Public finance

The draft transportation bill released late Monday night by a Senate committee calls for $242.4 billion of federal funding for highway projects over six years.

The "Detroit Three" automakers are reportedly considering giving up to $25 million or more in a plan that would raise money for the bankrupt city's pensioners while protecting the city's prized art collection.

Investors that hold roughly $5.3 billion of Detroit revenue bonds as well as $1.4 billion of its pension certificate debt filed objections to the city's plan of debt adjustment, laying out the arguments they will present at a bankruptcy trial two months away.

IOWA

ALABAMA

Michigan lawmakers will spend three days this week debating an 11-bill legislation package outlining the state's role in Detroit's bankruptcy, with emergency manager Kevyn Orr testifying on Tuesday.

Detroit's effort to repay its limited-tax general obligation bondholders only about 10 cents on the dollar would send shock waves through the muni industry and stifle economic growth, SIFMA argued in a court brief filed Monday.

Construction on the $1.8 billion partially bond-financed Iowa Fertilizer Co. project is slightly behind schedule due to the harsh winter but the project is making "timely progress" and commodity price expectations remain on target, according to Fitch Ratings.

INDIANA

ALABAMA

A pair of turnpike revenue offerings from New Jersey and Pennsylvania will give the primary market a lift this week, helping alleviate supply concerns ahead of spring reinvestment season, municipal experts said.

Lawmakers have reconciled differences in House and Senate versions of a water infrastructure bill that would authorize $8 billion of federal funding.

Michigan lawmakers unveiled a package of 11 bills Thursday aimed at hastening Detroit's exit from bankruptcy and managing the city's post-Chapter 9 recovery.

CALIFORNIA

ALABAMA

Tobacco bonds have lured investors with some of the highest returns in the muni market this year, raising concern among strategists that traditional municipal bond investors' are taking on too much risk.

The Bond Buyer's muni bond indexes mostly strengthened in the week ending May 8.

Municipal mutual funds reported inflows increased to $943.23 million in the week ended May 8 from $26.38 million of outflows the week before.

The Senate Environment and Public Works Committee will vote on a surface transportation reauthorization bill on May 15, committee leaders announced Thursday.

Michigan would create a board to oversee Detroit for up to 20 years and contribute $195 million to the troubled city's pensions in a series of bills expected to be unveiled late Thursday.