Public finance

The Senate passed a $12.3 billion water infrastructure bill Thursday by 91-7, two days after the House approved it.

The Michigan House Thursday overwhelmingly and speedily passed legislation aimed at resolving Detroit's bankruptcy and creating oversight for the post-bankrupt city as it exits bankruptcy.

Southwest Airlines' newfound freedom to begin serving long-haul destinations from Dallas Love Field Airport in October poses risks for smaller airports left behind, Fitch Ratings warns.

Tax-exempt money market funds reported inflows of $913.9 million in the week ended May 20, raising total net assets to $258.64 billion according to The Money Fund Report, a service of iMoneyNet.com.

CALIFORNIA

ARIZONA

Former U.S. Transportation Secretary Ray LaHood joins infrastructure investor Meridiam North America as senior advisor.

The House Appropriations Committee approved a 2015 transportation budget that keeps federal highway funding at 2014 levels.

JP Morgan Chase CEO Jamie Dimon said Detroit's bankruptcy and proposed bondholder treatment shouldn't hurt the market for local Michigan bonds over the long run, according to the Detroit Free Press.

A Michigan House committee devoted to Detroit's bankruptcy unanimously approved legislation to authorize a $195 million state contribution to the city's pensions and outline oversight of the city post-bankruptcy for the next 20 years.

Federal, state and local elected officials joined LA Metro in announcing the receipt of a $1.25 billion full funding grant agreement from the Federal Transit Administration for its Purple Line subway extension.

CALIFORNIA

ARKANSAS

Michigan legislators neared a vote on a package of bills aimed at resolving Detroit's bankruptcy after a hearing that saw testimony from public finance veteran Richard Ravitch and Detroit Mayor Mike Duggan.

The House passed a $12.3 billion water infrastructure bill Tuesday that funds 34 port, inland waterway, and dam projects.

Airport infrastructure public-private partnerships are often stymied by a web of competing local interests, aviation advocates told a House P3 panel.

The parched market for municipal bond refundings may get some relief next year as call provisions kick in on debt issued a decade ago, easing a supply squeeze that has caused spreads to tighten this year..

ILLINOIS

IOWA

President Obama used his weekly address to criticize House Republicans for chopping the TIGER grant program to $100 million in 2015.