Yvette Shields

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.

Illinois' Department of Human Services expects to expand a pilot program early next year that links state vendors with private investors willing to purchase overdue vouchers as the state's liquidity and budget crisis shows few signs of easing.

CHICAGO — The Bank of Montreal announced Friday its acquisition of the Milwaukee-based Marshall & Ilsley Corp. in a $4.1 billion stock deal.

CHICAGO — The Chicago-based Women in Public Finance will recognize the Securities and Exchange Commission’s Martha Mahan Haines, a public finance banker and Los Angeles’ debt manager, at its fifth annual founders awards reception next month.

CHICAGO — Goldman, Sachs & Co. has named Kathleen Brown, its western region municipal banking manager, to a newly created post as chairman of investment banking for the Midwest.

Oral arguments are expected to take place early next year on CIFG Assurance North America Inc.'s request that a New York State court judge order Assured Guaranty Corp. to cover the policy on $83.3 million of Xenia Iowa Rural Water District bonds as part of its reinsurance agreement.

The Illinois Finance Authority on Tuesday advanced bond deals for two privately developed state university student housing projects and financings for a handful of borrowers rushing to tap federal stimulus bond programs ahead of their expiration.

St. Louis County may ask voters to approve $100 million of borrowing on the April ballot to finance construction of a new family courts building and renovations to its circuit courts building, according to published reports.

The Chicago City Council last week lobbied Illinois Gov. Pat Quinn through a letter to veto public safety pension reform legislation recently approved by the General Assembly.

Illinois Gov. Pat Quinn said Monday that he will allow his Put Illinois to Work temporary jobs program to expire early next year.

CHICAGO — The top-rated Metropolitan Water Reclamation District of Greater Chicago aims to enter the market Wednesday with $500 million of mostly taxable Build America Bonds — but it may reduce, restructure, or postpone the sale depending on interest rates.