Yvette Shields

CHICAGO — Menasha, Wis., expects to close Wednesday on the sale of its electric utility assets to WPPI Energy in an $18 million sale-leaseback transaction to provide the bulk of funds needed to cover the city’s proposed settlement with holders of $23 million of defaulted steam plant notes.

CHICAGO — Wisconsin Gov. Scott Walker’s long-stalled plan to restructure $165 million of debt to eliminate a shortfall in the current budget won legislative approval Tuesday and will go before the State Building Commission Wednesday as officials work to complete the deal before an April 14 deadline.

Standard & Poor’s has revised the outlook on Lambert St. Louis International Airport’s A-minus rating to negative from stable due to weak debt-service coverage levels.

Missouri Gov. Jay Nixon last week announced plans to submit applications seeking nearly $1 billion in federal high-speed and intercity passenger rail funds.

The Illinois Senate has advanced a proposed consolidation of the state treasurer and comptroller’s offices.

Cook County Board President Toni Preckwinkle and Chicago Mayor-elect Rahm Emanuel last week announced the formation of a joint committee to explore how the two governments can partner to cut costs, improve service delivery and streamline interaction with the public.

CHICAGO — The Urbana, Ill.-based health care provider Carle Foundation is set to enter the market later this month with $230 million of new-money debt, and will privately place another $100 million of bonds with two banks in a structure that lowers borrowing costs and limits liquidity risks.

CHICAGO — Voters in Kansas City and St. Louis will cast votes Tuesday on whether their cities can continue collecting one of their main sources of revenues — a 1% tax on wages and salaries — in a decision that stands to impact their credit ratings.

CHICAGO — The funded ratios of state pension plans remains on the decline even as investment returns rebound from losses. That has put more pressure on state balance sheets and tested their commitment to meet actuarially based contribution requirements, Standard & Poor’s says in a new report.

CHICAGO — The Lombard Public Facilities Corp. in Illinois has extended to April 14 its tender invitation to holders of $144 million of revenue bonds issued to help finance its hotel and conference center to give bondholders more time to review its restructuring proposal.

CHICAGO — Wisconsin lawmakers could vote as soon as Tuesday on the remaining pieces of legislation designed to eliminate a shortfall in the current state budget primarily by restructuring outstanding general obligation debt.

CHICAGO — A Chicago suburb that gambled on a hotel and conference center is now asking some bondholders to take a haircut under a restructuring plan that also raises its own financial risk in the struggling project.

Moody’s Investors Service last week affirmed Jefferson Regional Medical Center’s Baa2 underlying rating but revised its outlook to positive from stable due to its continued strong operating profitability, improved liquidity, and favorable debt coverage measures.

The Illinois Health Services and Facilities Review Board last week advanced Central DuPage Health and Delnor Health System’s merger plans by approving an ownership change.

Illinois Gov. Pat Quinn and U.S. Sen. Dick Durbin last week announced a $685 million agreement that advances plans for a high-speed rail network between Chicago and St. Louis.

CHICAGO — Illinois lawmakers should keep tax reform that raises new revenue on the table to stabilize state finances because a $7 billion structural deficit looms even with a new income-tax increase in place, a local fiscal review group warned Friday.

CHICAGO — As it works to reduce its reliance on endowment draws and loans to cover operations, the Illinois Institute of Technology held on to its investment-grade rating from Moody’s Investors Service on Friday, when the agency removed the credit from its watchlist and affirmed its Baa3 rating.

CHICAGO — An appeal challenging Wisconsin’s controversial legislation that strips most public unions of much of their collective bargaining powers and raises employee pension contributions and health care premiums should go directly to the state Supreme Court, an appellate panel said Thursday.

CHICAGO — The Chicago Public Schools system faces a $720 million deficit in its next budget to cover the growing costs that include teacher salaries and debt service amid chronic delays in state aid payments and expiring federal stimulus funds.

CHICAGO — Chicago plans to sell $1 billion of O’Hare International Airport third-lien general airport revenue bonds next month.