reverse a plan to kill a $50 million transfer to the state's transportation fund that imperiled a proposed $100 million road bond issue.

While taxable century bond deals have recently gained in popularity among select issuers, they are less likely to become a household name in the municipal market due to their longer-than-usual lifespan and limited liquidity in the secondary market, muni experts said.

The outcome of Detroit's high-profile bankruptcy highlights the growing tension between pension obligations and bond debt for distressed governments while leaving a lack of legal clarity on the treatment of general obligation bonds.

INDIANA

ALABAMA

After a two-week climb, volume in the primary market may dip below $6 billion this week as a general obligation offering from Hawaii will lead the limited trading activity.

The bankruptcy judge overseeing Detroit's Chapter 9 case confirmed the city's plan of confirmation Friday, capping the largest municipal bankruptcy case in the U.S. by endorsing a plan that favored pensioners over bondholders

Standard & Poor's said Detroit's bankruptcy will not affect the agency's general obligation ratings despite "months of headlines and court battles."

Arkansas' $206.5 million federal highway grant anticipation and tax revenue bonds with final maturities of 2026 drew a true interest cost of 2.0858% in a competitive sale won by Citigroup.

California local streets and roads will continue to deteriorate unless additional funding can be found, according to recent statewide condition report.

The $37 billion of bonds approved by the nation's voters Nov. 4 included 13 of the 15 largest initiatives but fell far short of the record $69.6 billion approved in 2006.

ARKANSAS

ALABAMA

Municipal bond fund inflows rose after declining for three straight weeks.