Yvette Shields

A federal grand jury indicted former Ohio deputy treasurer Amer Ahmad, recently Chicago comptroller, on corruption charges of orchestrating a kickback scheme involving Ohio investment business.

In a blow to state pension reforms, a Michigan appellate panel struck down provisions in a 2011 law requiring a minimum contribution from state employees to remain in the state's defined benefit plan.

Two small revenue deals from Michigan — a state transportation refunding and a school district financing — found buyers this week at acceptable rates, breaking a logjam on issuance from the state following Detroit's bankruptcy filing.

The Chicago Park District enters the market as soon as Thursday with $162 million of general obligation bonds after being stung with double-notch downgrades from two rating agencies over its deteriorating pension fund and city relationship.

Fitch Ratings stripped Wayne County, Michigan's general obligation ratings of their investment grade over the county's rapidly deteriorating fiscal condition, in a five-notch superdowngrade.

The Justice Department and attorneys general from six states and the District of Columbia moved to block bankrupt American Airlines' proposed merger with US Airways under federal antitrust laws.

The Michigan Finance Authority will sell $92 million of state aid revenue notes for the Detroit Public School District next week in the first market offering to carry the Detroit name since the city's bankruptcy filing.

Illinois Gov. Pat Quinn has announced more than $70 million in capital grant funding for 115 hospitals across the state.

Moody's Investors Service hit seven of eight Illinois public universities with a downgrade Friday including the flagship University of Illinois in action that cuts more than $2 billion of rated debt primarily over exposure to the state's fiscal woes.

Standard & Poor's has pushed Proctor Hospital's rating deeper into junk bond territory, lowering it to BB-minus from BB-plus and warning of the potential for further deterioration by assigning a negative outlook due to its poor cash position.

Minnesota Municipal Power plans to enter the market in the coming days with a $20 million sale of electric revenue bonds to help finance a bioEnergy project.

The privately owned Branson Airport LLC in Missouri --which is in default on its $113 million of municipal debt -- has filed a lawsuit against a group of airport contractors accusing them of faulty work.

The City Colleges of Chicago has picked a banking team led by Jefferies for its inaugural sale of $250 million of debt that's on track to sell in September or October.

Chicago leaders faced bond investors and analysts in the week after a three-notch downgrade to the city's debt and after Detroit's bankruptcy raised fears about big-city finances, debt and pension funding.

Moody's Investors Service has revised its outlook on Fairview Health Services' A3 rating to stable from negative in recognition of its improved operations.

Illinois Gov. Pat Quinn announced $55 million in grant funding from the state's capital budget for 27 Chicago area colleges and universities.

Moody's Investors Service revised its outlook on Forest Lake Independent School District 831's underlying Aa3 rating to negative as the district heads to market with a $3.4 million bond issue to buy an ice arena and field house.

Minnesota will take competitive bids Tuesday on $470 million of general obligation bonds to finance statewide capital projects as its appropriation-backed issue for the new Minnesota Vikings professional football stadium waits in the wings.

Chicago heads to market Tuesday with a $247 million O'Hare International Airport borrowing to help finance a consolidated car rental center that's part of an $800 million multi-modal transportation facility.

Preliminary results show a majority of bankrupt American Airlines' shareholders and creditors — which include some holders of the airline's $3.3 billion of municipal bonds — have signed off on a proposed reorganization.