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Budget Problems Seen Pressuring Illinois
Illinois’ failure to pass a full budget for a second consecutive fiscal year is likely to widen the state’s operating fund deficit and exacerbate liquidity pressure on the state’ credit position, says Moody’s Investors Service.  more »
INDEPENDENCE, Iowa -- A retired Iowa Mental Health Institute employee is the newest member of the Independence City Council.  more »
Michigan’s economy has continued to improve without helping the fiscal health of the state’s local governments, according to a new University of Michigan report on the state’s local governments.  more »
Chicago got its first good rating news after announcing funding plans for the city's municipal and laborers pension funds, as Fitch Ratings revised its outlook on the city's rating to stable from negative.  more »
The questions remain the same when it comes to building a new Vigo County, Ind., jail: Who will pay for it and how?  more »
Southwest Ohio’s largest healthcare provider capitalized on the low interest rate environment last week to save on the debt of four hospitals it now operates as one obligated group.  more »
CHICAGO – Illinois' largest retirement fund voted to lower its assumed investment return rate to 7% from 7.5%, a move that Gov. Bruce Rauner's administration had warned would have a "devastating" impact on funding for social services and education.  more »
East Cleveland’s plan to avert bankruptcy by merging with neighbor Cleveland is back to the drawing board after terms were rejected by the Cleveland City Council.  more »
The default of some unrated nonprofit project bonds in Michigan and subsequent struggle to recover funds highlights the frustration bondholders sometimes feel in working with trustees, who are tasked with acting as the agents of the investors in distressed and default situations.  more »
Illinois’ budget crisis and political gridlock have taken a toll on the state’s public colleges and universities, S&P Global Ratings said in a report recapping the credit erosion and warning of a tough road ahead for the schools.  more »
The federal Security and Exchange Commission charged Cedar Rapids and 70 other public entities, including towns, school districts, transportation authorities, universities and states, on Wednesday for violating disclosure rules for municipal bond offerings.  more »
The Metropolitan Council will pursue a last-ditch effort to fund the Southwest Light Rail project after several unsuccessful attempts to secure funding from the state Legislature.  more »
The Illinois Finance Authority heads into the market Tuesday with $500 million of top-rated state revolving fund bonds to pave the way for more low cost loans for local clean water and drinking water projects.  more »
Illinois achieved about $56 million in present value savings on the refunding portion of its nearly $550 high-grade, sales tax backed deal that sold competitively Thursday.  more »

Steven Weyl, a Butler Snow attorney who practices in the public finance, tax incentives, and credit markets groups in Boston, joins Chip Barnett to discuss a number of regulatory topics including the bank direct placement market. He also talks about the roles and rules that surround municipal underwriters, advisors, placement agents and bond counsel.

The Municipalities Continuing Disclosure Cooperation Initiative was a particularly imaginative enforcement solution directed toward a very specific disclosure issue.

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