Yvette Shields

Illinois Gov. Pat Quinn and legislative leaders failed to resolve their differences on stalled pension reforms following a meeting this week as Standard & Poor's sent the message that a reckoning looms over the strain of massive pension obligations on the state's balance sheet.

CHICAGO — Illinois received a reprieve from Standard & Poor’s Wednesday over its failure to act on pension reforms during its spring legislative session, but the agency renewed its message that the clock is still ticking on its negative view of the state and its mammoth pension woes.

CHICAGO — Wisconsin Gov. Scott Walker survived a historic recall election Tuesday that was sparked last year by his move to curtail unions’ collective bargaining rights.

The Metropolitan Pier and Exposition Authority of Illinois hits the market with $844 million of revenue bonds in a deal that will raise new money for projects, generate double-digit refunding savings, and accomplish the second leg of an ongoing restructuring of its debt service schedule.

The public agency that operates the Edward Jones Dome last week shot down the St. Louis Rams’ counterproposal for renovations to its stadium.

Fitch Ratings has upgraded Olmsted Medical Center’s rating one notch to BBB-plus from BBB in recognition of the Minnesota hospital’s strong financial performance.

The Illinois Housing Development Authority said its sale of $19 million of multifamily housing bonds would finance a 144-unit supportive housing development south of Chicago for seniors.

City Colleges of Chicago chief financial officer Kenneth Gotsch has resigned to take over the financial reins of Columbia College Chicago.

CHICAGO — The Metropolitan Council of the Twin Cities of Minnesota enters the market this week and returns later in the month with more than $400 million of new-money and refunding general obligation bonds that offer investors top-rated tax-exempt and taxable paper.

CHICAGO – The Chicago Transit Authority Friday unveiled plans for a $500 million overhaul of its bus fleet by 2014.

Warning that the state's credit rating hangs in the balance, Illinois Gov. Pat Quinn plans to meet with legislative leaders to take another shot at pension reforms after a reform package collapsed in the 11th hour of the General Assembly session.

Illinois lawmakers adjourned their 2012 session early Friday after approving a major expansion of gambling, $1.6 billion in new borrowing for transportation and transit, and a $33.7 billion fiscal 2013 general fund budget, while political disputes derailed pension reform.

The Metropolitan Pier and Exposition Authority of Illinois will enter the market with about $845 million of new-money and refunding revenue bonds as the agency that manages Chicago's McCormick Place convention center seeks to take advantage of favorable market rates.

With Illinois’ credit rating in the balance, the General Assembly moves into the final day of its spring session Thursday with action still needed on a roughly $34 billion fiscal 2013 budget and pension reforms to help stabilize the state’s finances.

CHICAGO — The Illinois Senate passed legislation Tuesday raising the state's cigarette tax by $1 as part of a $2.7 billion Medicaid reform package aimed at easing the program's strain on state finances.

CHICAGO — As Joplin moved into recovery mode following the devastating tornado that ripped through the southwest Missouri city a year ago, finance director Leslie Jones had the added burden of not just worrying over how best to help the struggling community but also how to manage the financial toll.

Three of the five Wisconsin school districts involved in a risky $200 million investment instrument have won rating upgrades following their recent settlement of litigation that releases the districts of their moral obligation to repay notes tied to the investment scheme.

The Minneapolis City Council signed off on funding plans for a new $975 million Minnesota Viking stadium downtown. The 7-6 vote came one day after a council committee advanced the financing package by the same vote.

Standard & Poor’s downgraded its rating on Springfield’s electric system revenue bonds by two notches to A and warned of further action by assigning a negative outlook.

CHICAGO — The Illinois House approved a bill Friday that raises the cigarette tax by $1 and establishes charity care standards for the state's nonprofit hospitals in order to preserve their property tax exemption.