Yvette Shields

CHICAGO — The Chicago Board of Education late Wednesday adopted an amended $6.5 billion fiscal 2011 budget after the district’s administration scraped plans to fully wipe out reserves to help eliminate a $370 million deficit by instead restructuring some debt.

CHICAGO — The Metropolitan Pier and Exposition Authority of Illinois has picked Goldman, Sachs & Co. and Morgan Stanley as the joint book-running senior managers on its first financing under legislation that allows it to restructure a $2.1 billion debt portfolio.

Moody’s Investors Service on Monday downgraded West Allis/West Milwaukee School District’s general obligation rating to A2 from A1 with a negative outlook after the district board reneged on its moral obligation pledge to repay asset-backed notes issued by its non-pension retiree health care trust. The action affects $18.5 million of outstanding GO debt.

Fitch Ratings last week upgraded by one notch to AA-plus its rating on the Missouri School District Direct Deposit Program.

Moody’s Investors Service has upgraded St. Olaf College’s rating to A1 from A2 due to strong cash-flow margins, healthy liquidity and its plan to reduce its floating-rate risk.

Chicago Mayor Richard Daley last week announced the formation of a committee to study establishing express rail service between downtown and O’Hare International Airport that would complement the existing rail line.

CHICAGO — Moody’s Investors Service affirmed Ames’ top rating ahead of its sale today of $6.7 million of general obligation bonds, saying the Iowa city’s credit strengths outweigh concerns over the near-term fiscal stress posed by recent flooding in the region.

CHICAGO — Top-rated Hennepin County, Minn., will competitively sell $128 million of general obligation debt today in a deal that will tap both the Build America Bond and recovery zone economic development bond programs.

Moody's Investor's Service last week lowered Whitefish Bay School District one notch to Aa3 and assigned a stable outlook following the district board's decision to renege on its moral obligation pledge to repay asset-backed notes issued by its non-pension retiree health care trust.

The City Colleges of Chicago has proposed a $457.5 million operating budget for fiscal 2011 and a $139 million capital budget to finance infrastructure and technology improvements.

Wisconsin today will competitively sell $456 million of tax-exempt general obligation debt and taxable Build America Bonds, marking its first chance to benefit from a change in state law allowing the capital finance department to drop purchase-price limits on GO issues.

Representatives of Menasha, Wis., and holders of $23 million of defaulted steam-plant bond anticipation revenue notes failed to reach an agreement during a mediation session earlier this month but will try again in September, officials said.

CHICAGO — Underwriters, financial advisers, and lawyers interested in working on Illinois’ proposed sale of up to $1.75 billion of tobacco bonds to provide budgetary relief have until Aug. 27 to submit proposals to the state.

CHICAGO — The cash-strapped Chicago Public Schools will receive about $100 million from Illinois’ share of education funding in the new $26 billion federal jobs law, local and federal officials said Wednesday.

CHICAGO — Minnesota has selected RBC Capital Markets — the winning bidder on a $635 million new-money sale last week — to lead its upcoming sale of at least $650 million of general obligation refunding bonds.

CHICAGO — The Illinois Finance Authority board on Tuesday advanced plans for a series of financings, including the first in the state in seven years to take advantage of the FHA 242 Hospital Mortgage Insurance Program. Another could be the first to tap the state’s Midwestern disaster area bond allocation.

The Missouri Supreme Court last week upheld a lower court ruling that supports state laws on charter school financing.

Standard & Poor’s downgraded Lake Region Healthcare Corp. to BBB from A-minus due to its balance sheet struggles.

The Iowa Legislative Services Agency reported that general fund revenue collected in July dipped by $2.3 million compared to last year.

Illinois Gov. Pat Quinn last week made four appointments to the East St. Louis Financial Advisory Authority.