Yvette Shields

Moody's has downgraded Fairfield by two notches to Baa1 from A2 and warned of further negative action as the city struggles with budget deficits.

Investors who hold some of the $4.5 billion of revenue bonds issued for the controversial Prairie State Energy Project can take heart that the project's long-term economics remain favorable for participating public power agencies despite cost overruns, says Moody's Investors Service.

Fired last summer by Blaylock Robert Van LLC, Chicago-based public finance banker Frank Paul has filed a charge of race and age employment discrimination against his former employer with the U.S. Equal Employment Opportunity Commission.

A group of prominent Illinois-based civic groups Thursday banded together to intensify pressure on lawmakers to act now during a special legislative session to overhaul the state's pension system weighed down by $95 billion in unfunded obligations.

The funded ratios of 11 pension funds that cover Chicago, Cook County and statewide municipal workers in Illinois deteriorated in 2011 and they collectively now carry $37 billion of unfunded obligations, according to a new report.

Chicago has reached a settlement with St. John United Church of Christ that includes a $1.3 million payment for church land that had housed a cemetery moved to make way for a new runway at O'Hare.

Columbus, Ohio, Auditor Hugh J. Dorrian intends to ask for authority to refund up to $475 million of Build America Bonds and recovery zone economic development bonds if federal subsidies are cut under sequestration or in a deal to avoid the fiscal cliff.

The Illinois State Toll Authority board has approved a $1.5 billion budget for the coming year along with $1 billion in toll-backed bonds in the agency's first borrowing to support its 15-year $12 billion capital program.

Women in Public Finance will honor three professionals next month in Chicago at the national organization's 7th annual founders' awards.

Kansas City, Mo., plans to launch construction of a streetcar system next year using a bond financing plan designed to protect the city's general budget from project shortfalls.

Moody's has downgraded Rochester, Minn.'s electric utility revenue bonds to Aa3 as a lack of rate increases in recent years have made a dent in the utility's credit quality.

Plans are advancing to ask St. Louis area voters to approve a sales tax increase to raise $760 million to fund improvements to area parks and trails and the Gateway Arch grounds.

Michigan Gov. Rick Snyder last week signed a series of high-profile economic development legislation that creates a Detroit area regional transit authority and a lighting authority for Detroit and other cities.

Standard & Poor's has revised its outlook on Perry Public Schools, Mich. issuer credit rating of BBB-plus to negative from stable due to its ongoing fiscal challenges.

Moody's Investors Service has upgraded the rating on the village of Hodgkins, Ill., $36.6 million of Metropolitan Biosolids Management project revenue bonds to Aa3.

Chicago Mayor Rahm Emanuel's announcement that the city will explore leasing Midway International Airport to private operators came with a full court press to portray any eventual deal as a good one for taxpayers.

The Illinois Finance Authority board signed off on a $90 million financing package for Clare Oaks continuing care retirement community in suburban Chicago as part of a Chapter 11 reorganization plan submitted by bondholders.

Chicago is exploring a second try at privatizing its Midway International Airport, Mayor Rahm Emanuel's administration announced Friday.

The RTA of Illinois board put off a scheduled vote Wednesday on its 2013 budget due to an impasse over the level of fiscal information provided by one of its service boards on up to $1 billion of planned borrowing.

A coalition of public unions attacked pension reform plans floated by Gov. Pat Quinn and lawmakers as unconstitutional and offered to increase their contributions if the state guarantees to annually fund its share needed to shore up the system.