Yvette Shields

CHICAGO –Illinois Gov. Pat Quinn and legislative leaders have reached a tentative agreement to shore up the state’s balance sheet by raising the income and cigarette taxes and leveraging a portion of the new revenue to borrow $8.5 billion to pay off overdue bills. The plan also anticipates borrowing $3.7 billion to cover the state’s fiscal 2011 pension payment.

CHICAGO — Wisconsin will competitively sell $430 million of 20-year general obligation bonds Thursday to fund bricks-and-mortar capital projects in the new administration’s first debt issuance, according to capital finance director Frank Hoadley.

CHICAGO — Struggling to remain afloat, Iowa’s Xenia Rural Water District is working on a final debt restructuring plan to submit to its board and may do so later this month, officials said Wednesday.

CHICAGO — The Minnesota attorney general’s office and lawyers representing state retirees in a lawsuit challenging benefit cuts will lay out their cases by the end of the month in summary judgment motions that seek a quick ruling.

CHICAGO — The new governors of neighboring Minnesota and Wisconsin, in their inaugural addresses this week, offered similar pledges to tighten their states’ belts and focus on job creation, but veered far apart on the issue of tax increases.

The Illinois Department of Transportation late last month signed an agreement with Amtrak and the Union Pacific Railroad that paves the way for using $1.1 billion in federal funds for necessary improvements to high-speed passenger rail service between Chicago and St. Louis.

Moody’s Investors Service on Monday downgraded the DuPage Water Commission’s debt by three notches and left a negative outlook because the utility has depleted its reserves and borrowed to cover operations.

CHICAGO – Illinois Gov. Pat Quinn late last week signed into law public safety pension reforms that raised the ire of Chicago Mayor Richard Daley who warned the changes would drive up property taxes by $550 million.

The Racine Unified School District will ask voters on the April ballot to approve $83.5 million of general obligation borrowing.

Missouri expects to collect an additional 4% in revenues during fiscal 2012, according to the latest revenue forecast that Gov. Jay Nixon will use to craft the next budget.

Moody's Investors Service last week downgraded by three notches — to Baa1 from A1 — the village of Bourbonnais' $4.9 million of sewer system revenue debt due to declining debt-service coverage ratios.

CHICAGO — Former White House chief of staff Rahm Emanuel does meet state residency requirements and can remain on the ballot for Chicago mayor, according to a Chicago Board of Election Commissioners ruling Thursday.

CHICAGO — The Illinois Institute of Technology is in danger of losing its investment-grade level rating from Moody’s Investors Service as it struggles with operating deficits that have forced draws on its endowment and bank lines to cover debt service and other obligations.

CHICAGO — Moody’s Investors Service lowered Springfield’s $634 million of senior-lien electric revenue bonds one notch to A1 and warned of further action due to a narrowing of its debt-service coverage ratios and liquidity position — neither of which has been helped by Illinois’ lateness in paying its bills.

CHICAGO — The Ohio Supreme Court ruled unanimously Wednesday that lawmakers did not violate the state constitution when they diverted $258 million of tobacco settlement funds to help balance the fiscal 2009-10 budget.

Moody's Investor's Service has downgraded $4.6 billion of Detroit sewer and water system revenue bonds citing a decline in debt service coverage, looming capital needs, and the risks associated with derivatives.

The Regional Transportation Authority of Illinois board last week approved a $2.3 billion operating budget for 2011 that taps capital funds to cover operating costs as the agency waits for its share of local sales tax revenue to recover from the recession.

Moody's Investors Service has downgraded Sleepy Eye's $12.8 million of general obligation debt one notch to A1 due to its declining financial position.

The Illinois State Toll Highway Authority has approved a $680 million budget for 2011 that marks the first drop in annual spending in the agency's history.

Illinois nonprofit hospitals provided nearly $4.9 billion in community benefits through various programs and services during their 2008-2009 fiscal years, according to Illinois Hospital Association's fourth annual report.