Yvette Shields

Chicago Mayor Rahm Emanuel and Illinois Gov. Pat Quinn last week announced plans for a nearly $500 million overhaul of the Chicago Transit Authority's rail transit line to O'Hare Airport.

American Airlines emergence from Chapter 11 and merger with US Airways Group Inc. officially took off Monday as trading on the new company began.

Chicago Mayor Rahm Emanuel named Daniel Widawsky to serve as comptroller, replacing Amer Ahmad, who faces corruption charges stemming from his previous tenure in the Ohio Treasurer’s office.

Illinois Gov. Pat Quinn signed the sweeping overhaul of the state's pension system into law on Thursday, calling it a "serious solution to address the most dire fiscal challenge of our time." The legislation will soon face a legal challenge from unions.

The Metropolitan St. Louis Sewer District will price $150 million of revenue bonds Thursday in its second draw on a $945 million borrowing authorized by voters last year.

Investors endorsed Illinois’ pension restructuring legislation with state paper trading at tighter spreads while rating agencies, though cautious, called the overhaul a positive step.

Illinois Gov. Pat Quinn promised a prompt signature on the pension overhaul lawmakers delivered Tuesday, setting the stage for battles over its legality and effectiveness.

Ending a two-year political impasse, the Illinois General Assembly approved sweeping changes to the state's pension system billed by its backers as a "landmark" overhaul that will stabilize both the system and the state's fiscal foundation.

Democratic and Republican backers of legislation to fix Illinois's pension mess portrayed it as landmark legislation that represents the best shot at both stabilizing the system and the state's fiscal foundation while unions attacked it as unfair and unconstitutional.

Friendship Village of Sunset Hills, Missouri will sell $58 million of bonds this week to fund a major expansion of its retirement village outside of St. Louis.

The Missouri Association for Social Welfare last week filed a lawsuit contesting the summary language of a proposed ballot measure seeking approval for a one cent sale tax increase to fund transportation-related projects.

Michigan on Monday appointed financial review teams to examine the finances of two Detroit metro area governments – Royal Oak Township and Highland Park – launching the next step in a process that could lead to a state takeover.

With the market focused on Illinois ahead of a Tuesday vote on a pension system fix, the state has announced plans to take competitive bids on $350 million of taxable general obligation bonds next week to meet ongoing capital funding needs.

Illinois lawmakers convene Tuesday to vote on a package of reforms agreed to by their leaders with the aim of stabilizing a pension system saddled with $100 billion of unfunded obligations.

The Chicago City Council overwhelmingly approved a $7 billion 2014 budget that is balanced but with little buffer to absorb a $600 million pension payment spike looming in 2015.

The Missouri Secretary of State Securities Division filed a civil enforcement action against Morgan Keegan accusing the firm of securities fraud in its role as underwriter of $39 million of defaulted bonds issued by Moberly, Mo.

Moody's Investors Service has stripped Central College in Iowa of its underlying investment grade rating over its stressed operations.

A bankruptcy Court judge said he expects to rule by Wednesday on American Airlines' request for final clearance to merge with US Airways Group Inc. and exit Chapter 11.

Moody's Investors Service revised its outlook on the Chicago Symphony Orchestra's A3 rating to stable from negative in recognition of its improving.

The public body overseeing construction of a new Minnesota Vikings professional football stadium approved an agreement with the team and developer that caps the construction costs at $763 million.