Yvette Shields

Michigan officials on Wednesday took steps to ensure that emergency financial managers remain in place at three school districts and four cities after the election board formally approved putting a measure asking voters to repeal the management law on the November ballot.

Kansas City, Mo., voters overwhelmingly approved a $500 million sewer bond referendum to help pay for projects under a $2.5 billion federal consent decree.

The Metropolitan St. Louis Sewer District will take retail orders Wednesday and price on Thursday $225 million of revenue bonds in the first installment of a $945 million bond referendum to fund projects under a $4.7 billion consent decree.

The Chicago Board of Education will sell $500 million of general obligation bonds next week for hoping the strong municipal market will cushion the blow of two rating downgrades on its borrowing costs.

The Missouri Development Finance Board has advanced plans to issue $4.1 million of bonds to support Wells Fargo Advisors' $33 million plan to expand its downtown St. Louis campus.

Illinois Gov. Pat Quinn released an analysis this week warning that the state's rising pension payments will surpass school aid by fiscal 2016 without pension reforms.

Minnesota takes competitive bids Tuesday on $658 million of high-grade general obligation bonds in its annual sale to fund capital projects.

Chicago plans to enter the market Wednesday with the first piece of $1.2 billion of O'Hare International Airport refunding debt in a deal expected to generate double-digit savings while also streamlining the airport's lien structure. The city will sell $769 million of GARBs Wednesday and follow up later in the month with $443 million of PFCs.

The Chicago Infrastructure Trust formally set up shop Thursday as Mayor Rahm Emanuel's looks to the new not-for-profit to serve as an alternative financing vehicle to leverage private investment for special capital projects.

Kansas City, Missouri voters head to the polls Tuesday to decide a $500 million sewer bond authorization to finance projects required under a $2.5 billion federal consent decree.

Chicago Mayor Rahm Emanuel announced Wednesday investment banker Steven Koch will replace departing deputy mayor Mark Angelson - who focused on economic, business, and budget issues - next month.

Chicago heads into next year's budget season with $369 million of red ink to erase, a figure down by half from what Mayor Rahm Emanuel and his finance team faced as they crafted their inaugural budget last year.

Incumbent Gov. Scott Walker and Republican groups spent $58.7 million on the historic recall election in June while his Democratic challenger Milwaukee Mayor Tom Barrett and Democratic groups spent $22 million.

The Milwaukee County Board has approved an increase in the $3 passenger facility charge at Mitchell International Airport to $4.50.

Moody's Investors Service has downgraded its underlying rating on Illinois' Douglas and Champaign Counties Community Unit School District 301 two notches to Baa1 and assigned a negative outlook. The action affects $5.4 million of debt.

Fitch Ratings has downgraded Elmhurst Memorial Healthcare's rating one level to BBB-plus and warned of impending further negative action by placing it on rating watch negative, due to the Illinois hospital's financial performance.

Illinois Gov. Quinn on Monday called a special legislative session for mid-August, pressing lawmakers to act on elusive pension reforms needed to help stave off further credit deterioration and spare schools, healthcare, and public safety spending from further cuts.

The trustee for $39 million of appropriation revenue bonds issued for a failed artificial sweetener plant in Moberly Missouri has decided to give up on efforts to sell the half built plant to a new developer and now intends to auction off the project's assets this fall.

Moody's Investors Service raised its rating one notch to A2 on $160 million of Alexian Brothers Health System's still outstanding after its acquisition by Ascension Health Alliance.

The Illinois State Toll Highway Authority board approved a pool of 10 law firms to work on its bond sales as it embarks on a 15-year $12 billion capital program.