Yvette Shields

A one-time fix to close Illinois' current $1.6 billion budget gap largely by draining $1.3 billion from non-general fund special accounts is headed to the Senate after clearing the House.

Zion, Ill. Park District lost its investment grade rating and faces further credit deterioration as its struggles with a rapidly declining tax base.

Missouri lawmakers are advancing legislation that makes clear legislative and voter authority over any borrowing, a move prompted by questions over whether Gov. Jay Nixon’s bonding proposal for a new St. Louis Rams professional football stadium requires a vote.

Moody’s Investors Service placed Steele County, Minn.’s ratings on review for a possible downgrade as several enterprise fund commitments strain its books.

Chicago area transit systems face service cuts or higher fares if state funding is slashed as proposed by Gov. Bruce Rauner in his fiscal 2016 budget now before the General Assembly.

Minnesota Republicans on Monday proposed a $7 billion, 10-year plan to fund transportation work without a tax hike.

Illinois retained its position as the state with the worst overall net financial position among more than 40 reviewed by the Illinois auditor general for fiscal 2014.

The cracks in Chicago Public School system's fiscal foundation deepened as a new credit blow triggered swap termination events that could force payments of more than $260 million to counterparties.

The Chicago Public Schools dropped Moody’s Investors Service from the list of rating agencies asked to review its upcoming sale of about $550 million in new money and refunding general obligation paper.

Chicago took a gamble by voluntarily laying out in stark terms the fiscal threats that could lead to further credit erosion and the impact on its swap and liquidity contracts, market participants said.

Silver Cross Hospital and Medical Center leads a pack of borrowers slated to come to market through the Illinois Finance Authority this spring.

Chicago Mayor Rahm Emanuel's fiscal agenda for a second term gambles on elusive state action to avoid making city taxpayers cover a $550 million spike in public safety pension contributions next year.

Chicago mayoral challenger Jesus “Chuy” Garcia offered up ideas for freeing up city revenue in a financial plan that left unanswered questions over how he would tackle the city's staggering pension woes.

Investors in a federal class action lawsuit stemming from the failure of a bond-financed Missouri sucralose plant stand to recoup about 86% of the par value of their losses.

Standard & Poor’s raised Wisconsin-based Bellin Health’s rating by one level to A-plus ahead of its upcoming $45 million refunding issue.

This week's oral arguments at the Illinois Supreme Court about the constitutionality of the state's pension overhaul legislation left few hints about how the judges will rule.

Fitch Ratings knocked Chicago-based Roosevelt University's rating down to the lowest investment grade level due to ongoing negative operations.

Illinois' need to protect the public welfare in the face of a fiscal emergency by cutting pension benefits trumps their state constitutional protections, Solicitor General Carolyn Shapiro told the state's high court Wednesday.

Illinois squares off against opponents of its 2013 pension reform legislation Wednesday afternoon before the Illinois Supreme Court in arguments that will be shown live on the Internet.

The Missouri Supreme Court took control of Ferguson’s municipal court system Monday in a move that follows a stinging federal report that accused the officials there of abusive practices designed to generate revenue for the court and city coffers.