Yvette Shields

Moody’s Investors Service has downgraded the village of Cary’s waterworks and sewage revenue debt to Aa3 from Aa2 due to a weakening of debt-service coverage ratios. The downgrade affects $5.4 million of bonds.

A public policy group funded by local businesses wants to overhaul Illinois’ transportation policies and practices to fuel job creation and economis growth.

CHICAGO — The Regents of the University of Minnesota on Wednesday will sell $146 million of bonds in two issues to fund biomedical science research facilities. The deal will offer a mix of tax-exempt revenue debt supported by a state appropriation and taxable Build America Bonds backed by the school’s credit.

CHICAGO — Investors who hold $23 million of defaulted steam-plant bond anticipation notes, which the city of Menasha put its appropriation pledge behind, warned in their latest court filing that the municipal world is following their federal lawsuit and their claims the Wisconsin city misled potential investors.

CHICAGO — The Chicago City Council Wednesday approved up to $1 billion of new-money and refunding debt that will help the city keep its $8 billion O’Hare International Airport expansion project on track as negotiations with the airlines over upcoming projects continue.

CHICAGO – Chicago Mayor Richard Daley said Tuesday he would not seek a seventh term next year in a stunning announcement for the city’s political and business worlds that stands to shakeup its longstanding relationships in the public finance community.

CHICAGO — The Chicago City Council’s Finance Committee Tuesday advanced the sale of up to $1 billion of new-money and refunding O’Hare International Airport revenue bonds and debt backed by passenger facility charges to raise funds for the second phase of an $8 billion expansion that has yet to win airline approval.

The Regional Transportation Authority of Illinois board has elected John Gates Jr. to serve as its new chairman, filling the vacancy left by Jim Reilly who resigned in May to serve as the special trustee overseeing reforms at the Metropolitan Pier and Exposition Authority.

Mayor Richard Daley last week announced plans to consolidate several city departments as part of an effort to whittle down costs as Chicago grapples with a record $655 million deficit going into fiscal 2011.

CHICAGO — Iowa will add $25 million of taxable bonds to its planned sale of $155 million of tax-exempt special obligation bonds for its IJOBS program in order to bolster its debt-service reserve on Build America Bonds issued last year for the program and fend off a possible downgrade.

CHICAGO — The revamped $1.2 billion clean coal FutureGen project advanced this week after a coalition of coal and power companies announced its commitment to the revised plan to build a pipeline and underground storage facility in Illinois to house emissions from an existing coal plant.

CHICAGO — The St. Paul Port Authority and lawyers for a group of 876 fund bondholders squared off in Ramsey County district court Monday over whether the agency has misused revenue generated from assets pledged to bondholders.

The St. Louis Metro transit board last week announced its pick of Chesterfield Mayor John Nations, who is also a partner at the law firm Armstrong Teasdale, as the agency’s president and chief executive officer.

Illinois’ public pension funds are warning they may have to sell off some assets — mostly stocks and bonds — because the state is behind in its payments to the funds.

Chicago Mayor Richard Daley last week said he is considering tapping surplus tax-increment financing revenue and privatizing a handful of prominent city services and events in an attempt to whittle down a $655 million shortfall in the 2011 budget.

Illinois’ public universities have now received all or most of their fiscal 2010 state aid appropriation — a credit positive for the schools — but ongoing liquidity strains are expected until the state solves its budget crisis, Moody’s Investors Service said Monday.

Due to the erosion of its general obligation debt ratings, Illinois will pay $551 million of additional interest costs to retire $9.6 billion of bonds sold between last September and July, a Chicago-based government watchdog organization concluded in a report released Monday.

CHICAGO — Chicago Mayor Richard Daley on Friday announced his intention to appoint Loop Capital Markets LLC’s chief executive officer James Reynolds Jr. to serve as chairman of the Chicago Housing Authority’s board.

CHICAGO — The St. Paul Port Authority and lawyers for a group of 876 Fund bondholders will appear at a court hearing Monday on their dispute over the fate of $51 million of outstanding bonds backed by the struggling economic development fund.

CHICAGO — Former Illinois Gov. Rod Blagojevich faces a second federal trial on corruption charges early next year and will stand as the sole defendant following the prosecution’s announcement Thursday that it would drop charges against his brother, Robert Blagojevich.