Yvette Shields

Missouri economic development officials failed to conduct sufficient due diligence on the bond-financed artificial sweetener plant abandoned last year by a Chinese company, according to a new state audit.

The Chicago Board of Education on Tuesday tapped veteran corporate executive Peter W. Rogers to manage the cash-strapped district's finances as it struggles with a looming $1 billion deficit and must find the cash to pay for a $300 million four-year teachers' contract.

The Minneapolis-St. Paul Metropolitan Airports Commission is gearing up to sell about $100 million of general airport revenue as it advances plans for a $1.5 billion capital improvement program.

Moody's Investors Service lowered its rating by three notches to A3 from Aa3 and assigned a negative outlook to Brainerd, Minn.'s $8.9 million of outstanding electric utility revenue bonds. The city issued the debt in 2007. The bonds are secured by net revenues of the electric utility.

Local prosecutors in Lee County, Ill., last week filed dozens of felony theft charges against Rita Crundwell, the former comptroller of Dixon as part of an ongoing local and federal probe into the former official, who is accused of pocketing more than $50 million in public funds to support a lavish lifestyle.

Holy Cross Hospital and Sinai Health System, both in Illinois, announced the signing of a letter of intent to merge in September.

Chicago has trimmed about $71 million from the projected $369 million gap looming in its 2013 budget that is to be unveiled next month.

The Minnesota Office of Higher Education will price $375 million of new-money and refunding adjustable rate student loan program bonds Tuesday.

The Illinois Teachers' Retirement System's adoption of a lower projected rate of return on investments and other assumption changes will hike the state's scheduled payment in the next fiscal year by $470 million.

JPMorgan – the top-ranked senior manager last year -- recently cut four public finance bankers at the executive director level in its New York City and regional offices, market sources said.

A state court ruling overturning portions of Wisconsin's controversial law curtailing collective bargaining rights could negatively impact local governments if it stands, Moody's warned.

An auction is set for next month of the assets of the bond-financed, half-built artificial sweetener plant in Moberly, Missouri that was abandoned by its developer last year.

Chicago Mayor Rahm Emanuel and Chicago Public Schools' leaders shed little light Wednesday on how the cash-strapped district will afford the estimated $300 million price tag for a new four-year teachers' contract that ended the system's first strike in 25 years.

Lawrence Nines, longtime leader of the Wisconsin Health and Educational Facilities Authority, is retiring after wrapping up several deals, including bonds for Marquette University and Froedtert Health.

Alleging theft and securities fraud, local and state prosecutors in Missouri and federal regulators took aim Tuesday at the former head of the company that last year abandoned a half-built artificial sweetener plant financed with $39 million of debt backed by the city of Moberly.

A Dane County judge last week struck down portions of Wisconsin's law limiting collective bargaining rights, finding that it violated the rights of union members.

Minnesota last week awarded $25 million in state bond grant funding to help build a new $54 million ballpark in St. Paul's Lowertown for the Saint Paul Saints baseball team.

Voters in Iowa's Johnston School District last week voted down a $51 million bond authorization that would have helped finance a new high school.

Illinois received 94 bids from 18 broker-dealers for $50 million of general obligation paper sold competitively last week.

Missouri Attorney General Chris Koster and local prosecutors announced the filing of criminal charges that includes securities fraud Tuesday against the former chief executive officer of Mamtek US., the company that abandoned a half-built bond-financed plant in Moberly.