Yvette Shields

Budget season in Illinois kicked into gear this week with Democrats and Republicans trading barbs over the shape of the next budget and the how the state should deal with an projected $3 billion deficit due to the looming rollback of an income tax hike.

Regional Transportation Authority of Illinois board chairman John Gates announced Wednesday he would step down from the post at the end of his term in June.

The public district managing the $380 million renovation of the St. Louis Gateway Arch grounds is selling $56 million of sales tax appropriation bonds for the makeover project.

Lawyers for Detroit told the bankruptcy court Wednesday the city plans to file a motion proposing a new swaps settlement with UBS and Bank of America in the next three to four days.

Wisconsin has decided to expand its use of Kroll Bond Ratings Agency from its general obligation credit to include its master lease certificates of participation ahead of a $37 million sale set for Wednesday.

Seeking to lock in savings offered in the current market, Wisconsin took a step into new terrain last month by entering into a loan agreement with JPMorgan that will refund $278 million of debt next year.

The Missouri Highways and Transportation Commission has adopted a 20-year construction program to meet a federal planning mandate but warned it can't really afford the plan amid dwindling funding.

Minneapolis priced $60 million of taxable general obligation bonds for its contribution to a financing package for the Downtown East development project adjacent to the new Minnesota Vikings stadium.

Illinois Gov. Pat Quinn unveiled the draft of a five-year plan to overhaul its Medicaid program in hopes of snaring $5.2 billion in additional federal funding.

Jones Day's Chicago-based not-for-profit and healthcare group have left en masse to join Chicago-based Chapman and Cutler LLP in a move that marks a return home for eight of the nine lawyers that made the leap.

Standard & Poor's stripped investment grade ratings from Lombard, Ill. for failing to honor its appropriation commitment on bonds for a hotel and conference center that hasn't generated revenue to repay $190 million in borrowing.

The Illinois Finance Authority board gave preliminary approval to a nearly $200 million financing planned by Centegra Health System to build a new hospital far northwest of Chicago.

The fiscal condition of pension systems for Chicago, its sister governments, Cook County, and the state's municipal pension fund deteriorated in 2012, a report said.

Cadence Health and Rockford Health System, two Illinois hospital systems that signed a letter of intent to merge in November, have decided cancel the proposed union.

Davenport, Iowa won an upgrade from Standard & Poor's and a downgrade Moody's, landing its rating squarely at the same level in the low double-A- category.

Ann & Robert Lurie Children's Hospital in Chicago won an upgrade from Standard & Poor's in recognition of its improved balance sheet and successful transition to its replacement hospital.

Cuts in Barclays' investment banking units claimed at least 10 municipal professionals in the firm's top-10 ranked municipal broker-dealer, according to numerous sources.

Illinois put a price tag of $60 million on the savings on its $1 billion general obligation sale Thursday attributed largely to investors rewarding the state for a recently enacted pension overhaul.

Competitive bids Thursday on $27 million of revenue bonds will fund a new University of Iowa dormitory to help deal with a housing crunch due to rising enrollment.

The Chicago City Council approved the appointment of a new comptroller and up to $1.9 billion of general obligation and Midway Airport borrowing at its meeting Wednesday.