Public finance

Maryland Transportation Authority will generate less than $10 million a year in toll revenue from express lanes on a $1.1 billion highway improvement project.

When Standard & Poor's downgraded Jefferson County, Ala.'s school warrants to D, some people said the action was misleading and others were confused.

CHICAGO - Detroit told the bankruptcy court Friday it may sue its interest-rate swap counterparties without a revised settlement to terminate the swaps under more favorable terms. The warning raises the stakes on mediation.

Outflows from weekly reporting municipal bond mutual funds persisted for the 30th straight week, at $1.71 billion.

COLORADO

CALIFORNIA

Heavy outflows from municipal bond mutual funds persisted, Lipper FMI numbers for the week of Dec. 18 showed.

Detroit's mayor-elect, Mike Duggan, will manage the bankrupt city's day-to-day operations under an agreement with the city's emergency manager, Kevyn Orr, that was announced Thursday.

The Bond Buyer's weekly yield indexes were mixed in the week ended Dec. 19.

Auction house Christie's valued bankrupt Detroit's art collection at between $454 million and $867 million in a final assessment turned over to city emergency manager Kevyn Orr this week.

Battered by rising interest rates and credit concerns in 2013, the muni market may face additional obstacles next year as regulatory limits on broker dealers could crimp liquidity.

INDIANA

ALABAMA

CHICAGO – A federal bankruptcy court judge abruptly suspended hearings on Detroit's proposed $350 million debtor-in-possession financing and settlement with its interest-rate swap counterparties Wednesday and urged the city to use the time to renegotiate the swaps termination deal.

The federal bankruptcy court judge overseeing Detroit's historic Chapter 9 filing pressed the city Wednesday for more information on its strategy behind the decision to negotiate a settlement with interest-rate swap counterparties.

FLORIDA

ILLINOIS

Detroit had to pursue a settlement with the interest-rate swap counterparties on its pension certificates or risk the "cataclysmic" loss of access to casino revenues, the city's investment banker told the bankruptcy court Tuesday.

U.S. Sen. Jay Rockefeller wants to know why the Port Authority of New York and New Jersey closed lanes on the George Washington Bridge in September.

ILLINOIS