Yvette Shields

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.

Chicago named one of its financial consultants, Martin J. Luby, as its independent registered municipal advisor to evaluate financing proposals as it seeks to comply with new regulations without stemming creative financing suggestions.

The Chicago Public Schools unveiled a proposed $5.7 billion fiscal 2015 budget that relies on a windfall of property tax dollars by extending its collection cycle into the next fiscal year to help wipe out a $900 shortfall.

Illinois retiree healthcare premium subsidies are protected by the state constitution, the Illinois Supreme Court concluded in a challenge that could foreshadow the fate of the state's more recent pension overhaul.

Illinois entered the new fiscal year Tuesday with $4.6 billion in unpaid bills and another $1.1 billion expected in the coming months, according to data provided by Illinois Comptroller Judy Baar Topinka's office.

Chicago will host its annual investors' conference on Friday, Aug. 8 to update market participants on the city's credit including progress made over the last year on the pension front and ongoing strains.

Illinois Gov. Pat Quinn vetoed $250 million in spending for state capitol renovations as he signed into law a series of bills that make up much of the state’s $35.7 billion budget for the fiscal year that begins Tuesday.

Many highly-rated sewer utility credits can weather federal consent decrees that mandate substantial upgrades with proper management and planning for the increased costs, Moody's Investors Service concludes in a new report.

Three of Illinois' five pension funds have revised their investment rate of returns, a move that could drive up the state's future projected contributions and cut in the savings of the pension overhaul adopted by lawmakers.

The Chicago Public Schools announced plans to cut more than 1,000 employees in a move that comes ahead of the district's release of a fiscal 2015 budget that must close a nearly $1 billion budget gap.

Missouri Gov. Jay Nixon slashed $800 million in spending in the fiscal 2015 budget warning the cuts were needed to keep the budget balanced due to the threat that lawmakers might restore a series of vetoed tax breaks.