Public finance

Senators Chris Murphy and Bob Corker have joined forces in a push for higher federal gas taxes to fund highway projects.

Airports want to double the federal passenger facility fee of $4.50 per head, but airlines see no need for the increase.

Miami-Dade County plans to restructure three swaps associated with 1996 and 1997 bonds that have paid off with positive cash flow since being negotiated.

Michigan Gov. Rick Snyder knew a $195 million contribution to Detroit's bankruptcy could concern analysts, but believes it is important, a spokesperson said after Standard & Poor's revised its outlook.

ARKANSAS

ARKANSAS

S&P revises Michigan's outlook down to stable from positive, citing soft revenues as well as its recent contribution to Detroit's bankruptcy.

While states' credit ratings haven't been affected much by climate-related issues, primarily because the federal government has provided aid for those hit by disasters, that assistance may not always be available, a Standard and Poor's official said Tuesday.

Moody's Investors Service has lowered its ratings on $8.5 billion of state and transit agency stand-alone grant anticipation revenue vehicle bonds supported by dwindling revenues from the Highway Trust Fund.

Structural protections and a yield-hungry market are apt to boost interest in bonds for the Detroit Public Lighting Authority, despite the city's ongoing Chapter 9 bankruptcy.

IOWA

Fitch Ratings said Monday it has withdrawn its D ratings on most of Detroit's debt, saying there's no reason to maintain a rating on defaulted bonds.

Foreign equity investment interest in U.S. public-private partnerships at all-time level, a House P3 panel was told.

Two bond insurers that wrap Detroit water and sewer bonds have told bondholders to reject Detroit's bankruptcy plan of confirmation, even as the insurers fight for the exclusive right to vote on the plan.

CALIFORNIA

ARIZONA

The Texas Department of Transportation will lead the week's new-issue activity with a $900 million sale of general obligation mobility-fund refunding bonds as volume in the municipal market is projected to stay above $6 billion for a third straight week.

In a major development, Detroit bankruptcy mediators announced a settlement on the treatment of the city's limited tax general obligation bonds. Terms were not immediately disclosed.

President Obama's four-year, $302 billion transportation funding bill, introduced in the House by a bipartisan pair of representatives, is not expected to gain traction in the Republican-controlled chamber.

The Michigan Legislature adjourned for the summer on June 12 after failing to reach an agreement on new transportation funding despite weeks of intensive effort and support from business and labor groups and Gov. Rick Snyder.