Caitlin Devitt

Moody’s Investors Service last week downgraded Lafayette to A1 from Aa3, affecting just under $5 million of outstanding general obligation debt and $25.6 million of outstanding lease rental revenue bonds. Moody’s also dropped to $5.1 million of economic development income-tax supported bonds A3 from A2 issued by the city.

The Indiana Association of Cities and Towns said this week it would begin lobbying state lawmakers for new municipal taxing authority.

CHICAGO — Cook County, Ill., board commissioners will begin this week tackling President Todd Stroger’s proposed $3.56 billion all-funds 2010 budget that includes no new taxes and limited borrowing while relying on an unpopular, year-old sales tax increase that faces possible repeal.

CHICAGO — Michigan Gov. Jennifer Granholm said she would sign the six remaining budget bills next week, completing the state’s $40 billion fiscal 2010 budget and ending a tumultuous budget season.

CHICAGO — Detroit city and school officials are promoting a controversial $500 million bond proposal for the cash-strapped Detroit Public Schools as a key to helping rebuild the struggling city.

CHICAGO — Cook County, Ill., will enter the market today with roughly $400 million of fixed-rate bonds in a transaction aimed at saving the county money by refunding a chunk of its outstanding debt and generating new money to finance the purchase of capital equipment.

CHICAGO — The Indiana Finance Authority today is expected to price $225 million of new-money revenue bonds on behalf of Sisters of St. Francis Health Services Inc.

Moody’s Investors Service downgraded the Dayton City School District’s $219 million of outstanding general obligation debt to A3 from A2 and revised the outlook to stable from negative. It also downgraded the district’s $15.4 million of outstanding certificates of participation to Baa1 from A3.

Moody’s Investors Service last week upgraded to A1 from A2 the Cuyahoga Falls City School District’s general obligation debt.

The Democratic-led Ohio House is likely to vote as early as today on legislation that would enact Gov. Ted ­Strickland’s proposal to freeze planned income-tax cuts to help balance the budget.

The Silverdome, the former home of the Detroit Lions, will be sold next month at auction.

CHICAGO — Moody’s Investors Service downgraded Akron’s general obligation and income-tax backed debt as the Ohio city struggles with a budget deficit and heads into what is expected to be a tough 2010.

Officials are looking at the possible refunding of the bulk of Detroit’s $8.4 billion in debt as one in a series of moves that a recent report said could save the cash-strapped city up to $600 million.

Traverse City last week won a two-notch upgrade on its general obligation debt from Standard & Poor’s to AA-plus from AA-minus.

Indiana Gov. Mitch Daniels last week called for another round of budget cuts after reports showed revenue collections coming in 8% below original forecast.

CHICAGO — Henry Ford Health Systems is expected to enter the market this week with $322 million of new-money and refunding revenue bonds as part of the system’s scaled-back capital campaign to expand its services across southeast Michigan.

CHICAGO — As federal stimulus funds that many states have relied on to balance their budgets run out, states will face tough decisions over how to adapt to a lower revenue environment, a Moody’s Investors Service analyst said at a conference here this week.

CHICAGO — The market for tax-credit bonds created by the federal stimulus is expected to take off despite a sluggish start and remaining questions surrounding the so-called tax-stripping option, said participants at The Bond Buyer’s Municipal Finance in the Stimulus Era conference here yesterday.

CHICAGO — Local governments in Indiana should brace for larger-than-expected revenue losses next year under the state’s sweeping new property tax law, lawmakers and fiscal officials are warning.

Standard & Poor’s downgraded $23 million of bonds issued for Clark Retirement Community Inc. by the Michigan Strategic Fund to BBB-minus and revised its outlook to negative.