Yvette Shields

Moody’s Investors Service last week downgraded Northwest Missouri State University’s rating to A3 from A2 due to fiscal pressures on the school. The action affects $85.7 million of debt.

Chicago Mayor Richard Daley last week said he would not seek a property tax hike in the 2011 budget but other fee or tax increases are a possible “last resort” as the city slowly recovers from the recession.

CHICAGO — The Illinois General Assembly adjourned late last week after passing a fiscal 2011 budget that chips away at a $13 billion deficit primarily with one-time maneuvers — including a $1.7 billion tobacco bond financing — and by pushing off $6 billion in bills while leaving a $3.7 billion hole.

CHICAGO — Wisconsin’s first recovery zone facility bonds sold this week in a $30 million transaction that will help finance an expansion of Foremost Farms’ facilities, including a cheese manufacturing facility in Appleton and a whey processing plant in Marathon County.

CHICAGO — The Illinois State Toll Highway Authority plans in early to mid-June to sell $400 million of refunding bonds as it moves to shift a chunk of synthetic floating-to-fixed-rate debt to a traditional fixed-rate structure to reduce bank and liquidity risks.

CHICAGO — Putting aside partisan bickering over a fiscal 2011 budget, Illinois senators today will unite to vote on an override of Gov. Pat Quinn’s veto of a Metropolitan Pier and Exposition Authority reform bill that allows the agency to restructure its $2 billion of debt.

CHICAGO – In its second try yesterday, the Illinois House late Tuesday narrowly approved Gov. Pat Quinn’s proposal to issue $4 billion of general obligation bonds to cover the state’s fiscal 2011 pension payment.

CHICAGO — The trustee who represents owners of $46.6 million of taxable tribal gaming revenue bonds issued for the Lac du Flambeau tribe in Wisconsin is appealing a federal judge’s ruling that the tribe is not responsible for repaying the debt because the trust indenture’s structure required federal approval.

The Wisconsin Health and Educational Facilities Authority yesterday signed off on Mercy Alliance’s $48 million bond sale scheduled for this week.

Kansas City and federal authorities last week signed a consent decree that calls for the city to spend $2.5 billion to upgrade its sewer system over the next 25 years. The goal of the agreement with the Environmental Protection Agency and Justice Department is to eliminate overflows of raw sewage and to reduce pollution released in storm water.

Misssouri budget officials last week announced that the recently approved fiscal 2010 budget has a $350 million gap.

Moody’s Investors Service downgraded Waukegan’s rating to A1 from Aa3 and left a negative outlook on the city’s credit due to its fiscal challenges.

CHICAGO — Triple-A rated Minneapolis today will competitively sell $130 million of general obligation bonds to raise funds for routine capital projects and to refund debt for about 12% of net present-value savings.

CHICAGO — With Illinois behind a record $290 million in payments to the Regional Transportation Authority, the agency is awaiting Gov. Pat Quinn’s signature on a bill that would allow it to issue an additional $140 million of taxable cash-flow notes to keep Chicago-area trains and buses running.

CHICAGO — In its third marketing attempt, Milwaukee on Wednesday will competitively sell $38 million of taxable general obligation qualified school construction bonds in a deal that will wrap up the city’s planned issue of $50 million under the federal stimulus program.

CHICAGO — Milwaukee-based Gonzalez, Saggio & Harlan LLP announced this week the addition of Stephen J. Adnopoz as a partner in its New York office as part of the firm’s ongoing expansion of its public finance group.

CHICAGO — Facing insolvency as it struggles with $140 million of debt, the Xenia Rural Water District in Iowa is pinning its hopes on a workout plan that relies on a rate increase and sale of district assets to raise revenue plus $45.4 million in debt relief.

Chicago is advancing measures to help finance the next phase of its $8 billion runway expansion at O’Hare International Airport.

Chicago raised more than $70 million from private donors to fund its failed bid to host the Summer 2016 Olympics.

CHICAGO — Sixteen months after finalizing its agreement to reinsure a portfolio of $13 billion in CIFG Assurance NA-backed bonds, Assured Guaranty Corp. has decided to exclude from the pact the policy covering $83.3 million of debt issued in 2006 by the Xenia Rural Water District in Iowa.