Yvette Shields

The Chicago Board of Education unanimously approved a nearly $6.8 billion budget even as some board members expressed reservations over the district's reliance on one-time manuevers to close a $900 million shortfall.

Illinois suffered a setback Wednesday when Standard & Poor's revised its outlook on the state's A-minus rating to negative, reflecting analysts' dim view of the state's new budget and concerns over whether retirement benefit reforms will withstand a legal test.

The Regents of the University of Minnesota will sell $141 million of general obligation bonds Thursday to finance construction of a new ambulatory care center.

With the votes in on Detroit's plan to deal with its $18 billion of debt, the stage is set for confirmation hearings next month that will pit unhappy bondholders and bond insurers against employees and retirees who overwhelmingly endorsed the plan.

Despite significant obstacles, Detroit's proposed plan of adjustment to exit its Chapter 9 bankruptcy is feasible, according to Martha Kopacz, the municipal finance expert hired by the bankruptcy court to assess the plan.

Detroit’s retirees and employees endorsed the city’s proposed plan of adjustment while holders of the city’s limited tax general obligation bond holders and certificates of participation rejected it, according to the voting results released late Monday by the federal bankruptcy court.

Detroit's proposed plan of adjustment to deal with its $18 billion debt load is feasible, the municipal finance expert witness hired by the federal bankruptcy court to assess the plan believes.

Illinois faces an additional $128 million tab for retiree health insurance due to the recent Illinois Supreme Court decision assigning constitutional protections to the benefits.

Moody's Investors Service lowered the University of Chicago's rating one level to Aa2 as the school prepares to take on more debt to further its long-term strategic plans that will strain cash flow over the next several years.

The Republican candidate for Illinois governor unveiled a proposal to overhaul the state's tax system that calls for phasing out the state's 2011 temporary income tax hike, expanding the sales tax, and freezing property taxes.

The Illinois Sports Facilities Authority is hoping to bring a roughly $278 million refunding to market this summer as it looks to ease the challenges of managing an escalating debt service schedule with an economically sensitive revenue stream.

A second debt service payment default was triggered after the Lombard, Ill., board voted not to honor its appropriation commitment on a portion of $190 million of bonds issued for a struggling hotel and conference center.

Fitch Ratings dropped Cook County's general obligation rating by one notch to A-plus over the strain of its severely underfunded pension system.

Moody's Investors Service has revised Aurora Health Care Inc.'s outlook on its A3 rating to positive from stable in recognition of its improving performance.

The Illinois Supreme Court's decision that state constitutional protections of pension benefits apply to retiree healthcare premium subsidies "casts doubt" on recent local and state pension reform efforts, Moody's Investors Service said.

Rating agencies affirmed Missouri's triple-A but warned they are watching the impact of income tax cuts and a ballot measure that could hurt the governor's power to cut budgeted spending when revenues falter.

The Illinois Finance Authority signed off on up to $700 million in new-money and refunding borrowing for the University of Chicago and a first time IFA approved borrowing by a college foundation to fund affordable student loan.

Wisconsin is prepping more than $500 million in general obligation bonds for sale this summer beginning with a competitive issue for $255 million of new money Wednesday.

Minnesota added $150 million to its budget reserves at the start of the fiscal year July 1, bolstering the funds to $811 million.

Erica Borggren, the Illinois director of veteran affairs, was named acting secretary of the Transportation Department following Ann Schneider's resignation after questions were raised over the department's hiring practices.