Caitlin Devitt

CHICAGO — Moody’s Investors Service yesterday downgraded and assigned a negative outlook to all of Cleveland’s outstanding debt, warning that a weak economy continues to pressure the city’s fiscal position.

CHICAGO — Indianapolis Mayor Greg Ballard yesterday announced that, pending approval by the city and Indiana, the city would sell its water and sewer systems to a nonprofit group for $425 million and the assumption of $1.5 billion in outstanding debt.

CHICAGO — Indiana would be allowed to privatize two of the state’s largest proposed infrastructure projects under a measure on its way to Republican Gov. Mitch Daniels’ desk.

In his fifth annual state of the city address, Cleveland Mayor Frank Jackson touted several large development projects planned for downtown and said he would push Ohio to allow more cooperation among municipalities looking to partner on services and education.

The mayor of Pontiac, which is in its second year of state-controlled emergency financial management, said he might file a lawsuit challenging the authority of the city’s new financial manager, according to the Detroit Free Press.

Detroit could break ground on the first phase of a long-planned light-rail project along one of its main thoroughfares by the end of the year, Mayor Dave Bing said last week.

CHICAGO — Detroit will enter the market Thursday with $250 million of state aid limited-tax general obligation bonds that the city will use to erase a chunk of its accumulated deficit.

CHICAGO — Michigan would abolish its 10 bond-issuing authorities and consolidate them into the newly created Michigan Finance Authority under an executive order issued by Gov. Jennifer Granholm last week.

CHICAGO — Moody’s Investors Service Friday revised its outlook to negative from stable on Cincinnati’s general obligation debt as the city faces declining income tax revenue, which makes up nearly two-thirds of its general fund.

CHICAGO — As a first step in a three-state expansion, PNC Capital Markets Inc. has opened a Michigan office and hired Anton Colon to head it.

CHICAGO — Underwriters, financial advisers, and bond counsel interested in working on upcoming general obligation issues for Cook County, Ill., have until tomorrow at 10 a.m. to submit their interest to the county.

CHICAGO — Faced with aging infrastructure and a pledge to not raise taxes, Indianapolis Mayor Greg Ballard wants to use public-private partnerships to raise new revenue that could fund water and sewer upgrades and other citywide projects.

Strengthened by a voter-approved income tax increase last year, triple-A rated Columbus will be able to move forward with a number of capital projects this year, Mayor Michael Coleman said in his 11th annual state of the city address last week.

A bill that would have paved the way for Nebraska cities to create separate political subdivisions to issue bonds and impose new taxes appeared dead for the year after lawmakers sent it back to committee Monday.

Fitch Ratings downgraded to BBB-plus from A-minus $30 million of general obligation bonds issued by the Lincoln Park School District outside Detroit.

CHICAGO — Cincinnati-based public finance law firm Peck, Shaffer & Williams LLP has tapped bond counsel veteran Carol Olson to head up the firm’s tax and financial analysis group.

CHICAGO — Douglas County School District 1, Nebraska’s largest school system, will enter the market this week with $89.5 million of refunding bonds.

CHICAGO — Voters across Michigan approved a series of school bond proposals in Tuesday’s election, while splitting on controversial tax increases proposed by two struggling cities in Oakland County.

CHICAGO — The Indianapolis Local Public Improvement Bond Bank today will price $466.6 million of debt, marking the second piece of financing for a new $754 million public safety hospital in downtown Indianapolis.

Toledo Mayor Mike Bell last week said he decided not ask voters to increase the city’s income tax but will support a proposal giving it greater flexibility in how it spends part of the revenue.